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Downtown San Jose’s Bank of Italy development venture expands

Downtown San Jose’s Bank of Italy development venture expands

The realty investment group leading a far-reaching upgrade of the Bank of Italy building in downtown San Jose has purchased a big surface parking lot next to the historic office tower.

The site could benefit the property entrepreneurs in multiple ways. For now, it’s a cash-creating parking lot that fronts on South Second Street, just south of East Santa Clara Street. In the future, it could be developed. And the lot also could provide parking dedicated to tenants in the Bank of Italy offices.

Fountain Alley Owner paid $25.7 million in cash on March 28 for the parking lot, based on tax payments made to the city of San Jose that were disclosed in Santa Clara County property records. The group that bought the parking lot is affiliated with venture capitalist and real estate entrepreneur Gary Dillabough, according to a source with direct knowledge of the transaction.

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