Using a meticulous interview process to weed out lesser qualified buyers, the Philadelphia School District has kept four of twenty bidders interested in the shuttered school buildings listed for expedited sales.
The properties include three from University City (Charles Drew Elementary, University City High School, the Walnut Center), two from Southwest Philadelphia (Anna Shaw Middle School and Alexander Wilson), and one from Port Richmond (Stephen Douglas High School). In North Philadelphia, William Harrison Elementary School is also being considered for a sale.
While the total price for these sales would be close to $35 million, the district would actually be making $25 million after other costs are taken into account. From NewsWorks:
After "fees and defeasance of bonds related to these schools," the district will net about $25 million – money that it's already been counting on in its current budget.
"They're really good ballpark estimates," said Fran Burns, the district's chief operating officer. "There could be some subtle variations through the negotiations."
Meanwhile, in real estate news elsewhere...
• Drexel, Amtrak, Brandywine weigh giant development plans [PhillyDeals]
• Weighing Directions As South Kensington Evolves [Hidden City]
• Property reassessments almost complete [Northeast Times]
• Manayunk apartment building sells for $2.2M [Philadelphia Business Journal]
• Prominent Vacant Lot at 13th and South to be Developed? [Naked Philly]
• King of Jeans plans OK’d by ZBA; 59-foot building to rise in its place [Passyunk Post]
• Drexel to buy University City High and Drew; K-8 complex, residential and retail planned [West Philly Local]