Efforts to develop Maplewood Elementary School into a moderately dense housing development have stalled, and the Barrington developer who spent many months pursuing approval from the Cary Village Board no longer is involved.
Patrick Taylor – owner of Central One LLC, which bought the property at 422 W. Krenz Ave. from Cary School District 26 for about $2.5 million last year to develop it – did not renew his contract with the school district to keep pushing the project.
“There’s no interest in that property right now,” Cary Mayor Mark Kownick said. “There’s no contract on it. We have no project pending.”
The property now is in the hands of District 26, which entered into a contract with Taylor to develop the 15.6-acre parcel into housing.
When you buy a speculative property, Kownick said, it’s contingent on village approval.
Taylor never received approval to rezone the property as a multifamily residential space.
The developer had proposed to build dense housing at the site, featuring 200 multifamily units and 69 townhomes, according to a revised proposal presented late last year.
Taylor could not be reached for comment.
Kownick said there is a chance Taylor may become involved with the property again in the future.
The school closed in 2010 because of declining enrollment and high costs of maintaining the facility. Attempts were made to turn the property into residential space, and at one point, the village of Cary considered buying the site.
In June, the District 26 board unanimously approved the sale of the property by a sealed bid, with a minimum purchase price of $2.5 million. Several days later, a bidder’s information packet was made available at the district office and online.
One sealed bid was received by Central One LLC, which tried to buy the property last year for $2,500,250.
Built in 1929, the 42,000-square-foot facility was one of the district’s oldest.