San Jose: DCP charter school to move to Southern Lumber site - San Jose Mercury News:
San Jose: DCP charter school to move to Southern Lumber site
SAN JOSE -- A deal is nearly inked to acquire the former Southern Lumber site in San Jose's Alma neighborhood and allow Downtown College Preparatory charter school to renovate the old warehouse and move in by August.
In a creative swap involving no cash, the San Jose Unified School District would trade two of its parcels, one leased to a data center and the other housing an independent learning program, for the 3.4-acre site occupied for decades by the enormous, iconic hardware and building supply store and recently acquired by San Jose real estate developer Imwalle Properties.
Russ Rhodes loads lumber on to his truck at Southern Lumber, Thursday morning, May 28, 2015. The century-old, family run business in San Jose, Calif. recently announced it is closing. (Karl Mondon/Bay Area News Group) ( Karl Mondon )
If signed, the deal would end a yearlong bitter fight over DCP's location. The district had proposed moving the high school to a site across from San Jose High; DCP had dug in its heels about staying at its current location, the former Hester Elementary near the Rose Garden, and insisted it could not afford a proposed rent hike. Besides the high school, DCP operates a middle school in San Jose Unified and one in the Alum Rock School District.
"We are very excited," San Jose Unified school board member Pam Foley said. "It's a win-win agreement."
Imwalle representatives did not respond to requests for comment. But San Jose Unified officials said Friday that the developer agreed to swap its Southern Lumber parcel, which it purchased over the summer, for two district parcels totaling 2.5 acres and together worth an estimated $11.2 million. Once the trade is completed, the school district would lease the Southern Lumber site to DCP at the nominal sum of $1 annually, for 50 years.
Imwalle purchased the lumber site for $8.8 million, but it was recently appraised at $14 million, San Jose Unified Chief Business Officer Stephen McMahon said.
The district's school board approved terms of the lease with DCP in a closed session last
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