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SAN JOSE-The San Jose Redevelopment Agency plans to seek the city of San Jose’s approval in the next few weeks to purchase a 9,500-sf Downtown property for $1.23 million.

The three-building property, known to residents as the Crescent Jewelers complex, is located at South First and West San Fernando streets, one block away from the proposed housing and retail development planned by CIM Group of Hollywood.

The redevelopment agency plans to buy the site and seek proposals from developers interested in renovating and reusing the buildings, which need earthquake retrofitting.

The historic buildings are owned by the family trusts of William F. Jung, Elizabeth A. Jung and Lucille Harper Lean.

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