"A wide-ranging revamp of the historic Bank of Italy tower in downtown San Jose is headed for its next key stages that include restoration of the building's exterior. Canada-based Westbank, the primary owner of the 14-story tower at 12 South First St., intends to transform the building, a longtime office structure, into an apartment high-rise. Bank of Italy historic tower and adjacent scaffolding at 12 South First Street in downtown San Jose, seen on Jan. 5, 2026. (George Avalos/Bay Area News Group)"
"The Bank of Italy is a gem in downtown San Jose that has needed a lot of tender loving care for some time, said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. Work to convert offices to apartments has been underway for several months inside the historic building that was completed in 1926, sources familiar with the renovation said."
"The Bank of Italy tower is expected to contain 115 apartments once work is done, according to the sources. Through multiple transactions in late 2017, Westbank paid $33.8 million for the Bank of Italy tower, originally hoping to repurpose the building as a hub for creative and boutique office spaces. Westbank decided to pivot to a housing conversion due to the weak office market in the Bay Area following the COVID-19 pandemic."
Westbank, primary owner of the 14-story Bank of Italy tower at 12 South First Street in downtown San Jose, is converting the 1926 office building into an apartment high-rise. The tower will contain 115 apartments once work is completed. Westbank acquired the building through transactions in late 2017 for $33.8 million and shifted plans from creative office space to housing because of a weak Bay Area office market after the COVID-19 pandemic. Interior work to convert offices to apartments has been underway for several months and scaffolding has risen around the exterior to restore the building's original architectural features, including its cupola and spire.
Read at www.mercurynews.com
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