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Home Business Fort Worth ISD board approves sale of properties for $21.7M

Fort Worth ISD board approves sale of properties for $21.7M

The Fort Worth Independent School District Board of Education, at its regularly scheduled meeting on Tuesday, May 26, saw the trustees approve the next step in the sale of surplus properties.

The properties were  identified after a year-and-a-half-long strategic study of inefficient and underused District facilities.

The eight properties approved for sale by the Board have contract prices totaling $21,736,650 and include:

·        The Central Administration Building, 100 North University ($5,212,854)

·        Metro Opportunity School, 2702 Cullen ($3,571,527)

·        Former Adult Education Center and Original Young Women’s Leadership Academy, 1066 West Magnolia ($2,736,650)

“We are moving forward with the precise plan the Board approved for the sale of outdated, inefficient facilities that no longer serve the needs of our children or educators,” said Superintendent Kent P. Scribner.  “The sale of these properties have the potential for returning millions of dollars to the tax rolls in Fort Worth and Tarrant County helping to support a brighter future for public education in Fort Worth.”

“It is encouraging to see our District Long Range Facilities Master Plan move forward with such efficiency,” said Board President Jacinto Ramos Jr. “The sale of these properties will support student outcomes through improved and equitable learning environments.”

The 1066 Magnolia property is under contract with Urban Genesis LLC while the remaining properties are all individual contracts with Keystone Investment Opportunities LLC. Urban Genesis properties include Melrose Phase I and II in Dallas and Crestview Highline in Austin.

The sale of the existing FWISD Central Administration Building comes with contractual flexibility on the timing of vacating the building. District leadership will take some time to evaluate options that provide more efficient and safe use of space for the District, according to a news release from the Fort Worth ISD..

Other properties included in the sales are the Capital Improvement Program facility, maintenance buildings, various office facilities and accompanying parking areas.

At an earlier meeting the Board approved the sale of four properties for a total contract price of $11,514,180.

The Fort Worth office of JLL, a globally acclaimed real estate services company, has worked with the District over the past 18 months to prepare a strategic real estate plan to identify and monetize these under-utilized District properties.

Details regarding the sale of additional properties are still being considered.