SAN JOSE — 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, with adjacent scaffolds, at 12 South First Street in downtown San Jose, as seen on Jan. 8, 2026. (George Avalos/Bay Area News Group) 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.
Scaffolds are visible next to the Bank of Italy historic tower at 12 South First Street in downtown San Jose, seen on Jan. 8, 2026. (George Avalos/Bay Area News Group)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.
Now, the tower’s exterior is headed for a transformation to restore the structure to its original beauty. Officials with Westbank declined to comment for this story.
Scaffolds have begun to sprout on the sides of the tower at the corner of South 1st Street and East Santa Clara Street, direct observations of the site by this news organization show.
The scaffolding is slated to rise to the very top of the building, whose pinnacle is graced by a cupola and a needle-like spire.
Westbank has gutted all of the offices inside to prepare the spaces for conversion to apartments, the sources said. Everything has been removed down to the studs, according to the sources.
In addition, all of the asbestos that had been inside the century-old tower has been completely removed, the sources stated. Westbank also has replaced all of the elevators.
Westbank will install completely new plumbing, electrical, mechanical, heating, air conditioning, and ventilation systems, according to the sources.
On the outside of the building, all of the windows will be replaced with modern panes. Any bricks or terra cotta that have been damaged over the years will be fully repaired and replaced. The exterior of the building will be power washed.
“Getting more residential units into the downtown however we can get them is very important,” Staedler said.
Westbank hopes to complete the conversion so people can start to rent the apartments by the summer or fall of 2027, according to the sources.
“When new residents start moving into this building, that will add more vibrancy to the downtown, with more people walking around in the area,” Staedler said.
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