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San Jose office tower conversion to housing project formally launches

SAN JOSE — A plan to convert a downtown San Jose office tower from offices to housing is officially underway with a formal permit application for the project, which could produce 100-plus homes.

The Bank of Italy historic tower would switch from offices to residences under a proposal from the high-rise’s owner, an alliance of Canada-based global developer Westbank and San Jose-based local developer Urban Community, which is headed up by real estate entrepreneur Gary Dillabough and Jeff Arrillaga.

Outdoor dining and gathering areas on a terrace of the Bank of Italy historic tower at 12 South First Street in downtown San Jose, concept. (Bjarke Ingels Group)

Westbank filed the formal permit application on March 20 with the San Jose Planning Department, city public documents show.

In January, Dillabough estimated the conversion could produce “125 to 150” residences.

Offices on 11 of the tower’s 13 floors would be converted to residences.

The high-rise, built nearly a century ago in 1925, is located at 12 South First Street next to East Santa Clara Street.

When Westbank and Urban Community bought the tower in 2019, it was one of several sites the real estate allies purchased in downtown San Jose with the

Preston Center project grows borders, may hit ceiling

A high-traffic block south of Northwest Highway in Dallas’ Preston Center is angling for major changes that could be even more expansive.

Ramrock Real Estate LLC unveiled plans a few years ago to build office and residential towers on the southern swath of a block bordered by Berkshire Lane, Westchester Drive, Luther Lane and Douglas Avenue. The land includes the retail building Preston Center Pavilion and its parking garage.

The owner’s plans, which were heard as part of a zoning case during a City Plan Commission meeting Thursday, now account for the entire block, not solely the southern portion.

A presentation slide from a staff member with the city’s department of planning and urban design said that, “Since the area of request includes both the northern and southern halves of the parcel, the proposed conditions and analysis include consideration of potential redevelopment of the northern retail building.”

The retail building currently houses tenants such as Target, CVS, Marshall’s and John Reed.

A look at the parking garage for Preston Center Pavilion in Dallas(Lola Gomez / Staff Photographer)

The slide says the near-term plans are

Rekha Jhunjhunwala Purchases High-End Apartment In Mumbai’s Malabar Hill For… | Real Estate News

Ace Investor Rekha Jhunjhunwala Adds Luxury Apartment in South Mumbai to Portfolio (Image Source: PTI)

Ace investor Rekha Jhunjhunwala has made a purchase, acquiring a luxury apartment situated on the prestigious Walkeshwar Road in south Mumbai’s Malabar Hill area, for a sum exceeding Rs 11.76 crore.

The apartment, boasting a carpet area of 1,666 square feet, is located on the third floor of the esteemed residential tower, Rockside Apartments. In addition to the apartment, Jhunjhunwala will enjoy exclusive access to a designated car parking slot within the nearly 50-year-old building.

As reported by The Economic Times quoting IndexTap.com, Jhunjhunwala has paid Rs 58.81 lakh as stamp duty for the registration of this transaction, which was finalized on March 15.

This acquisition follows a recent investment move by Rekha Jhunjhunwala-backed Kinnteisto LLP, which had acquired prime office space worth approximately Rs 740 crore in commercial towers within Mumbai’s bustling business districts of Bandra-Kurla and Andheri, as reported by ET in November.

The report added that Rekha Jhunjhunwala, known as one of India’s most prominent investors, is the wife of the late billionaire stockholder Rakesh Jhunjhunwala. Rakesh Jhunjhunwala, often liked to India’s Warren Buffett, garnered acclaim throughout his four-decade investing career