School district officials announced Wednesday they are in negotiations with four potential buyers for six shuttered former school buildings.
The total value of the properties, is about $35 million, according to the district. The net profit for the district after subtracting dues is about $25 million.
Mastery Charter School is attached to Anna Shaw Middle School, at 5400 Warrington Avenue, in southwest Philadelphia.
Philly-based Orens Brothers Real Estate, which developed 2200 Arch Street into condos, bid on Alexander Wilson Elementary School, 1300 S. 46th Street, also in southwest Philadelphia. The firm proposed a mixed use with retail and residential.
Maritime Academy Charter School wants Stephen Douglas High School, at 2700 E. Huntingdon Street in Port Richmond.
A joint offer from Drexel University and Wexford Science & Technology, is eyeing the remainder of the properties: a 14-acre site which includes University City High School, Charles Drew Elementary School and The Walnut Center at 3601 Filbert St. The proposal calls for a mixed-use of residential, retail, lab, office and educational space.
“We are pleased to announce the selection of these potential buyers that plan to repurpose the school buildings that have become vacant since closing their doors,” said Superintendent William Hite. “Once approved, the sale of these facilities will generate one-time funds for the School District and provide the City with opportunities for redevelopment. We will continue to pursue property repurposing under the District’s Adaptive Sale and Reuse policy.”
The district is also considering a sale of the former William Harrison Elementary School building, which closed in June 2012. The district previously grouped Harrison together with the other six properties to sell as a package deal.
Pending the negation of the agreements, the proposals will be presented to the School Reform Commission on March 20th. If approved, the sale will be completed in June.
Bids were first offered in November. A total of 20 responses were received.
Last fall the city advanced the school district $50 million toward its $300 million budget shortfall.
The district already budgeted $11 million from the sale of shuttered school buildings. So, to pay back the city and still balance its budget by June, the district must make at least $61 million from further building sales.
Anything more than $61 million is considered surplus for the district.