#retail-redevelopment

#retail-redevelopment

SAN JOSE A Bay Area investor has bought an empty former Safeway store in a deal that could breathe new life into a downtown San Jose site that has been vacant for six years. Babu Paturi, who is based at a residence in San Jose, paid $2 million in an all-cash deal to buy the site at 100 South Second St., according to documents filed on Sept. 8 with the Santa Clara County Recorder's Office. Paturi is the manager of at least one LLC, state and county public documents show.

"Acquiring the property this July was a major milestone," Bonitz said in a statement to Brooklyn Paper. "We wouldn't have moved forward with the acquisition unless we were fully confident in our ability to execute our business plan for this important site."

The former Century 21 site will be redeveloped into 'Century Marketplace,' a $100 million project that aims to transform it into a 95,000-square-foot retail complex.