Kingsbury Middle School sold to Glenbrook company

The Douglas County School District has found a buyer for the old Kingsbury Middle School which had been on the market since 2012. The school board voted to accept a $3.15 million offer on the property from Lake Parkway LLC, a corporation listed in Zephyr Cove, Nev.

DCSD closed Kingsbury Middle School on 1900 Echo Drive in Stateline in the 2008-2009 school year due to low enrollment at the schools at the lake. The school site had an original price tag of $4 million.

"This is wonderful news," said DCSD Board President Ross Chichester.

The escrow is one year and the sale agreement is contingent upon rezoning of the 22.4 acre parcel, TRPA and Douglas County building permits.

Patrick K. Taylor of the Cave Rock area is listed as managing member of Lake Parkway LLC on the State of Nevada Secretary of State website.

Taylor has been interested in purchasing the KMS property for the past year to build 412 units of affordable housing apartment/condominium units in back of the Lake Village neighborhood.

The offer for the school was originally $3.125 million, but with the District paying the monthly utility bill of $4,000 to $8,000 (depending on the season), they raised the sale price to $3.15 million to cover these bills while the property is in the year-long escrow.

“They requested a 12-month closing,” said DSCD Superintendent Teri White. “We’re also working with the county and TRPA to get the revised redevelopment plan approved, so the 12-month closing just buys some time to make sure that those two things are in place by the time we’re ready to close."

Taylor, who was once the CEO of Nevada Royale Apartments on Kahle Drive, has two projects in the works in the Stateline area. Project 412, the affordable housing development in Lake Village, and the Lake Parkway project which would convert the old Wells Fargo Bank on the corner of Lake Parkway and Highway 50 into a new mixed use building with 56 units of affordable LIHTC (Low Income Housing Tax Credit) apartments/condos as well as five retail spaces totaling 17,000 square feet.

Since the Wells Fargo Bank comes with coveted drive-through windows, which are no longer available in Lake Tahoe, Taylor plans to have four drive through lanes on the bottom floor for a business like In-N-Out Burger.