West Bank and Urban Communities are moving ahead with plans to convert the 13-story Bank of Italy building in downtown San Jose into up to 150 residential units.
A Vancouver and San Jose-based developer has updated plans to convert the historic tower at 12 South First Street from offices to homes, the San Jose Mercury News reported.
The building is owned by Westbank, led by Ian Gillespie, and Urban Communities, led by Gary Dillabaugh and Jeff Arrigaga, who purchased the seven pieces that make up the 100,000-square-foot building in 2017 for $27 million. did.
The Henry Minton-designed Mediterranean Revival and Beaux-Arts landmark was built in 1926 for the Bank of Italy, the predecessor to Bank of America. Listed on the National Register of Historic Places.
Developers originally planned to restore the tower, with its distinctive cupra and spire, and convert it into a small office space for a number of tenants. The plan was to add a leafy external staircase and a garden terrace with a social club and restaurant on the south side of the building.
Then, the shift to remote work caused the office market across the Bay Area to plummet. Office occupancy in downtown San Jose hit a record high of 35.7% last month, Savills said.
The project currently calls for converting the tower into at least 11 stories and 125 to 150 apartments or condominiums, according to the latest proposal with Dillabaugh and the city.
The Bank of Italia building has small floors and cozy offices, each with separate windows, giving each unit plenty of daylight.
“Floors 2 through 12 would be reconfigured with new residential units with new finishes, appliances, and necessary electrical, plumbing, and mechanical systems,” according to the proposal.
The proposal to build an external staircase spiraling up the outside of the tower has disappeared.
Developers are currently planning to add a luxury penthouse in the building’s attic, just below the spire and cupola. The proposal states that the attic floor area will be 6,600 square feet, the lower level of the tower will be 1,400 square feet, and the upper tower will be 900 square feet.
This suggests the top floor could house luxury homes with sweeping views of the South Bay.
New renderings show an office-to-home conversion project designed by Bjarke Ingels Group with a spacious penthouse, garden trellis and terrace restaurant. A purple beam of light crosses the night sky from its cupra.
A garden area would be added to the terrace next to the building, including a restaurant with outdoor dining and gathering areas, according to the proposal.
The adaptive reuse plan could draw pedestrians to the Fountain Alley path connecting South First Street and South Second Street.
“It’s important for downtown that this project is completed,” Bob Staedler, Silicon Valley Synergy’s chief operating officer, told the Mercury News. “The Bank of Italy’s reuse project is a very complex and expensive jigsaw puzzle.
“The proposed changes appear to be reasonable and keep the historic nature of the building intact.”
— Dana Bartholomew