At Indianapolis Public Schools our core business is
education; however, we have an opportunity as well as an obligation to address
matters of real estate. The district is now looking to sell properties as the
first step in a larger strategy to become leaner and more efficient.
Superintendent Dr. Lewis D. Ferebee and the Board of School Commissioners agree
that IPS must proactively liquidate assets that have not been in use and
maximize our positive impact on our growing community. Among currently offered properties
for sale are:

  • CIRT at 931 Fletcher Avenue
  • Phillips Memorial Template at 1226 Dr. Martin
    Luther King Jr. Street
  • School 20 at 1849 East Pleasant Run Parkway
    South Drive
  • School 21 at 2815 English Avenue
  • School 78 at 3734 East Vermont Street
  • School 97 at 1401 East 10th Street

A fundamental goal for liquidating these properties is to
alleviate costly maintenance efforts, and broader goals include:

  • To place the properties into the market for
    development projects, giving rise to employment and housing opportunities
  • To potentially increase revenue for the city by
    getting the properties back on tax rolls
  • To participate in neighborhood revitalization
    efforts by guiding the properties back into our communities

“We want to be a part of the activity of redeveloping these
areas,” said Dr. Ferebee.

Organized efforts to liquidate IPS properties have been
unsuccessfully attempted in the past. Previously, the district implemented a
Request for Proposals (RFP) process to sell property that imposed unnecessary
contingencies on properties that were difficult and unattractive to potential
buyers. The previous process did not include the expertise of real estate
professionals and community business members. This RFP process will be
different in a couple of key ways. First, IPS isn’t placing disincentives like
restrictions on property sales such as requiring replacement facilities.

Second, the district has assembled a Real Estate Review Team
to help oversee any decisions regarding the properties. “This is a group of
field experts who are committed to IPS and can offer us sage advice, but are
not financially connected to the properties in any way,” said Dr. Ferebee.
Members of the Real Estate Review Team are:

  • Abbe Hohmann, President of Site
    Strategies Advisors, LLC, a Real Estate Advisor
  • Maria Quintana, a retired JPMorgan Chase
    Executive
  • Bill Taft, Program Vice-President of
    Local Initiatives Support Corporation (LISC), a neighborhood improvement
    organization
  • Hope Tribble, from the Indianapolis
    Monumental Marathon organization
  • Rufus Bud Myers, Executive Director of
    the Indianapolis Housing Agency
  • Andy Hine, Architect and Principal at
    arcDESIGN, an architecture firm
  • Lisa Jeff, President and CEO of L’Acquis
    Ventures, LLC, a professional services consulting firm in the engineering and
    construction design-build industry
  • George Tikijian, Certified Commercial
    Investment Member and Senior Managing Director of Tikijian Associates, a
    commercial real estate agency
  • Mark Sausser, Legal Counsel at Faegre
    Baker Daniels
  • Maury Plambeck, Administrator in the
    Department of Metropolitan Development for the City of Indianapolis

The Mayor’s Office of Economic Development will provide
guidance as well in an advisory role to ensure alignment with city
priorities. With this level of strategic guidance, IPS will assess offers
and maintain ownership in the process of dispositioning these properties.

Third, IPS has created a website to help advertise district
assets available for sale, ensuring all interested parties have access to the
information needed to inform their buying decisions. Certainly IPS aims to get
the best purchase price for these properties, but this process is about so much
more than that. “We want the result to show we’re being good stewards, that
we’re enhancing our community and contributing to our city by participating in
economic development and revitalization,” said Dr. Ferebee.

For more information about IPS properties for sale visit our
website at myips.org/realestate or email Abbe Hohmann at abbe@site-strategies.com.

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