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.