When the Chicago Public Schools closed nearly 50 elementary schools (part of the story of the series Chicagoland), they noted it would be difficult to sell many of these properties. Well, the first one just sold:
The Chicago Board of Education on Wednesday unanimously approved the sale of the former Peabody Elementary school site and building to the Svigos Asset Management company for $3.5 million.
The site at 1444 W. Augusta Blvd. was one of only three closed schools that reached a bid stage for a potential sale.
The other two — the former Marconi Elementary in West Garfield Park and Wadsworth Elementary in Woodlawn — will receive new bid solicitations from the school district. CPS said both the closed schools “failed to generate qualifying bids.”
The board also unanimously approved the sale of the district’s soon-to-be-vacated headquarters at 125 S. Clark St. to Blue Star Properties for $28 million.
This is a minimalistic explanation that leaves out some very important information. Like:
1. Were these fair prices for the properties? The suggestion that other properties haven’t sold does hint that CPS is asking a decent amount.
2. How are these properties going to be used? Perhaps it doesn’t matter once they generated some revenue and are now off the hands of CPS.
It still sounds like this could be a drawn-out process.