Morning Headlines: SRC Green Lights $37.8 Million Sale of Eight District Properties
Last night the School Reform Commission approved the sale of seven schools and one district administration building to the tune of $37.8 million. After closing costs and bond payments, the district is expected to net $25.8 million, which has already been factored into the current budget.
Drexel purchased a 14.1 acre site comprising University City High, Drew Elementary and Walnut Center. The $25.1 million parcel will be redeveloped for mixed use and will also serve as the new home for Samuel Powel Elementary, which already partners with Drexel. More to come on that front, we expect.
Solomon Leach at the Daily News outlined the other buildings involved in the sale:
Metal Ventures Inc. purchased Childs Elementary School in Point Breeze for $1.2 million.
Maritime Academy Charter purchased Stephen Douglas High in Port Richmond for $2.1 million.
Orens Bros. purchased Alexander Wilson Elementary in West Philly for $4.6 million.
Mastery Charter purchased Anna Shaw Middle School in Kingsessing for $2.7 million.
Independence Mission Schools purchased William Harrison Elementary in North Philly for $1.4 million.
The Powelton Village Civic Association is not pleased.
More headlines this way.
Site of building collapse to become memorial park [Plan Philly]
The first look inside ICON at 1616 Walnut [Curbed Philly]
Seven Penn Center up for sale [Philadelphia Business Journal]
There will be public art at family court after all [Philly.com]
Millbourne: No longer financially distressed [Philly.com]
New Postgreen Homes project in Fishtown really going to be called Awesometown [Philadelphia Real Estate Blog]