Choice site next to downtown San Jose is bought, slated for housing

San Jose — An office property in the downtown area of ​​San Jose, which may be redeveloped as a residential project, was purchased by a real estate group in South Bay.

The group paid $ 5.3 million to a site on 380 N. First Street, according to a document in the Santa Clara County Records Office.

New owners of the property plan to develop at least 100 homes on the premises.

The site is located in the Opportunity Zone, a geographical area that offers tax incentives to those who invest in heavily redeveloped real estate.

“I like places, neighborhoods and opportunities zones,” said Mostafa Aghamiri, Silicon Valley’s technical executive who leads the site’s ownership and development group.

According to county documents, the buying group bought the property in full cash transaction. The deal was arranged through South Bay real estate veterans brokers Ty Ataei and Ralph Borelli.

“Owners are thinking of developing 100-118 units on their site,” said Atei, Campbell-based Realty One Group Infinity broker on behalf of the buyer. “It will be seven stories.”

The property is next to the light rail, a few train stations from the Diridon Station area where Google plans to build a multipurpose district.

Borelli, chairman of San Jose-based Borelli Investment Co. and representative of the seller, said:

According to the county councilor’s office file, the site totals 0.5 acres.

Bob Stadler, Principal Executive of Silicon Valley Synergy, a land-use consultancy, said: “The newly opened village of Iamesi has 135 units and is about one acre.” Iamesi Village’s housing development is at 201 Bassett St.

The 380 N.First St. site you just purchased has frontages on North First Street, Bassett Street, and North Second Street, as shown by county public records.