Kingsbury school sale moves ahead
April 13, 2017
Sale of the former Kingsbury Middle School property is moving forward.
Despite a few roadbumps, buyer Patrick Taylor has indicated to the Douglas County School District that his company, Glenwood-based Lake Parkway LLC, will not request an extension of the due diligence period, which is set to expire Monday.
"Our buyer has told us he is going to let due diligence expire next week and he's filed with the county," District Superintendent Teri White said. "He anticipates moving forward."
According to a memo prepared by White and presented to the Douglas County School Board on Tuesday, "the buyer indicates that he has been able to get movement with the County and TRPA in regards to the zoning issues that surround the desired development of the property."
"It appears to me that the problem is about solved," Taylor said in a Wednesday phone interview. "Which is why we decided to go ahead and go through the due diligence period. She (White) asked if I wanted an extension, and I said 'No, I think we're fine.'"
The property is set to close on July 12, "or sooner," Taylor said.
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"If it goes through it will be a very welcome deal," White said.
Taylor has proposed building a roughly 420-unit affordable housing project on the site.
"The whole project's going to be affordable housing," he said." We'll have one, two and three-bedroom apartments but the units will be designed like condos so each one will have a garage."
Taylor said he would like for the building to be used by area law enforcement for training exercises before a proposed September demolition. He estimated new construction at the site will begin around May 2018.
The former middle school is located at 1900 Echo Drive in Stateline. It opened in 1976 with a $1.5 million price tag but was closed during the 2008-2009 school year due to declining enrollment at Douglas County's Lake Tahoe-area schools.
The building was put on the market in 2012 for $4 million. The district accepted an offer of $3.15 million from Lake Parkway LLC.