A former school building in Three Oaks will be turned into apartments under the plans of a developer who has offered to buy the property.
River Valley School District Superintendent Dave Campbell tells us the board of education this month approved a purchase agreement for the Three Oaks Elementary site from Granor Farm owner Rob Buono. Campbell says Buono’s $400,000 offer was “far and away” the best of the three bids the district received.
So, how many apartments could fit in the building?
“Oh, I’d say somewhere around 18 or 19,” Campbell said. “Pretty much every classroom will likely become an apartment.”
Campbell says the school board is “pinching itself” after getting such a good offer for the building when a previous offer from the Pokagon Fund fell through. He notes Buono is also purchasing the Chikaming Elementary property from the district, also with plans to turn it into apartments.
“This is a great opportunity for people, and anybody in South County knows it’s just really expensive to live down here. It’s the old rule of supply and demand. If you increase the supply, then the price theoretically comes down, or at least it flattens a little bit. But rent and home costs down here are very high, so increasing the supply is certainly a good thing.”
Campbell says the goal is to close on the Three Oaks Elementary sale in a few months. The sale of Chikaming Elementary is slated to be closed in April. Campbell says developer Buono is working on designs for that property with his architects now.
The Pokagon Fund in May offered to buy the Three Oaks Elementary property to be used as a hub for non-profits, but the fund last month backed out due to the estimated cost. With the new deal in place with Buono, Campbell says the district can help ease the housing shortage in the area while improving its existing facilities with the proceeds.
