Cary School District 26 enters into agreement to sell former Maplewood Elementary School site
The former Maplewood Elementary School and transportation sites in Cary are on track to be sold to AR Building Company for $2.75 million after the Cary District 26 school board approved a purchase agreement meeting Monday evening.
The agreement will allow AR Building Company to begin feasibility studies and conduct its due diligence on the property, according to school board documents.
The Maplewood property at 422 W. Krenz Ave. includes an estimated 42,000-square-foot school facility with an adjacent transportation maintenance garage and bus parking lot.
Because of falling enrollment and rising maintenance costs, the district closed the school in 2010. Since then, District 26 has tried multiple times to sell the property.
Even though there has been consistent interest in the property over the years, as the Northwest Herald previously reported, those deals all have fallen through because of outside factors.
The district's goals "have always been to sell the property for its highest and best use and then return the property to the tax roll, so it can generate new revenue for the school district and the Cary community," Superintendent Brian Coleman said. "Selling and developing the property would provide immediate and future revenue that would directly benefit the district and its educational programming for students."
Pennsylvania-based AR Building Company now has 270 days to inspect the property, conduct a tests, examinations and determine whether it is fit for their purposes.
AR Building Company could not be reached Wednesday for questions regarding their proposed development. The company's website advertises several residential properties, including apartments, townhouses and patio homes for rent.
At the end of the 270 days, AR Building Company has the right to terminate the contract. However, if developers decide they want the property, they then have 180 days to get all governmental approvals required for their proposed development. Any development would have to be approved by the village of Cary.
If the company decides to purchase the property, it would be responsible for the demolition of the building, though District 26 is still responsible for maintaining the property and keeping it insured during the feasibility and governmental approval periods, said James Levi, the district's attorney.
District 26 spends about $65,000 a year to maintain the Maplewood property, and this figure is expected to rise as the school building is in disrepair.