After a deal for a church to buy the National Labor College’s 47-acre campus near the Capital Beltway in Silver Spring fell through, its board of trustees has agreed to sell the property to Washington, D.C., real estate development firm Monument Realty, officials said.
College leaders expect the deal to close after the Montgomery County Council approves a master plan for the eastern section of the county.
Reid Temple African Methodist Episcopal Church, which has more than 13,000 members in Silver Spring and Glenn Dale, thought it had a fairly solid deal to buy the campus in partnership with the Housing Opportunities Commission of Montgomery County a few months ago. But after the housing commission pulled out, that stalled.
The board of the college — founded by the AFL-CIO about four decades ago — also agreed to close operations after the spring semester ends in April. Officials are exploring options to allow students who will not graduate by then to transfer to other institutions. The Gazette reported the planned closure last month.
Terms of the sale were not disclosed. Monument Realty’s commercial and residential projects include Executive Plaza in Rockville and Monument Corporate Center in Gaithersburg.
The college land, which includes dorms, classrooms, offices and a conference center, was valued by the state this year at about $45 million.