A developer proposing to build dense housing at the site of a vacant Cary School District 26 property has been granted a 60-day “feasibility” period to allow him to get finances and plans in order to bring before Cary officials.
The District 26 board voted, 6-0, to grant that request to Patrick Taylor, the owner of Central One LLC. Taylor was not available for comment Tuesday.
The 60-day extension prolongs a transaction that began in July, when the district entered into a purchasing agreement with Taylor.
The district has not yet closed on the property. Taylor must first receive approvals from zoning officials and the Village Board.
The 60-day feasibility extension amended the project’s timeline to include a tentative closing date in January 2019.
“We hope that the Village Board would approve it, and we can move forward with the project,” District 26 Superintendent Brian Coleman said.
The school closed in 2010 because of declining enrollment.
The board approved a
$2.5 million purchase agreement with Central One LLC for the property in July after putting it up for bid for the third time since the school has been vacant.
Taylor made his third appearance and presentation in front of the Village Board in December. The board did not support Taylor’s proposal.
The new proposal, updated since it last was before the board in October, featured 200 multifamily units and 69 townhouses on the 15-acre former Maplewood school site.
The housing numbers decreased from 250 multifamily units and 78 townhouses shown in the previous proposal.
The board told Taylor to come back with a less-dense housing proposal and see how it goes.