A Deal to Sell Nettleton Elementary School in Duluth is Off

Sherman Associates Will Not be Purchasing the School

A deal to sell Nettleton Elementary school in Duluth is off.

The news comes after a developer hoping to buy the school could not secure enough financing to turn the property into apartments.

Sherman Associates of Minneapolis was planning to invest more than seven million dollars in the development project.

The company first signed a purchase agreement to buy the Nettleton building for $370,000 back in 2013 and that agreement was renewed in February.

The goal was to gain historic status for the school so the project would qualify for special tax credits but financing options fell through when the historic designation did not happen.

Bill Hanson, the Executive Director of Business Services, said “The plan is to go back out to the market place, see what we can do for generating interest of the property and just continue down that path until we find interested people.”

Nettleton was closed in 2012. For now, the school district will continue paying to maintain the building and land.