A new buyer for the former Audubon Elementary School property entered into a purchase agreement Tuesday with the Rock Island-Milan School District.

First Equity Acquisitions LLC of Illinois agreed to a purchase price of $890,000 for the three-acre property at 2617 18th Ave., Rock Island, said Holly Sparkman, marketing director for the school district.

First Equity is the preferred development partner for CVS Caremark, which provides pharmacy services nationwide, Sparkman said.

CVS has a store at 2810 18th Ave., Rock Island.

First Equity has 90 days to during the investigative period to pull out of the agreement, according to the purchase and sale agreement that was signed Tuesday. First Equity also has the option of extending the investigative period another 90 days. 

The site currently is zoned residential.

The school board considered two options during executive session Tuesday before deciding on First Equity.

In May, the school board voted unanimously to enter into an agreement to sell the property to Moline Acquisitions LLC of Chicago for $700,000. That deal fell through earlier this month. No reason for why the sale failed was given.

The property has been listed with NAI Ruhl & Ruhl Commercial Co. for $794,160.

Audubon School was last used in June 2010. Residents and preservationists argued in favor of maintaining the historically significant building and putting it to a different use, possibly as a community center.

In November 2012, the board approved a sale agreement with Fareway Stores Inc. for $475,000. Residents argued against construction of a grocery store on the site, citing concerns about the potential size of the building, traffic and trash.

Fareway eventually terminated the agreement.

The school district demolished Audubon in December.