Nixa-based Larino Properties LLC is buying the former Hickory Hills school building from Springfield Public Schools.
Larino and the school district signed a $4.45 million contract today for sale of the 102,609-square-foot building and its 15.5-acre lot. Larino has until roughly the end of June to conduct due diligence on the property, with closing coming as early as July.
According to a school district news release, Larino - developer of several area retail properties including Chestnut Crossing and Wilson's Creek Marketplace - plans to renovate the building for retail use.
"Since placing this property on the market in 2006, we believed it would be a prime location for retail development," SPS Superintendent Norm Ridder said in the release. "We are pleased that in addition to the sale price, the school district may also benefit from future sales tax and property tax revenue."
The building at 3429 E. Chestnut Expressway was constructed in 1951. The district used the building until January, when students moved into the new Hickory Hills School at 4650 E. State Highway YY.
