Fort Worth ISD Board Approves Sale of Additional Inefficient and Underused Properties
At the regularly scheduled Fort Worth ISD Board of Education meeting on Tuesday, May 26, 2020, trustees approved the next step in the sale of surplus properties 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“We are moving forward with the precise plan the Board approved for the sale of outdated, inefficient facilities that no longer serve the needs of our children or educators,” said Superintendent Kent P. Scribner.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.
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.
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 ISD leadership has completed a detailed evaluation of the District’s administrative buildings and other, non-instructional properties. The evaluation comes as FWISD continues building a smarter and more efficient District to better serve our students, faculty, staff, and the taxpayers.
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.