A local nonprofit wants to turn the former School No. 25 at North Goodman and Bay streets into apartments.
The school was built in 1914, but closed nearly five years ago.
Ibero-American Development Corp. is seeking to buy the property from the city for $820,000 and renovate the old elementary school building into 29 apartments. Plans also show a new 20-unit building on an empty corner lot on the other side of North Goodman.
An older, two-story building dating to 1900, that today houses a laundromat on the corner of Bay and Goodman would remain.
Initial estimates put the total project budget at $26 million.
"We're still at the infancy of this whole thing," said Eugenio Marlin, president and CEO of Ibero-American Development.
The apartments would be marketed to low-income tenants.
City Council will consider approving the sale later this month. Ibero then hopes to close on the property next year and begin construction in 2027.
