The former Cadyville Elementary School, located on State Route 3, remains for sale after a purchase offer fell through recently.
Officials of the Saranac School District are still seeking a buyer for the former Cadyville Elementary School.
Saranac Central School District Superintendent Kenneth Cringle said the former Cadyville Elementary school will remain vacant until the district receives a fair offer.
“The estimated value of the property is $470,000 — as a ceiling price we feel that is fair,” Cringle said.
The Saranac Central School board closed the Dannemora and Cadyville elementary schools in July 2006, and consolidated students into a middle school in Saranac.
The board decided to close the schools due to declining enrollment as a way to reduce costs and maximize resources at remaining schools.
The district sold the Dannemora Elementary school property to the town of Dannemora in May and has been trying to sell the Cadyville Elementary School on State Route 3 building since 2009. A prospective buyer is currently looking at the property but Cringle said it is too early in the process to comment further.
“The present party of interest is interested in apartment buildings, whether they convert the building or demolish I am not sure,” Cringle said. “It’s too early in the stages of discussion.”
The last substantial bid for the property was from Fairsea, LLC, who placed an offer on the property for $400,000 in March 2011, but the deal later fell through.
“We've had a number of offers, we're been very close to having a sale, but I think it was a combination of the economy and the availability of the interested party to secure funding that caused it to fall through,” Cringle said.
Upkeep for the Cadyville property has cost the Saranac school district at least $40,000 a year according to Cringle. Because the building is fueled by natural gas and is in good condition, Cringle said the upkeep costs for the building have remained relatively low.
Interested buyers have primarily looked at the site as a potential structure for high-end condominiums or private homes.
But selling a school can be a challenge, Cringle said.
“Unfortunately schools serve a specific purpose so marketing a school buildings is rather unique because they have limited uses for other organizations or buyers that in itself makes it challenging to market or sell these buildings,” Cringle said.