ST. REGIS FALLS — Creating a fish farm and growing foods without soil are two ways a group of investors intend to use the former St. Regis Falls Central School building.

The School Board accepted a purchase offer from investors represented by Michael Aylward of Constable.

The offer was $38,000 for the 87,000-square-foot school. The closing is expected to be held within the next 90 days.

Terry Remington, the district’s business administrator, said a community-based committee has worked hard for two years trying to find a good use for the building.

"We’re very pleased, and we’re looking forward to getting rid of the old building," he said.

"The committee was charged with developing a plan to retain the building as a viable part of the community. The right opportunity came along, and (the School Board) accepted it."

He said that the district spent $40,000 last year to heat and maintain the old school and that the purchase price would go toward paying those costs back.

St. Regis Falls has a new $9.9 million, 85,000-square-foot building to house grades pre-K to 12 on 50 acres about a quarter-mile from the old building.

Aylward said he made the purchase offer on behalf of a group of investors seeking opportunities in northern New York, as well as California, Florida and Trinidad.

"It’s an international group, and part of the scenario would be to use the building for agriculture, to grow food hydroponically," he said. Among the items would be tomatoes, lettuce, cucumbers and fish.

"There would be about a half-million pounds of fish produced a year," Aylward said.

Fish, such as striped bass, would be raised in large indoor tanks similar to above-ground swimming pools. They would be shipped to Boston or other coastal plants for distribution and sale.

"It would also be high-end (goods), like lobster tails, because they have found a way to extract the meat from the body of the lobster," he said, adding that profits could be huge since lobster sells for about $22 a pound.

The investors want to set up shop here because "there’s cheap labor, and the facility has good weather proofing," Aylward said.

Remington said the School Board voted unanimously to accept the purchase offer, adding that everyone is pleased the facility will remain a vital part of the community.