At its February 25 regular meeting, the Nordonia Hills Board of Education voted to approve the sale of 36 of the 93 acres of vacant land on Dunham Road in Sagamore Hills to Redwood Acquisition, LLC for $1.9 million. The sale is contingent upon Redwood being granted a zoning variance to build upscale, single family luxury apartments marketed towards empty-nesters. The district will keep 57 acres of land as green space.
The district paid $1.1 million dollars for the land, which was the site of a children’s psychiatric hospital. The district spent an additional $400,000 to have the hospital razed, using funds from the sale of donated property. The total investment in the property is around $16,000 per acre. The sale approved by the board tonight is for around $53,000 per acre.
Under law, the proceeds from the sale of land can only be used for capital improvements. We plan to use the proceeds to complete the yet unfinished athletic complex.
The district is very excited to have struck this deal with Redwood Acquisitions and feels it is a win-win for the schools and the community.