The Austintown Board of Education announced the sale of the former Austintown Middle School property on Mahoning Avenue.
A sale agreement has been reached with LRC Development Co. based in Akron.
The now empty building on Mahoning Avenue once housed Fitch High School and later Austintown Middle School. It closed in 2007, and three years later, the Austintown School Board tried to auction it off for $2 million without success. Now, the district has a buyer.
Mal Culp, supervisor of operations and facilities with the Austintown School District, said two parties expressed interest in the property last fall and the bidding went back and forth between the two buyers.
The interest escalated around the time the nearby racino development project started picking up speed.
“I think people realized the value of this property. It is apparent and going to grow,” said Culp. “I think that’s another reason we ended up getting more than we originally had as our minimum price.”
LRC Development Co. agreed to pay $2.5 million for the property, but that money can only be used for capital improvements in the school district.
“It is a piece that looks like the district is receiving a lot of money. It’s not money to operate the schools,” said Austintown Schools Superintendent Vince Colaluca.
LRC will demolish the building and build a retail space.