A developer could turn the former Scranton State School for the Deaf property into apartments, condominiums or a senior living center.
Since Marywood University put the property on the market in February, developers, both locally and outside the market, have shown interest, said John Cognetti, president of Hinerfeld Commercial Real Estate.
Unlike a typical real estate listing, Mr. Cognetti is seeking proposals for the potential purchase and use of the 10-acre property at Electric Street and North Washington Avenue. Instead of a listing price, Marywood is requesting bids for the property and its nine buildings. The university will only sell the property if the right opportunity presents itself, officials said.
Marywood acquired the property from the state in 2011 for $500,000, after the state gave control of the deaf school to the private Western Pennsylvania School for the Deaf. The deaf school became the Scranton School for Deaf & Hard-of-Hearing Children and moved to the former Lourdesmont campus in South Abington Twp. Before the state relinquished control, deaf students were educated on the campus for more than 100 years. Marywood focused on improving and building on its existing campus a few blocks away rather than renovate the property.
Before the 2011 sale, the state estimated that the cost of environmental problems, including asbestos and lead paint, and rehabilitating selected buildings was between $25 million and $30 million. Marywood figures showed the state overestimated and full renovation of all buildings could cost $25 million to $30 million. Estimates for abatement of the environmental problems came in at less than $200,000, school officials said.
Most of the potential developers are looking at the property for housing, and to either convert the buildings or tear them down and build new, Mr. Cognetti said.
“It’s a unique property. Unique properties take some time to sell,” he said. “For this type of property, given the economy and everything else, there has been a great amount of interest.”
Information on this offering can be found at http://www.crelisting.net/OrT374d8g or you can learn more by contacting John Cognetti directly via the form below.
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