Cary District 26 OKs $2.5M sale of vacant school
The third time has proved to be a charm for Cary School District 26 in disposing of a long-vacant school building.
The District 26 school board this week approved the sale of Maplewood School to Central One, LLC, of Barrington for $2.5 million.
The 15.6-acre property is at 422 W. Krenz Ave. The site includes a roughly 42,000-square-foot building with an adjacent maintenance garage and bus parking lot.
Under the purchase agreement, Central One has a feasibility and government approval period to inspect the property, conduct tests and examinations, and determine the acceptability of the property for purchase. Central One -- a building construction consultant and service company affiliated with Dartmoor Homes -- seeks to build a commercial, multifamily and/or residential development on the property.
Maplewood School closed in 2010 due to declining enrollment and the high cost of maintaining the facility.
Two bids were submitted. Central One's bid was the only one that met the district's bidding terms and conditions.
"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 revenue for the district and the community," Superintendent Brian Coleman said.