Metzler Elementary School

Terra Realty Advisors, working with the Cambrian School District and the local community beginning in 2019, evaluated and repositioned portions of the Metzler closed school site. TRA developed and negotiated each transaction and created new ongoing sustainable revenue of more than $1.2M per year. TRA also guided the project through all entitlement approvals, working closely with the Board of Trustees, district staff, legal counsel, city staff, and local city council leadership.

The redevelopment consists of three separate components:

Metzler A – Memory Care Ground Lease

• TRA issued a Request for Proposal (RFP) on the school district’s behalf in 2020
• The RFP resulted in an Exchange Agreement with Silverado Memory Care
• Silverado plans to construct a 90-unit memory care facility
• Annual revenue to the district: $307,000 from the land exchanged
• The project includes a community garden to be constructed, owned, and managed by the Cambrian School District

Metzler B – Leasing Existing School

• Assisted in negotiating a new lease with a private school for the existing school buildings
• Provided oversight for permit processing with the City of San Jose
• Created an additional $340,000/yr in new lease revenue for the district

Metzler C – Residential Land Exchange

• Required a General Plan Amendment approved by the San Jose City Council with strong community support (over 1,000 letters submitted).
• Entitled to 21 single-family homes and 14 accessory dwelling units (ADUs).
• The school district entered into a land exchange agreement with Robson Homes, valued at $10,350,000
• Estimated annual lease revenue from the exchange properties: approximately $550,000