Sherman Independent School District’s old Administration Building moved one step closer Monday to a new life as a home for senior citizens as the leaders for both the district and the county approved plans for the building to be sold to a developer.

Clarification: An earlier version of this article was unclear about who would be potential tenants for the apartments being discussed. If the building is converted into apartments, the tenants for those apartments will likely have to be both elderly and low income.

(Editor's note: This article has been updated throughout.)

Sherman Independent School District’s old Administration Building moved one step closer Monday to a new life as a home for senior citizens as the leaders for both the district and the county approved plans for the building to be sold to a developer.

Both entities held special called meetings to discuss the matter. Grayson County Commissioners unanimously approved allowing the title for parts of the property at 120 W. King Street to revert back to the district. The county will keep the building currently housing its maintenance facility and the parking lot directly across King Street from the building.

Then in the afternoon, the Sherman ISD board approved a plan to allow those parts of the property to be offered for sale based on the fact that the sales price will be under $700,000 and that the property will be used for the public good.

David Baca, a local architect, said the project is now ready for the next step, which will be for developers to apply to the state for tax credits.

“We will not know until the first of August whether they have been awarded to the project,” Baca said. “Once that happens, the company developing the project, Sari and Company, has until May the first of 2018 to sign a contract to purchase the property from SISD.”

He said the project is expected to house 70 apartment units that will serve elderly clients who are low income. Baca said the state will determine what the range for the rental prices.

“It is just rehabilitating a historic building that is concrete and masonry construction,” Baca said.

The building was built in 1916 and Baca said they will be putting an elevator in the building to make it accommodate the fair housing act. He said right now the plan would reuse the old gym as a community room and would put a walking track on the upper level where the elevated bleachers once were.

“The great thing is the location is within walking distance of downtown so anyone living there can walk downtown to eat, do their business with the county or the city or just take a stroll,” Baca said.

He said the developer has been interested in the property since before the city gave it to the county.

“Recently, the interest on the property was elevated because the state adopted some new criteria for the tax credits,” Baca said, explaining those changes made the project make more financial sense for the developers.

The building has previously served the district as a high school, middle school and district administration building. The district moved out of the building in 2010. The county took over ownership of the building at that time with an eye toward opening it up for office space for county staff. That plan was nixed once the county found out how much money it would take to remove asbestos from the building and make other needed repairs.