Chicago Board of Education Approves Sale of Former Trumbull School Site for $5.25 Million 


Former School Site Will Be Redeveloped to Incorporate
Residential Housing and a Community Theater
FOR IMMEDIATE RELEASE:                                                               
Tuesday, September 29, 2015                                                                        

For more information, contact:
CPS Office of Communications
Phone: 773-553-1620

The Chicago Board of Education today approved an agreement to sell the former Trumbull Elementary School site to Svigos Asset Management for $5.25 million. The sale of Trumbull represents the highest dollar value CPS has received for a site involved in the 2013 School Actions and will require the property to be redeveloped to include residential housing and a community theater.
 
“The sale of Trumbull is another positive step in our deliberate process to repurpose all of our unused properties and redirect their proceeds to the classroom,” said CPS CEO Forrest Claypool. “The sale of Trumbull shows that when communities rally around a vision and the private and public sector work together, we can repurpose facilities, revitalize neighborhoods and bring much-needed additional revenue to the District.”
 
Following a comprehensive community engagement process led by 40th Ward Alderman Patrick O'Connor's office to determine the preferred uses, CPS issued a bid solicitation in July for the former Trumbull site, which is located at 5200 N. Ashland Ave. The bid submitted by Svigos exceeds the appraised value of $4.1-$4.7 million. The bid approved today meets the community’s usage preference by requiring the property to be redeveloped to include a maximum of 49 residential units and a Chicago-based theater that provides performances and educational programs. The agreement also requires the purchaser to seek landmark designation from the City’s Commission on Chicago Landmarks.
 
“We are happy that we can bring a popular theater group and quality new housing to the neighborhood with the proposed sale of Trumbull,” said Alderman O’Connor. “We look forward to a finalized deal between Svigos and Timeline Theatre Company and subsequently to having additional live theater options in the neighborhood.”
 
CPS is engaged in a multi-phase strategy outlined by the Mayoral Advisory Committee for School Repurposing and Community Development to repurpose former school sites in ways that will meet the needs of each surrounding community and enrich neighborhoods for years to come. Since the beginning of the process, CPS has repurposed or sold 10 former school sites. Four former school sites were immediately repurposed to meet the programmatic needs of the city, and CPS has reached agreements to sell six other former school sites, including the sale authorized today.
 
A crucial component of the repurposing process is community engagement and input. The District continues to work with Aldermanic offices throughout the city as part of this process, and community meetings were held yesterday regarding the potential repurposing of the former Earle, Buckingham and Burnham school sites. The District is committed to repurposing all of its unused properties, and once preferred uses are determined by the community, the District will bring bid solicitations to the market.

Page Last Modified on Tuesday, September 29, 2015