Updated February 18, 2016; 5:56 a.m.
Indianapolis Public Schools shared with our media partners an informative update on the status of our latest real estate endeavor – the impending sale of the former Coca-Cola bottling plant property at 850 Massachusetts Avenue. Last week, IPS received six bids from developers for the property known in the district as SCIPS. Our expert real estate advisors are thoughtfully reviewing all submissions before making a recommendation for sale to the IPS administration for presentation to the IPS Board of School Commissioners.
IPS Real Estate Advisory Committee is a team of local experts in the real estate and business sectors; these dedicated team members have provided guidance to interested development teams in recent months to help ensure potential plans align with the district’s efforts to strategically improve service to our community. The Committee is now reviewing submissions and will make a recommendation to IPS administration for the Board of School Commissioners to consider for approval. Recommendations will closely align with district goals for property sales – these criteria are both qualitative and quantitative, so the highest purchase pricedoes notguarantee automatic selection of a bid.
“We will lean on the expertise of the real estate committee,” said Superintendent Dr. Lewis D. Ferebee during the briefing, “as they review various aspects of each proposal.”
While a recommendation has not yet been made, Dr. Ferebee and IPS Operations Officer David Rosenberg joined committee members Maria Quintana and Andy Hine to discuss the latest status of our potential property sale along with the guiding principles IPS leadership follows as we continue to increase fiscal responsibility by selling underutilized assets.
You can view all six bids and development proposal submissions on our IPS Real Estate website.