School rehabilitations are offered as an element of Strategy 2.c Build on Past Community Investments, in Anna Read's excellent Putting Smart Growth to Work in Rural Communities http://icma.org/ruralsmartgrowth report.
I used to live in Albuquerque, NM and the old Albuquerque High School downtown became The Lofts at Albuquerque High, an attractive and successful mixed use complex. See for yourself: http://www.abqhigh.com/
Any other communities want to share examples of converted educational facilities?