Old School Enterprises, llc
The Old Superior School developed in three phases over a period of 32 years and served the community's students from 1916 until 1995. The history of this development is discussed in more detail in the phases at left.
In 1996 Liz and George Gupton formed Old School Enterprises, lp for the purpose of preserving an important part of Superior's past. Liz and George are general partners and in the beginning there were five limited partners who contributed funds to purchase the historic old school block which was scheduled for demolition. After several efforts to purchase the property failed, the contributions to the limited partners were refunded leaving Liz and George as the only partners.
In 1998 the property was auctioned and an opportunity was seen to purchase it.
The partnership purchased the property and began work to halt deterioration and bring the property back to a condition of beneficial use. The project was severely under-capitalized, depending only on the contributions from the general partners. Over the next eight years we repaired and remodeled the property to the extent that over half the buildings were under lease and the project was breaking even financially. This was at a cost of eight years of full time work for one partner and one quarter time work for the other partner along with over $250,000 cash contributions from the partners.
In 2006 we were approached by a purchaser who wanted to buy the property with intentions of pursuing the same mission statement as ours. We became convinced that this purchaser was serious, had, or could obtain, the necessary capital and would speed up the building and renewal of the property in a manner consistent with keeping the property on the National Historic Register. The property was sold in December, 2006 with the partnership financing a major portion of the purchase price.
The purchaser's plans and financing didn't materialize and the property was returned to the partnership in January, 2009. At this time only four of the nine tenants remained and the property had suffered a lack of maintenance in the two years.
In 2011 the Town of Superior purchased the Eastern third of the block and subsequently built a new fire hall to house the local town and rural fire departments.
There are now 9 businesses hosted at the old school, as well as various events on the grounds and in the gym.
Due to the continuing lack of capital to finish the project and a desire for retirement the partners wish to sell to someone capable of continuing the effort.
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Copyright © 2009 Old School Enterprises, lp
Last modified: January 15,2019