Developers consider former school buildings

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October 7, 2009

By STEPHEN BARTLETT The Press Republican Wed Oct 07, 2009, 10:05 AM EDT

DANNEMORA — Local and out-of-state developers are considering purchasing Saranac Central School’s former buildings in Dannemora and Cadyville.

Interested developers could make an offer within the next couple of weeks, according to Matthew Boire of CDC Real Estate Marketing.

So far, possible uses for the properties include senior housing, an assisted-living facility and multi-family residential use.

“I am impressed with what you have done,” Saranac School Board member Bob Brooks said at this week’s School Board meeting, during which Boire updated officials on the status of the buildings.

“This is far more than I thought had been done at this point.”

CLOSED FOR 2 YEARS

After considerable debate and community outcry, district officials decided to close Cadyville and Dannemora elementary schools to contend with poor enrollment projections.

The district also wanted to reduce costs, maximize resources at its remaining buildings, create a middle school in Saranac and prevent further student transfers.

The district closed the buildings on July 1, 2006.

The School District is marketing the two buildings, as well as the District Office, which rests on the same property as the former Dannemora Elementary School.

The Dannemora property includes the school at 23,417 square feet and 3.6 acres and the District Office at 6,133 square feet and 5.4 acres.

The Cadyville building is 23,470 square feet and about 4 acres.

MARKETING BLITZ

The School District hired CDC Real Estate, which markets commercial real estate throughout the region.

Boire told School Board members that the company has placed signs on the Dannemora and Cadyville properties, featured them on its Web site and completed a profile on each property.

“Most people, when looking at a property, want to know zoning and utility costs,” he said.

CDC has also conducted direct-mail campaigns to regional investors, postcard mailings to 1,750 commercial investors and brokers, advertised the properties, broadcast e-mails and left the area to display the properties at marketing sessions.

“We also did the North Country Chamber of Commerce trade show in June,” Boire said.

“All of this has drummed up interest, and we continue to follow up with those people to see if they are still interested.”

INTEREST

The most substantial interest has come from a local developer and one in California.

The developer from California, whom Boire speaks with on a regular basis, expects to make an offer in the next couple weeks.

“He is leaning toward senior housing in Cadyville. He thinks that would be the best use for the community and the most profitable for him.”

The local developer has only reviewed the Dannemora properties at this time.

“Possible uses include senior housing or multi-family residential use or possibly assisted living,” Boire said.

He did not name either of the potential developers.

“School properties are unique,” Boire said, “and you need to find the right investor out there who is willing to do something new for the area.”

E-mail Stephen Bartlett at:

sbartlett@pressrepublican.com