San Jose’s historic Bank of Italy building draws investment interest

Oct 24, 2017 805

Investors have bought a ground-floor section of the historic Bank of Italy building in downtown San Jose, leading some local experts to suggest the investment group may eventually attempt a top-to-bottom revival of the striking office tower. The 14-story building, constructed 90 years ago, was the one-time site of a branch of the Bank of Italy, a bank founded by Amadeo Peter Giannini and a forerunner of Bank of America.

Cadre Urban on Oct. 12 paid $3.2 million for a section of the ground floor with an address of 8 S. First St., according to multiple county property records. At present, the office tower has a condominium type of ownership, which means it has multiple owners, county records show. Perched on the corner of East Santa Clara and South First streets, the building could offer a significant opportunity for a new owner.

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