Wake Ed

November 26, 2013

Wake County school board gets new offer for former Raleigh headquarters

The Wake County school board is scheduled to vote Tuesday on an offer to sell its former Raleigh headquarters building for $6.8 million - $1.7 million than what it had been offered earlier this year.

There’s a new offer for the Wake County school system’s former headquarters in North Raleigh that’s substantially higher than what was last on the table.

The school board is scheduled to vote Tuesday on accepting a $6.8 million offer for the property at 3600 Wake Forest Road near the 440 Beltline. The board had voted in July to defer accepting a $5.1 million offer for the building in hopes of getting a higher price.

The school board has been trying to get rid of the Wake Forest Road property since it agreed in 2010 to sell three administrative office buildings with the proceeds going to help pay for part of its new leased office space in Cary.

Wake had hoped to get $7.9 million from the sale of the 98,000-square foot building on Wake Forest Road. Wake had asked for as much as $9.8 million.

The building was reappraised this year at $6.8 million.

With Wake getting few nibbles, school staff had recommended that the board accept the $5.1 million offer. But board members balked after hearing that there was renewed interest from other bidders.

It’s costing Wake $85,000 a year to pay for maintenance and utilities for the former headquarters building.

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The WakeEd blog is devoted to discussing and answering questions about the major issues facing the Wake County school system. WakeEd is maintained by The News & Observer's Wake schools reporter, T. Keung Hui.

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