SAN JOSE — Prolific developer Jay Paul Co. has bought two vital properties in downtown San Jose, a deal that sets the stage for a dramatic project poised to transform the skyline and streets of the Bay Area’s largest city.

Jay Paul bought on Friday two properties at the corner of Park Avenue and South Almaden Boulevard located across the street from another large complex that the veteran real estate company purchased in 2018, a trio of sites that enables the company to create a huge development in downtown San Jose.

“We have some very exciting ideas for these properties,” said Matt Lituchy, chief investment officer with Jay Paul Co. “This is going to be a single development.”

In addition to the just-acquired parcels at 200 Park Ave. and 282 S. Almaden Blvd., the company nearly a year ago bought the vast Cityview Plaza, a mixed-use office, retail, and restaurant complex that could be bulldozed and replaced with modern office towers and other new uses.

Cityview Plaza would potentially contain 3.4 million square feet of office space, enough room for 17,000 to 23,000 workers, once it’s redeveloped as a new tech campus.

In the most recent deal, Jay Paul paid $100 million for the parcels at the southeast corner of Park and Almaden, according to Santa Clara County property records filed on Friday.

The company paid $50 million for the 200 Park site and $50 million for the 282 South Almaden parcel, the county documents show. Jay Paul paid cash for both properties. The deals for the new acquisitions were arranged by executives from two commercial real estate firms, Newmark Knight Frank executive vice chairman Phil Mahoney and CBRE senior managing director Mark Schmidt.

Another choice property is expected to land in Jay Paul’s swelling shopping basket of downtown San Jose sites. Jay Paul is closing in on an acquisition of the landmark 50 West office tower, which is topped by a big KQED sign.

Including the pending KQED tower deal, Jay Paul has struck deals to spend a jaw-dropping $659.5 million on downtown San Jose sites.

In July 2018, a Jay Paul affiliate paid $283.5 million in cash for nearly all of CityView Plaza, a 580,000-square-foot complex of offices, shops, and restaurants that is bounded by West San Fernando Street, South Almaden Boulevard, Park Avenue and South Market Street.

Weeks later, in August 2018, a Jay Paul group bought a historic office building that once was a JC Penney department store at North First and West Santa Clara streets, paying $46 million for the 120,000-square-foot structure.

The 50 West tower purchase is expected to be completed for $230 million, according to Silicon Valley property experts.

In the most recent completed deal, Jay Paul bought the properties at Park and South Almaden from a venture of long-time local developer DiNapoli Co. and mega investment firm Blackstone.

John DiNapoli, whose family has been involved in downtown San Jose for decades, said the Jay Paul efforts will do more than bring office towers to that part of the urban core, they can also bring major changes to Park Avenue.

“You could see an activation of the street all the way from San Jose State University to Diridon Station,” DiNapoli said.

Jay Paul executives intend to submit some plans to city officials over the course of the next several months.

“We are really going to change the skyline of San Jose,” Lituchy said.