The former Cadyville Elementary School, located on State Route 3, remains for sale after a purchase offer fell through recently.
The Saranac Central School District is again looking for a buyer for the former Cadyville Elementary School.
School district superintendent Kenneth O. Cringle said the district has been trying to sell the State Route 3 building since the spring of 2009, and, most recently, an “offer was in the works” for approximately six months, but fell through.
“The board of education entered into a provisional sales agreement with a due diligence period for the proposed buyer to conduct additional inspections,” said Cringle. “Following the initial agreement, the district was willing to extend this study period under certain terms and conditions. The terms in the contract were not met in a timely manner, therefore, the property was placed back on the market.”
The prospective purchaser expressed plans to create “higher end condominiums” on the property, which has been assessed at $469,000, said Cringle.
CDC Real Estate Inc. is actively marketing the property, recently touring it with an interested party Aug. 17, said Cringle.
Getting the property back on the tax rolls would be a benefit for the school district and other taxing jurisdictions, Cringle added.
“Generating additional district property revenue, particularly during these difficult economic times, is always a welcomed tax payer offering,” he said.