Title to Schultz School transferred

Developer Chad Hartle is now the owner of the Schultz School, according to a news release sent out this morning by real estate broker Tom Meyer.

The Cape Girardeau schools transferred the title to Chad Hartle's Schultz Senior Apartments LP. The school is located at 101 S. Pacific St.

The initial contract for the sale was originally entered into in March 2007.

Hartle has plans to transform the school into apartments for low-income seniors. Hartle plans to create 45 apartments. There will be 21 one-bedroom units, with rent ranging from $285 to $380 per month and 24 two-bedroom apartments, which will rent for $365 to $485 per month.

In December, Hartle was awarded $600,000 in state and federal tax credits annually for 10 years to help finance the renovation of the school building.

Last month $250,000 was awarded toward the project under the state's DREAM initiative.