Cary School District 26 enters agreement to sell former Maplewood Elementary site

The former Maplewood Elementary School and transportation sites in Cary are on track to be sold to AR Building Co. for $2.75 million after the Cary School District 26 Board approved a purchase agreement Monday evening.

The agreement allows AR Building to begin feasibility studies and conduct its due diligence on the property, according to board documents.

The Maplewood property, 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 declining enrollment and rising maintenance costs, the district closed the school in 2010. Since then, it has tried multiple times to sell the property.

Even though there has been consistent interest in the property over the years, 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 now has 270 days to inspect the property, conduct tests and examinations and determine whether it is fit for the company’s purposes.

AR Building could not be reached for comment Wednesday regarding its proposed development. The company’s website advertises a number of residential properties, including apartments, townhomes and patio homes for rent.

At the end of the 270 days, AR Building has the right to terminate the contract. However, if developers decide they want the property, they then have 180 days to get all required governmental approvals for the 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 school, although District 26 still is 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 because the building is in disrepair.