The sale of Eastern Nazarene College to an alum of the college fell through last month, according to an announcement from the college.
The transition board at the college announced that the previous agreement won’t be finalized “due to factors outside its control.”
It is considering new, good-faith offers for the property that honor its legacy, the college said.
Graham Crain, the buyer who fell through, and the mayor’s office didn’t immediately respond to requests for comment.
The college announced in June 2024 that it would be closing its doors in May 2025 because of financial woes.
In February, the prime real estate in Quincy was taken off the market.
The campus is situated in an attractive location, close to Quincy’s downtown and in proximity to the MBTA’s Red Line, nestled within surrounding residential neighborhoods.
Crain planned to transition the campus into housing, a mix of new multi-family, townhome and senior-living residential developments, according to a May interview with MassLive.
He wanted to keep the green space and older, structurally sound buildings in place to maintain the essence of the college.
The mayor’s office told The Patriot Ledger that Crain wanted to build several hundred apartments, but the mayor didn’t support high-density housing.
Prior to Crain stepping up as the buyer for the campus, the city was discussing ways to add zoning to the property.
For instance, the city was in the process of considering a senior housing zoning overlay district to allow development for people 55 years old or older.
A preliminary plan was presented in December for a thoroughfare or a main road with 23 single-family lots, a cul-de-sac with seven single-family lots and another cul-de-sac with two residential multi-family lots.
