Local developer Frank von Turkovich has signed a contract to buy the Greater Burlington YMCA building on the corner of College and South Union streets.

The pending purchase of the historic red brick building puts the “Y” one step closer to a long-held dream: The non-profit is raising funds to build a new facility a block up College Street at the former Ethan Allen Club. It purchased the club for $2.5 million in August 2015.

The sale of the Y’s current home might not happen immediately, and it's unclear what von Turkovich wants to do with the building. He did not return a call seeking comment.

The transaction builds momentum for the Y’s goal to start construction on a new home in 2018, said Kyle Dodson, president and CEO of the Greater Burlington YMCA.

“From our standpoint, it’s great news,” Dodson said.

The building went on the market 15 months ago with an asking price of $3.75 million. Dodson would not disclose how much von Turkovich is paying. The amount won't be public record until the transaction is final.

The goal will be to keep the Y’s full slate of recreation, preschool, after-school and family programming going with as little interruption as possible amid a move and building project. Fundraising is underway for the new Y, but there’s still a lot of money to be raised.

Dodson could not say exactly when the closing and move might happen. “There’s lots of variables,” he explained.

Prospective buyers have looked at the building as a potential location for housing, a boutique hotel or office space. Yves Bradley, the Y’s real estate broker in the transaction, would not speculate on the buyer’s plans.

“It’s fantastic that someone is in the process of hatching a vision for this property,” Bradley said.

The timing of the sale to von Turkovich will be tricky.

“What’s important is to keep the Y in place providing their programs in kind of a seamless manner,” Bradley said. “The two entities are working together to figure out when the best time is for the properties to close.”