CPS selling headquarters and former Peabody School
Peadbody photographed before it closed.
Chicago Public Schools (CPS) announced Wed., Oct. 22, that they are adding $28 million to their coffers from the sale of their downtown headquarters building, 125 S. Clark St and another $3.5+ million for the former Peabody School, 1444 W. Augusta.
The headquarters building, from which CPS offices will move in November to 42 N. Dearborn, is being sold to Blue Star Properties.
Moving to the 160,000 square feet on Dearborn is also expected to save $60 million over the next 15 years, according to CPS.
Peabody is the first of the schools to go on the block from last year's school closings. Svigos Asset Management has offered $3,501,000 for the Augusta site. They were not available for questioning this afternoon.
A bid solicitation went out in August, according to CPS, following Alderman-led community meetings on the potential repurposing of the school. Feedback from the Alderman-led meetings was used to create criteria for the bid solicitation, which required qualifying bidders that would incorporate community programming into their proposed repurposing plans. In accordance with Board policy, the building is being sold to the highest qualifying bidder. Walter Burnett, 26th Ward Alderman, could not be reached for comment.