Maplewood School Sells For $2.5 Million

CARY, IL - Cary Community Consolidated School District 26 approved the sale of Maplewood School this past week for $2.5 million. Barrington-based Central One, LLC, has bought the 15.6 Maplewood School site, which includes the 42,000-square-foot school and an adjacent transportation maintenance garage and bus parking lot. Central One is planning to build a commercial, multi-family and/or residential development on the property.

Maplewood School, at 442 Krenz Avenue, was closed in 2010 due to the district’s declining student enrollment and the high costs of maintaining the aging facility. This will be the third time since its closing that the Board of Education has put the property up for bid.

In a statement from District 26, Superintendent Brian Coleman said, "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. 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.”

Under the purchase agreement, Central One, LLC now has a feasibility and government approval period to inspect the property, conduct tests and examinations, and determine the acceptability of the property for purchase.