Developer Interested in Purchasing Former Lee Middle School Site
COLUMBUS – Courtesy of The Dispatch
An unnamed developer has expressed interest in purchasing the former Lee Middle School property on Military Road.
John Acker, president of the Columbus Redevelopment Authority, said that the developer has entered an option with the CRA to purchase the approx. 15-acre site for commercial development. The potential buyer has requested anonymity for now, Acker said.
“They will be conducting due diligence and have until late May 2018 to finalize purchase or walk away,” Acker said in an email to The Dispatch.
Appraisal Services in Columbus estimates that the cost to develop the property could range between $1.1 million and $1.8 million.
The buildings on the property are known to have asbestos present, which any buyer would have to remove, which is quite expensive; however, the Mississippi Economic Redevelopment Act includes provisions which would allow the buyer to recoup up to two and a half times the clean-up costs over a period of up to 15 years.