The San Jose City Council turned down a proposal by VCI companies to build two tall buildings near Westfield Valley Fair.

The project at 655 Fourth St. was approved in 2019 to feature four connected, sloping towers providing 960 apartments, a 38-room hotel and co-working space. But a lot has changed since then.

Z&L Properties, a China-based developer whose chief executive was arrested in London in connection with a San Francisco corruption ... to be replaced by twin 20-story towers with 708 units ...

Why it matters: San Francisco ... will serve as a sendoff for that portion of Twin Peaks Boulevard, which is set to be replaced with the Promenade Project once construction begins in 2025.