Conversion of San Jose tower from offices to homes starts to emerge

SAN JOSE — A project to convert a historic tower in downtown San Jose from offices to housing is starting to take shape — a proposal that could bring a rooftop restaurant to the iconic highrise, city documents show.

Bank of Italy historic tower, upper levels, located at 12 South First Street in downtown San Jose, Nov. 2023.....(George Avalos/Bay Area News Group)....11-6-2023, San Jose CA
Bank of Italy historic tower, upper levels, located at 12 South downtown San Jose, Nov. 2023. (George Avalos/Bay Area News Group)
Outdoor dining and gathering areas on a terrace of the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)
Outdoor dining and gathering areas on a terrace of the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)

The Bank of Italy tower at 12 South First Street in downtown San Jose is headed towards a wide-ranging conversion to transform offices into residential units on the vast majority of the 13-story building’s floors, according to a proposal on file with city officials.

Canada-based mega-developer Westbank and San Jose-based local developer Urban Community, which is headed up by real estate entrepreneurs Gary Dillabough and Jeff Arrillaga, are leading the renovation and conversion of the Bank of Italy tower.

Ground-floor view of the Bank of Italy tower at 12 South First Street in downtown San Jose, concept. The edge of a local light rail station is visible at the lower right.(Bjarke Ingels Group)
Ground-floor view of the Bank of Italy tower at 12 South First Street in downtown San Jose, concept. The edge of a local light rail station is visible at the lower right. (Bjarke Ingels Group)
Interior of attic level in the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)
Interior of attic level in the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)

“It’s important for downtown that this project gets completed,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.

The proposal envisions residential units on at least 11 floors of the building, the planning documents show.

“Floors two through 12 shall be reconfigured with new residential units, with new finishes, appliances and necessary electrical, plumbing and mechanical systems,” according to the proposal on file at City Hall.

Entry area and ground-floor retail sections of the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)
Entry area and ground-floor retail sections of the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)

The proposal also envisions a residential area in the attic level of the tower, which is just below the landmark spire and cupola atop the Bank of Italy building.

Westbank and Urban Community are floating the concept of the conversion of the tower to residential units at a time when the office market in the Bay Area suffers from an array of maladies.

Staircase to a garden terrace next to the Bank of Italy historic tower and Fountain Alley at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)
Staircase to a garden terrace next to the Bank of Italy historic tower and Fountain Alley at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)

The Bay Area office market’s afflictions include record-high vacancy levels, an uneven return to the workplace and the prospect that remote work is becoming a permanent feature of the region’s economic landscape.

The original plan for the tower envisioned a top-to-bottom, and interior and exterior renovation of the highrise, with relatively small offices for numerous tenants.

Bank of Italy historic tower at 12 South First Street in downtown San Jose, night view, concept. (Bjarke Ingels Group)
Bank of Italy historic tower at 12 South First Street in downtown San Jose, night view, concept. (Bjarke Ingels Group)

Dining and retail spaces were also planned for the ground floor and other key sections of the tower.

Perhaps the most striking feature of the original plan was the installation of an exterior staircase that would spiral up the outside of the tower. That exterior staircase proposal no longer appears in the latest version of the project.

The full-fledged renovation and restoration of the tower — and its transformation into an eye-catching Bay Area landmark — remains firmly in plans, the planning documents show.

Terraces at the Bank of Italy historic tower at 12 South First Street in downtown San Jose, showing restaurant section and gathering areas, concept. (Bjarke Ingels Group)
Terraces at the Bank of Italy historic tower at 12 South First Street in downtown San Jose, showing restaurant section and gathering areas, concept. (Bjarke Ingels Group)

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