Wells Fargo pushes forward with new downtown branch in San Jose
SAN JOSE >> Wells Fargo is moving forward with plans to relocate a downtown San Jose branch to an office tower at a choice location next to the Fairmont Hotel.
The new branch will be at the 50 West office tower at the corner of West San Fernando Street and South First Street and will be a block away from its longtime location on South Market Street.
“We have submitted our plans to the City of San Jose for a branch and four ATMs at 50 W. San Fernando St.,” said Edith Robles, a spokesperson for Wells Fargo.
Wells Fargo expects to occupy about 5,000 square feet in the tower, which is owned by an affiliate headed by Jay Paul Co., one of the Bay Area’s top development firms.
“This is a phenomenal site for Wells Fargo’s relocation,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy.
Wells Fargo’s primary downtown San Jose branch is now on the ground floor of an office tower at 121 S. Market St.
Jay Paul Co. in April paid $42 million in cash for the Market Street tower, which is one of the properties the developer intends to bulldoze starting as soon as this year to clear the way for a huge tech campus on a key block bounded by South Market Street, Park Avenue, Almaden Boulevard, and West San Fernando Street.
With the redevelopment of CityView Plaza in the works, Jay Paul and Wells Fargo worked to find a new location for the branch, which wound up being at the 50 West tower about a block away.
The design of the financial center is expected to make the new bank branch visible from one of downtown San Jose’s busy intersections.
The Wells Fargo logo or at least two of the ATM machines will be visible on all four sides of the 50 West tower, the bank’s proposal to the city shows.
“The 50 West San Fernando building adjacencies to the Fairmont, Cesar Chavez Park, and Jay Paul’s project is key for the success of a banking location,” Staedler said.