SAN JOSE — A big-time upgrade of the landmark Bank of Italy historic tower in downtown San Jose is set to get underway within weeks and will include a potentially eye-catching exterior staircase.
Westbank, a high-profile development powerhouse, has teamed up with local developer Gary Dillabough to launch a wide-ranging venture that would usher in a dramatic makeover of downtown San Jose, and the Bank of Italy tower is one of the early efforts in the endeavor.
“We are really excited about this,” said Andrew Jacobson, head of development for Westbank’s San Jose initiative. “This Bank of Italy building is so iconic.”
A top-to-bottom revamp of the tower at 12 S. First St. will transform it into a highrise that will feature offices, retail, dining, and a food culture club.
“The goal is to bring the building back to life,” Jacobson said Monday. “What is standing there is beautiful.”
Within the next few weeks, structural upgrades will be undertaken on the Bank of Italy tower, which is perched at a key intersection and a few steps away from what’s expected to be an entrance to a future downtown San Jose BART station.
Abatement work inside the tower has been underway for some time. That included getting one of the elevators fully functional.
Now, the Westbank-Dillabough venture is set to utilize the building permits it has obtained for the major part of the work to get underway to restore the building to its old glory — and to add some striking new features.
Perhaps the most dazzling new exterior feature will be a curving staircase that will be attached to the south side of the tower next to Fountain Alley, which is set to become a lively center for dining and entertainment in the coming years.
“It will take a few months to get started on the staircase,” Jacobson said. “We have a lot of work to do off Fountain Alley and in the basement to allow the stair tower to come up.”
Some work will be done on the ground floor sections that face South First Street and East Santa Clara Street.
“We will be putting in some new windows and new entrances,” Jacobson said.
In a vision booklet that Westbank has circulated to real estate agents, the developer makes crystal clear its enthusiasm about the potential for the old tower.
“The Bank of Italy is one of the most iconic buildings in California,” Westbank said in the document. “A designated historic building, the interior has the potential to become an exciting conversion and the city’s next unique destination.”
The tower will contain a mix of uses, according to Jacobson. Constructed in the mid-1920s, the 13-story Bank of Italy building is deemed to be downtown San Jose’s most iconic office tower. The building is an example of Mediterranean Revival Beaux-Arts architecture style. The tower is a San Jose Historic Landmark and is on a National Register of Historic Places.
Offices — which Westbank calls workspaces — will likely be on the upper floors. Dining areas, a lounge, and a cafe are being considered for the tower. A club, restaurant, and terraces with views in all directions could be added on one of the top floors in the building.
“We partner with a lot of great retailers and people who bring a lot of activity to a location,” Jacobson said. “It’s something everyone will be excited about.”
Jacobson visited downtown San Jose last week to lay the final groundwork with Dillabough’s company Urban Community for the beginning of the tower renovation.
“The Bank of Italy completely catches your eye,” Jacobson said. “It’s going to be exciting to bring the tower back to life and have it be the focal point of San Jose. It sets the stage for everything we are doing, to bring back life and vibrancy to the downtown.”
