March 26, 2024

SAN JOSE — Two big residential projects launched by a fraud-linked and bankrupt Bay Area developer face major construction roadblocks before they can be completed, court papers show.

The residential complexes that are hobbled by the problems created by Silicon Sage Builders and the company’s chief executive Sanjeev Acharya are The Almaden, a 91-unit residential complex in San Jose; and Savant at Irvington, a 93-unit residential project on Osgood Road in Fremont.

The San Jose and Fremont residential complexes are among the numerous Bay Area properties that were originally proposed or developed by Acharya and Silicon Sage Builders. The Securities and Exchange Commission has accused Acharya and Silicon Sage of fraud. Silicon Sage has been shoved into court-ordered receivership.

The uncertainties and delays that loom over the San Jose and Fremont housing developments also create a forbidding prospect for Silicon Sage’s investors and creditors who hope the proceeds from selling the projects will create funds to repay them after Acharya’s real estate empire crumbled beneath a mountain of debts.

Savant at Irvington, a 93-unit condominium complex in Fremont at 42111 Osgood Road. The project was originally developed by Silicon Sage. // ( George Avalos / Bay Area News Group )

Among the difficulties facing the residential projects in San Jose and Fremont: Sharply rising cost estimates to complete their construction, mold, construction defects and questionable financing…

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