The Meramec Valley School Board finalized the sale of the Community School building Thursday, July 11.
The facility was purchased by Tri-Star Properties, St. Louis, at a price of $500,000.
Representatives from Tri-Star shared that they will be completing a market study to analyze how to best utilize the property.
Tri-Star will restore the historic building for commercial or residential use, and possibly even a combination of the two.
The company has an extensive background in multifamily residential, retail, office, industrial, hospitality, historic and land development.
“Tri-Star has expressed a high interest in the Pacific area and the community’s possibilities for growth,” said Superintendent Dr. John Mulford. “Regardless of what is determined to be the best option, Tri-Star has vowed to fully restore the Community School building so it can be a staple in the community for many years to come.”
Proceeds from the sale of the building will be reinvested into facility needs across the school district, Mulford said.
The school district is currently conducting a complete analysis of all district facilities to identify both short- and long-term maintenance needs. Once complete, the school board plans to allocate funds from the sale toward the most pressing needs.
“The Community School has a long, rich history in our town and holds a special place in the hearts of many of our residents,” Mulford said. “With its age, the cost to the district for restoring this building is unjustifiable given the needs in our other facilities that are utilized by students on a daily basis.
“We are thrilled that Tri-Star Properties has the resources and willingness to renovate the Community School and we can’t wait to see the finished product,” he added. “We believe this is a win-win scenario for our community.”
The Community School most recently housed the the district’s early childhood program and special programs. With the construction and opening of the Doris Hoffman Early Learning Center, students are no longer served at this building. The school district has until the end of December to completely vacate the property.