All public property has to be sold in a sealed bid or auction newcomer. I would personally hope that that the BOE would make this property available to the park for development. I would love to see a corner park as well as a recreation facility for kids and seniors to enjoy in the existing school.
I also know that the church is growing and has expressed interest in a long term lease or purchase either which works great for that area. The lot as it sits would be a burial ground for any investor. You couldn't put more than six houses of any stature on that lot and that would in no way be a profitable venture for development.