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

SAN JOSE — A downtown San Jose-area office property that could be redeveloped as a housing project has been bought by a South Bay real estate group.

The group paid $5.3 million for the site, which is located at 380 N. First Street, according to documents located at the Santa Clara County Recorder’s Office.

The new owners of the property are planning to develop at least 100 units of housing on the site.

The site is located in an opportunity zone, which are geographic areas that offer tax advantages to people who invest in properties that are substantially redeveloped.

Street-level view of 380 N. First St. at Bassett Street near downtown San Jose. 

“I like the location, the neighborhood and the opportunity zone,” said Mostafa Aghamiri, a Silicon Valley tech executive who is leading the ownership and development group for the site.

The purchasing group bought the property through an all-cash deal, the county documents show. The transaction was arranged through brokers Ty Ataei and Ralph Borelli, both veterans of South Bay real estate.

“The owner is thinking of developing 100 to 118 units at the site,” said Ataei, a Campbell-based Realty One Group Infinity broker who represented the buyer. “It would be seven stories.”

The property is next to a light rail line that’s a few train stops away from the Diridon Station area where Google plans to build a mixed-use neighborhood.

“The property is a great site, it has frontage on three sides,” said Borelli, chairman of San Jose-based Borelli Investment Co., which represented the seller.

The site, which totals 0.5 acres, has frontage on North First Street, Bassett Street and North Second Street, county public records show.

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