Downtown San Jose building next to housing project site is bought

SAN JOSE — Westbank bought an office building and adjacent parking lot at 255 West Julian St. in downtown San Jose, according to documents filed on Aug. 1 with the Santa Clara County Recorder’s Office.

Acting through an affiliate, Westbank paid about $14.2 million for the property known as the Charles Davidson Building, named after the late Charles Davidson, a San Jose philanthropist and real estate developer.

Individuals and groups affiliated with the Davidson Family Trust sold the building and surface parking lot, county records show.

Westbank affiliates received up to $207.9 million in financing from Acore Capital Mortgage, county records show. Several properties in downtown San Jose that are owned by the affiliates were used as collateral.

The Charles Davidson Building is next to the site of a Westbank-proposed housing tower and data center whose excess heat would be captured to deliver electricity to the residential complex.

The proposed adjacent 17-story residential highrise is known as Terraine and would produce 345 housing units at 323 Terraine St.

Oakland-based PG&E, Westbank and San Jose officials are pushing ahead with plans for eco-friendly housing towers and data centers that can help create a green energy downtown.

Canada-based Westbank is eyeing multiple downtown San Jose projects that would produce housing and data center tandems.

Westbank’s downtown San Jose proposals include the renovation of the historic Bank of Italy tower at 12 South First St., housing highrises on the Valley Title lot at 300 South First St., a housing tower at the former Bo Town restaurant site at 409 South Second St., a tower in Fountain Alley, the Terraine Street housing complex and a development next to the Tech Museum at 180 Park Ave.