The school district is paying for the purchase, as well as the conversion from office space to classrooms, with a $40-million bond issue. In addition to a five-story building constructed in 1990, the school district gets 8.5 acres at Roosevelt Road and First Avenue.
The sale was conducted by Newcastle Limited, which used a sealed-bid process to sell the property. Newcastle Limited has handled Loyola University's sale of the 17-acre Mallinckrodt Campus to the Wilmette Park District as well as developing a high-rise on a 24,800-sf site off North Michigan Avenue."Our team was able to demonstrate the value of the property to the district and help structure a sale of the property without resorting to costly condemnation litigation," says Newcastle Limited president Michael R. Haney.
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