In a creative deal to save a historic structure and also add to the city's desperately needed stock of workforce housing, the school district in Waco, Texas, agreed to sell the old Waco High building to a private developer.
"Waco schools trustees voted unanimously to sell the vacant old Waco High School building Thursday night in a deal that would allow a private developer to transform the landmark into an affordable-housing project in the heart of downtown."
"The project will turn old Waco High into about 70 loft-style apartments for families with incomes between $20,000 and $30,000. Once the development deal is finalized, the Waco Independent School District will net $900,000, which excludes $350,000 the developer has dedicated for asbestos abatement as part of the deal."
"Officials from Landmark Group, based in North Carolina, say they plan to put about $11 million into the development, which will be done in accordance with federal standards for the treatment of historic buildings."
Read the full story: Waco trustees unanimously agree to sell former high school to North Carolina-based developer
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