Tuesday, September 29, 2015

Trumbull School Sale Approved; Stewart Next?

Today CPS announced that it has approved the sale of the former Trumbull School building in Edgewater, and it may provide some clues about what to expect now that the former Stewart School building has gone out to bid.

Trumbull sold to Svigas Development for $5.25 million, which was higher than the property's appraised value of $4.1-$4.7 million. In its press release, CPS says that Trumbull sold for a higher price than any of the other schools that were closed in 2013.

Now, anyone who's ever watched HGTV knows that real estate prices are based on location, location, location. It's inarguable that Trumbull's location at Ashland and Foster is prime: steps from shops and restaurants and surrounded by a neighborhood with high residential home values. By contrast, Stewart is in a more boisterous spot, with the advantage of being located steps from public transportation, including two bus lines and a Red/Purple Line station that's getting a complete makeover. Its being in a TOD district will probably factor into the selling price, as well.

We don't know how long the bid period for Stewart is open (rumor has it that it's already closed) nor how many bids came in, if any. We know that CPS specified that bidders for Stewart must comply with the conclusions drawn from the community engagement process led by Metropolitan Planning Council in May 2014.  And, CPS is required by law to accept the highest bid it receives.

When will the winning bidder for Stewart be announced? We don't know. We'll keep on top of it and let you know as things unfold.


  1. Quick search reveals that Trumbull and Stewart have roughly the same square footage--90,000.

    I'm GUESSING Stewart has more outdoor space available from the pics.

    What will the final sale price be? Hell if I know.

    We'll know soon enough. Buyer will almost certainly be a developer or a private school. Likely similar/same bidders as the Trumbull bidders. If a developer buys it we're likely looking at 45+ units in the building and then perhaps some new construction on the adjacent land.

    It's a great TOD/walkable location. New train station--RED/PURPLE Lines. Target/Jewel/Aldi/etc etc.

    If it goes residential I hope it's dense. This city and neighborhood desperately need new residents.

  2. Are these sales going to pay down the CPS debt?

  3. Does there have to be an affordable component, or can it be all market rate housing?

  4. Uptowner: CPS says they told prospective buyers they had to comply with the conclusions drawn in the MPC sessions. We'll see how that pans out. Read the section of the results report called "Development Recommendations" for answers to your questions. It's linked in the second-to-last paragraph.

    Lianna: The press release about Trumbull says that the money will "redirect the sales proceeds to the classrooms" and "bring much-needed additional revenue to the District.”

  5. So there's a chance they could select option 2 and go with the 40% affordable option, or perhaps pass on the "recommendations" and go full market rate. I'm with Irish, hoping for dense TOD.

  6. Uptown has enough "affordable" housing. Let the free market level the playing field.

  7. It didn't occur to me earlier because of brain damage I received during CIA LSD experiments when I was a prisoner at Sing Sing in the late fifties, but theoretically(WE BRAIN DAMAGED LSD TEST SUBJECTS LOVE THEORIES) a partnership between a private school/developer could buy Stewart.

    Keep the school building as a school and develop the available land into a DENSE residential development. Might happen. Likely won't.

    Looking over the "recommendations" I see a number of problems. Do we really need more theater space in Uptown? Plenty of active theater space available already. Do we need more low income housing? Some people will say "Why yes IrishPirate we do". To which I say "I'm the one with brain damage? MWAH?"

    Small business incubator yada yada yada. Why not throw in a fish farm component?

    I suspect we shall know soon enough. Me I'm heading over to Sonic for a shake.

  8. Agreed Pierre--we have enough free housing in Uptown.

  9. Irish Pirate, you lucky dog, getting selected for those experiments!