SAN JOSE — Bay Area investors have bought a movie theater property located on a key thoroughfare in San Jose with an eye to a revamp that would bring in new uses at the site.
The new owners of the San Jose movie theater site are contemplating a renovation and redevelopment of the property’s interior, although firm plans aren’t in place yet.
“We think this is a very good location,” said Azad Seyidov, a Bay Area business executive who heads the entity that bought the Towne 3 Cinemas property at 1433 The Alameda.
Baku AS, an affiliate headed by Seyidov, bought the property for $2.3 million, according to documents filed with Santa Clara County officials on March 11.
The property has a narrow frontage on The Alameda, where the movie theater entrance is located. The just-bought parcel also widens out towards the back of the site and has a frontage on Hester Street.
The movie theater building totals 9,800 square feet and occupies a parcel of 10,500 square feet, county documents show.
“We are going to remodel it a little bit,” Seyidov said.
The purchasing group also obtained a construction loan totaling $1.9 million from Enterprise Bank & Trust at the time of the acquisition. The seller also provided the buyer with a loan of $200,000, the county documents show.
The Towne 3 Cinemas are currently closed, according to the movie house’s website.
When it was open, Towne 3’s film offerings included Indian movies, Tamil movies from southern India, and Bollywood movies from India’s Mumbai district, the website stated.The Alameda area has drawn investors to well-known sites lately, including the deal for the movie theater property.
Just a few blocks away, at 1010 The Alameda, the site of Watergarden, a long-time gay bathhouse in San Jose that the coronavirus forced out of business, was bought by a local real estate developer, documents filed on March 4 show.
The new owner, Briggs Development, paid $4 million for the Watergarden property. Briggs Development intends to redevelop the gay bathhouse site as an office property.
As for the movie theater property, the new owners of the Towne 3 Cinemas site are considering their options for the future use of the site.
“It might be an office development. At least part of it might be office space,” Seyidov said. “We don’t have a specific plan yet.”
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March 15, 2021 at 07:50PM
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