Closed Central Elementary building which is to be sold to a local buyer.
The Sylvania School District plans to finalize the sale of the closed Central Elementary School property, but the end use for the land is still unknown.
The 60-day due diligence period for the property buyer spelled out in the purchase agreement ended on Tuesday. There were no issues concerning the building or land, said Gregory Arnold, the district's real estate legal counsel.
He anticipated that the building and the two parcels of land at 3124 and 3364 King Rd. in Sylvania Township would be demolished by the buyer. The contract specified the school was not responsible in razing the building.
He and Sam Zyndorf, who signed the purchase contract as an authorized agent of the purchaser King Central Development on Nov. 5, both confirmed the parties will proceed to close on the sale within the 15-day closing period. The sale price for the 13 acres is $2.25 million.
The elementary school was closed in 2012 when the newly built Central Trail Elementary School on Mitchaw Road opened, and students from Central were moved to Central Trail.
Mr. Zyndorf, a commercial real estate agent for Signature Associates, could not disclose the end use for the property.
Paul Radon, a lawyer for Barkan and Robon in Maumee, is listed at the statutory agent on the formation papers for King Central Development filed with Ohio’s Secretary of State. Mr. Radon said that it was up to the client, whom he would not further identify, to decide whether to publicize the planned use for the site.
The contract specifies several possible uses, such as business services, clinic, financial institution, professional office, and research facility.
Vicki Donovan Lyle, president of the Sylvania school board, said it was important for the board to know the final use of the property.
"That's a big corner in Sylvania," she said about the property's position on a the King Road and Central Avenue intersection, a commercial corridor in Sylvania Township. "I respect that in business you have a plan in place and you have to execute that accordingly."
“We have been assured by Sam and Lance Tyo, our real estate agent, it is a project that we and the community will be proud of,” she said.
She said she expects the sale to close on or before Jan. 22.
Contact Natalie Trusso Cafarello at: 419-206-0356, or firstname.lastname@example.org, or on Twitter @natalietrusso.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.