A five-story apartment building. An events space and restaurant. Now, a school?

Marin Preparatory School, currently located on Diamond Street in the Castro, is in contract to purchase the historically protected auto garage at 16th and Albion, which sold five years ago for $8.7 million to Manouch Moshayedi, the head of the family-owned real estate development firm, MX3 ventures.

“It will be good to finally have a use that the city and neighborhood will like,” Moshayedi told Mission Local, confirming the pending deal with the school.

Moshayedi originally planned to raze the nearly century-old garage for a five-story, 28-unit apartment building. When it became clear the building’s class-A historic status prevented demolition, he pivoted, proposing an event and restaurant space. This was not well-received by neighborhood activists and residents. He subsequently scrapped that idea.

The school’s exact plans are unclear. Marin Preparatory’s head of school, Jeff Escabar, wrote in an email that, “We are currently drafting plans for 3140 16th St. with our architect,” but “are not ready to present at this time.”

The school is in the process of seeking community input, as it will require a conditional use permit to operate an educational facility there. That will be a determining factor of when, and if, the deal will close, said Moshayedi.

Moshayedi would not name specific figures, but he said he would not be losing money on the deal based on what he bought it for and what’s he’s selling it for. He said, however, that he lost money when you factor in the five years he held the property.

The Beaux-Arts-style structure at 3140-3150 16th St. was erected in 1920. Before Moshayedi acquired the building in April 2014, Jesse Henry owned it and operated Superior Automotive there for 32 years.

“It’s a very good school,” Moshayedi said. “They’ll fit very well into the neighborhood.”