Atlanta firefighters battled the two-alarm blaze at the school located at 1205 Metropolitan Ave. off Flat Shoals Road.
There were no injuries reported and the cause of the fire is under investigation.
Last spring, Paces Properties LLC closed on the 4-acre site, which is reportedly to be revedeloped into a three-story structure of 125 to 145 apartments.
Paces sought a deal for the property, noting it is the largest tract of undeveloped land in the East Atlanta Village and close to all the shops and bars in the neighborhood's central business district.
The school itself, which Atlanta Public Schools closed years ago, had fallen into a severe state of disrepair and is literally falling apart.
At one point, it has a hole in its roof and at least two trees are growing inside the building. But Paces officials had said last year that they plan to salvage bricks from the structure to incorporate into the new construction.