CARY – A Barrington-based developer is planning a residential complex at the former Maplewood school in Cary.
Central One, LLC has submitted a $2.5 million bid to buy the long-vacant Maplewood school, 422 W. Krenz Ave., Cary. The Cary School District 26 Board approved the purchase agreement this week. The developer now will inspect the property to determine its acceptability, according to the school district.
District 26 shuttered the school in 2010 because of declining enrollment and property maintenance costs. Built in 1929, the 42,000-square-foot facility was one of the district’s oldest. It sits on 15.6 acres, and has a transportation maintenance garage and bus parking lot on-site. The district pays about $65,000 in property maintenance annually, district officials have said.
This is the third time the district has put the property out to bid. Developers previously have considered the property for residential uses, and at one point the village of Cary considered buying the site.
District officials said the sale ultimately would add revenue to the community and the school.
“As owner of the property, 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,” Superintendent Brian Coleman said. “The sale will also eliminate the ongoing expenses of maintaining property that is no longer fully utilized by District 26. Selling and developing the property will provide immediate and future revenue that will directly benefit the district and its educational programming for students.”