Almaden
Financial Plaza's three buildings will get a
new look from new owner DiNapoli Capital Partners
and Rockpoint Group. The business partners are
planning a $6 million renovation to make the
most of the office buildings' prime location
at Almaden Boulevard and Santa Clara Street
in San Jose. ''It's probably the best location
in downtown San Jose from an access standpoint,''
said F. Matthew DiNapoli, president of DiNapoli
Capital Partners. ''It hasn't gotten the kind
of attention the location merited.''
The makeover, to be started in October and finished
next June, will include new bathrooms, elevator
lobbies, landscaping and entryways, DiNapoli
said.''We're just trying to bring the building
up to a level that would be commensurate with
its location in downtown San Jose.''
Current tenants in 1, 55 and 99 Almaden include
Bridge Bank, AG Edwards,Bank of the West and
Aon.
With the neighboring Opus Center and 10 Almaden,
DiNapoli said he envisions ''a very vibrant
financial hub.
''We just think that it's time to reinvest in
downtown San Jose,'' he said. ''It's something
that I've always been very fond of. It's one
more piece of the puzzle of improving downtown.''
DiNapoli was a founding partner of the Hotel
EquityFunds, whose portfolioincludes 18 luxury
hotels under the Four Seasons, Ritz-Carlton,
Fairmont and Rosewood brands. Among the hotels
under the control of Hotel Equity Funds are
the San Jose Fairmont, San Francisco Fairmont,
Four Seasons Resort Aviara and the Santa Monica
Miramar Hotel.
His company bought the 403,700-square-foot Almaden
Financial Plaza in March from developer and
new Oakland A's owner Lew Wolff. The purchase
also includes a five-story parking garage and
an undeveloped parcel on West Santa Clara Street.
The vacant spot had been planned for a Marriott
Courtyard hotel, but that's not likely to happen.
''We've been approached by several residential
developers inquiring about the site as a residential
condo project,'' DiNapoli said.
|
