March 2, 2016

Developer Terminates Maryland School Contract

March 2, 2016 - From the Clayton School District eNews Special Edition: 

Love Investment Company (Love) has terminated its contract to purchase the Maryland School property from the School District of Clayton. The proposed Maryland School Town Homes development, which had its re-zoning petition denied by Clayton's Plan Commission a few weeks ago, would have generated about $400,000 of new annual tax revenue. Love's plans for the project included building 25 attached, luxury, single-family townhomes on the property.

"We appreciate the effort Love put forth in attempting to make this project happen as it represented the highest and best use for that property, and we respect and understand their decision," said Chief Financial Officer Mary Jo Gruber. "In terms of next steps for the property, the Board of Education will continue to evaluate options for the Maryland School property and will keep the community updated as they move through that process."

- Chris Tennill
Clayton School District

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