Tuesday, February 5, 2008

Subcontractors seek foreclosure of Vietnam Town (SJ Business Journal)

Please click the following link and tell your friends, your relatives if they are the buyers of Vietnam Town's units project.





Subcontractor seeks foreclosure of Vietnam Town complex

Silicon Valley / San Jose Business Journal

A concrete supplier owed nearly $800,000 for work on an East San Jose shopping center has filed suit in state court seeking the property's foreclosure to satisfy the debt.

The civil claim against TWN Investments -- the developer behind the 275,000 square-foot Vietnam Town retail complex -- and its general contractor is the latest signal of the development's ongoing troubles. Construction on the 915 Story Road job has been stopped since roughly October. Only the foundation has been laid.

The plaintiff, Pacific Concrete Specialties, of Atwater , is one of several subcontractors who have filed mechanic's liens with the Santa Clara County Clerk-Recorder against TWN. In total they claim about $2 million in unpaid balances. Also unpaid is the project's general contractor, Reeve-Knight Construction Inc. in Roseville, which says it is owed in excess of $3.7 million, according to its lien.

Vietnam Town has been viewed as a new centerpiece for the East San Jose Vietnamese community and its halting progress has been carefully watched and monitored by that population. No work has been done on the site since at least October, but presuming it is ultimately built, it would be situated on 20 acres that abuts the Grand Century Shopping Center , a thriving retail cluster with store signs in Chinese characters frequented by a largely Asian population. The center is anchored by the Dynasty Seafood Restaurant, a Chinese food eatery that is owned at least in part by one of Vietnam Town 's developers, Alan Wong.

SHARON SIMONSON covers real estate for the Business Journal. Reach her at (408) 299-1853.