CLEAR LAKE - A Charles City development group has purchased the former Lincoln School property in Clear Lake with plans to develop 18 housing units on the site.

Tom GREEN, Cameron GREEN and Gary VEEDER, of The Green Group L.L.C. based in Charles City, finalized the purchase of the 4.25 acre site from a Nebraska man last week. Details of the sale were not disclosed.

Ken WILHELM of Norfolk, Neb. purchased the building from the Clear Lake School District for $200,000 in 2008.

The development was called "Lincoln Park."

WILHELM constructed a twin home on the property but the homes were never completed, according to VEEDER.

"We thought it was a good investment opportunity," VEEDER said.

He said Tom GREEN has a summer home in Clear Lake and the group has done some similar projects with another company in Charles City.

The developers plan to demolish the original brick school building.

"The old part built in 1926, that three story building, will down by the end of the year," VEEDER said.

The addition on the north wing of the school which was built in 1986 and further developed in 1991 will be kept and remodeled into six one-story condominiums.

VEEDER said they plan on having the condos and twin home ready to sell by the spring.

The rest of the residential development will be twin homes.

Transcription by Sharon R. Becker, October of 2011