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Century 21 agent says there is buyer interest as Beloit district prepares to list surplus school properties
Summary
The district and real estate broker outlined zoning, likely buyer types and strategies for marketing vacant school buildings; agent said local interest already exists and reps recommended open‑house and deadline windows to drive competitive offers.
The School District of Beloit discussed plans to list several vacant district properties for sale at a May 20 Business Operations & Finance Committee meeting and at the full board. The district has engaged a Century 21 affiliate to market the properties and answered board questions about zoning, likely buyers and timing.
Century 21 agent Mike Marquette told the committee and board his firm is prepared to list the vacant McNeil and Wright school buildings and other sites and said he had already received inquiries from local brokers and potential buyers. Marquette said the parcels are zoned primarily for public and institutional use (PL‑1 in the local code), which limits some reuses but does not preclude buyers proposing a rezoning application. He recommended a marketing strategy that could include scheduled open‑house viewing windows, pre‑showing proof‑of‑funds requirements and deadline windows that create urgency and encourage multiple bidders.
Marquette and district staff discussed likely buyer categories including churches, private schools, local nonprofits and local developers. He said local buyers are the most likely purchasers and cited a recent local school sale as a comparable; he also warned that repurposing costs (roof work, sprinklers, potential foundation/limestone issues) can be substantial and that appraisals and bank financing will reflect required repurposing costs.
Board members asked about restricting uses by deed covenant (for example, prohibiting certain uses such as schools or religious uses). Marquette said deed restrictions are sometimes possible but may face legal and market complications and that "straw buyer" assignments can sometimes defeat usage restrictions. He said rezoning typically takes 60–90 days after an accepted offer and that buyers usually place a purchase agreement with contingencies before initiating rezoning.
The district said it intends to proceed with listing; details — asking prices, reserve terms and contract form — will be brought to the full board for final approvals.
Ending: District staff said they will capture board questions, present recommended list prices and contractual terms and return to the board for further action.
