Indianapolis Public Schools successfully completed the first
part of our larger real estate strategy to become leaner and more efficient at
the Board of School Commissioners Action Session on July 30. The Board voted to
accept offers on three of the properties our district offered for sale!

The Board accepted the following three offers:

  • The Center for Instructional Radio and
    Television (CIRT) property at 931 Fletcher Avenue is being sold to Milhaus Properties,
    LLC at a purchase price of $1,100,000.
  • Florence Fay School 21
    at 2815 English Avenue is being purchased by TWG Development, LLC for
    $500,000.
  • Phillips Memorial Temple at 1226 Dr. Martin
    Luther King Jr. Street is being bought by Van Rooy Properties, Inc. for
    $122,500.

Pending closing on the properties, that means over $1.7
million in revenue for the district. However, along with receiving the capital
from the sales, we also achieve one of our fundamental goals, alleviating
costly maintenance of the properties. Those are ongoing savings IPS students
and families!

Efforts to liquidate IPS properties attempted in the past
were unsuccessful due to unnecessary contingencies placed on properties that
were unattractive to potential buyers. Abbe Hohmann, President of Site
Strategies Advisory, LLC, and part of our district’s Real Estate Review Team,
noted we took a different approach this time. “The bid sale was very successful
with multiple offers … from a variety of commercial and non-profit bidders,” she
said. “We also received positive feedback about the due diligence materials and
building tours offered by IPS, increasing the confidence level of prospective
bidders in evaluating the properties and resulting in better bids.”

We’re proud to have been the stewards of these properties
over the years, and we’re even more proud to have now guided these properties
back into our communities. We’ll be excited to watch them transform into vital
new Indianapolis developments, adding employment, housing and tax revenue to our
neighborhoods!

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