$2.5 million could buy you former Cary elementary school

Cary Elementary District 26 is selling Maplewood School, which closed in 2010 due to declining enrollment, officials said this week.

The 15.6-acre property, at 422 West Krenz Avenue in Cary, includes a 42,000-square-foot school building with an adjacent transportation maintenance garage and bus parking lot.

Officials said the high cost of maintaining the aging facility is the impetus for selling the property now.

"The district's goals have always been to sell the property for its highest and best use, and return the property to the tax rolls so it can generate new revenue for the district and the Cary community," according to a news release.

The school board last week authorized the sale of the school property by sealed bid, and a minimum purchase price of $2.5 million.

It's the third time since the school's closing that the property has been put up for bid, due to recent developer interest and an improved real estate market.

Selling and developing the property would provide immediate and future revenue directly benefiting the district and its programming for students, school board President Scott Coffey said.

"The district has made several attempts to sell the property over the last several years," he said. "The board believes that the current climate and interest in the property may provide the best opportunity to sell the property."

Bids will be accepted through 10 a.m. July 5. Bidder information packets are available at the district office, 2115 Crystal Lake Road, and posted at cary26.org.

Sealed bids will be opened July 5 at the district office. The school board will award the winning bid during its July 17 meeting at 8 p.m.