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SAN JOSE-The San Jose City Council has approved a $2.9 million loan-and-grant package to assist Barry Swenson Builder, a local developer, in closing a deal with P.F. Chang’s China Bistro restaurant chain.

Barry Swenson Builder plans to restore two seismically unsafe buildings in San Jose– the Knights of Pythias and Foto Mexico buildings, both on the corner of Second and San Fernando streets. The lease commitment, which is expected next month, would ensure the company the money to make it happen.

Barry Swenson Builder plans to spend about $6 million to make the 10,000-sf site ready for use. At this week’s city council meeting, the city approved a $2.1 million loan at 3% interest and $770,000 in grants for seismic upgrades and facade improvements.

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