City Sells Historic Bank of Italy Building
Calling it the best deal the city could get, council members this week sold the historic downtown Bank of Italy building for just over $1 million.
The city’s Redevelopment Agency bought the historic two-story building in 1981 to preserve it after the former owners went into foreclosure. The city spent more than $1.3 million to buy and improve the property over the years.
“In hindsight, it was a mistake” to buy the property, Councilman Chris Norby said, citing the financial loss.
The 10,000-square-foot structure, at 122 Harbor Blvd., was built at least 70 years ago and served as one of the original Bank of Italy branches for a decade. Later, it served as a branch for Bank of America and was used for retail and office space.
The new owner, Regency Group, plans to occupy a portion of the building and lease the rest. The sale agreement requires the owners to continue to preserve the building.
The money from the sale will be used on redevelopment projects, city officials said.
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