A nonprofit group called Urban Transformation Development wants to purchase Bunche Elementary School in order to convert it to a community center. The school, which was closed down in late 2012, is located near the corner of West Stewart Avenue and Martin Luther King Avenue in Flint. They currently have a $2,500 down payment and are aspiring to purchase the school on a Flint School District land contract in the amount of $25,000.
The closure, along with three others, is expected to keep the school district from further sinking into deficit, which has ballooned to $15.8 million in the past two years. A commercial real estate agent has been retained for the purpose of attempting to sell 20 or more schools in the district that are closed as well. They are planning to close two additional elementary schools over the next two years.
According to Urban Transformation’ s executive director, the neighborhood suffers from high crime and children with nothing to do, and they are trying to bring it back up. On the other side of the issue, according to a former school board member who is currently working with the commercial real estate broker, too many people with no money have expressed interested in buying the closed-down schools. Once multiple offers are received for the school, they will be presented to the school board.
Anyone who is involved in the buying or selling of commercial property in the Oakland County area, could benefit from the advice of an experienced real estate law professional. A Detroit commercial property attorney could help with maximizing the opportunities at-hand and resolving any legal problems involved in commercial real estate transactions.
Source: M Live, “Flint group wants to buy shuttered Bunche Elementary for $25,000“, Dominic Adams, September 19, 2013