By Stephanie Sims
Calling all agents in the Chicagoland area: the Chicago Public School (CPS) system is looking for some good real estate brokers to help sell vacant and unused buildings.
It seems the CPS school district has a $665 million deficit for Fiscal Year 2013, so to help offset this, school officials are seeking brokers who can help sell 23 CPS properties. Besides selling these properties, the other goal is to generate $15 million in new revenue.
Here’s what CPS is hoping to sell:
- Eight vacant school buildings
- Two former CPS school buildings now rented to churches
- A CPS-owned office building under lease
- Land in 12 vacant lots
“We need to use every tool at our disposal to identify new revenue so we can invest every dollar possible in our kids and their learning,” CPS CEO Jean-Claude Brizard told Chicagoland Real Estate Forum. “These vacant and unused properties will not only help generate new revenue needed for our schools but will help bring new jobs and development opportunities to communities throughout the city.”
The District has created four property portfolios for which interested brokers can submit proposals. CPS officials will evaluate each proposal based on brokerage fees, qualifications, experience and references. Officials will then present broker contracts they choose to the Chicago Board of Education for approval in September.
There will be walk-throughs of the properties scheduled during the week of August 13 through 17, and the 12 lots can be inspected at any time. Check out the CPS website for more details.