Chicago Board of Education CEO Forrest Claypool announced yesterday the Education Boards approval to sell the former Trumbull Elementary School site to Svigos Asset Management for $5.25 million. It will be the largest selling price to be received since the beginning of CPS engagement of the multi-phase strategy outlined by the Mayoral Advisory Committee for School Re-purposing and Community Development. CPS has already re-purposed or sold 10 former school sites, four former school sites were immediately re-purposed to meet the programmatic needs of the city, and CPS has reached agreements to sell five other former school sites, yesterdays sell bring the total to six.
The sale of the former Trumbull Elementary School, located at 5200 N. Ashland Ave.; after CPS issued a bid solicitation in July, went through a comprehensive community process led by 40th Ward Alderman Patrick O’Connor’s office to determine the preferred uses of the site. The Svigos bid of $5.25 million exceeded the sites appraised value of $4.1-$4.7 million and it also got approval on meeting 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.
Alderman O’Connor stated that they look forward to a finalized deal between Svigos and Timeline Theatre Company, that will not only bring quality new housing to the neighborhood but additional live theater options in the neighborhood.