SAN JOSE — Plans for a senior memory care center in San Jose have pushed ahead with a real estate firm’s purchase of a Cambrian School District property where the project would be developed.

Silverado Senior Living, acting through an affiliate, paid $4.7 million for the 1.7-acre school district site on Union Avenue between Byron Way and Cambrianna Drive, according to documents filed on Monday with the Santa Clara County Recorder’s Office.

Development site in San Jose for a 70-unit senior memory care residential center on Union Avenue between Cambrianna Drive and Byron Way, shown within the outline. Boundaries are approximate. (Google Maps)

In 2023, Silverado Senior Living and the education agency entered into a deal for the sale of the property, according to documents on file with the Cambrian School District.

At the time of the purchase, the Silverado Senior Living affiliate obtained a $4.7 million loan from McGuire Capital Group, with the property used as collateral for the mortgage, according to county real estate files.

The project envisioned for the site includes a 70-unit memory care center with 94 beds, according to documents on file with San Jose city planners. Once operational, it would have no more than 42 staffers on duty at any one time, files show.

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It wasn’t immediately clear when the project might launch construction or when development might be complete.

According to the company’s website, Silverado Senior Living has memory care assisted living locations in Berkeley and Belmont.

Loren Shook, Steve Winner and Jim Smith founded Silverado Senior Living in 1996.

“Our purpose was to change the world for individuals living with memory impairment,” the company states on its website.