The TUSD Governing Board approved the sale of the former Reynolds Elementary School for $1.425 million Tuesday night.
The east side school, 7450 E. Stella Road, was sold to TK Development, which intends to build single family homes, senior residential housing or holding the land until market conditions are optimum and selling the property.
The sale is contingent on a successful rezoning and approval from the court overseeing the Tucson Unified School Districtβs desegregation case.
Residents in the Reynolds neighborhood voiced concerns about the prospect of apartment units, public housing, buffer zones, views and housing price declines, as well as their ability to have a voice in the matter.
TK Development, however, shared that apartments are a very remote possibility and that public housing was not something it will pursue. It also explained that in most cases, home values increase in areas where new residential housing is built.
Reynolds, 7450 E. Stella Road, was closed in 2010 as a cost-saving measure. At one point, a charter school offered to buy the site for $2.1 million but the offer was not put before the governing board for a vote.
The proceeds of the sale can be used to pay off bonds, improve existing schools, purchase school sites or reduce taxes.
TUSD will use the proceeds to repair and upkeep facilities given that state funding for those purposes has diminished, said Superintendent H.T. Sanchez.
