WEST TOWN — A shuttered West Town school is up for sale, but in order for something new to move in, the community will have to be on board.
Twenty groups — developers, tech firms, non-profits — are eyeing the former Peabody School, 1444 W. Augusta Blvd., according to Mike Nardini, a real estate broker handling the sale of the property. But price won't be the only consideration, he said, adding that the winning bid on the 1890s-era building will be decided by an equal consideration of both price and use.
"If you came to me with a lot of money and wanted to put a nightclub in there, it would not happen. The use must be very compatible with the community and it must fill a role in the community," said Nardini.
CPS opened bids on Peabody school and a neighboring Annex at 1434 W. Augusta Blvd. earlier this month and will accept offers through Aug 29.
Bidding on the shuttered Near North School at 739 N. Ada St. is expected to begin in late October and end around Thanksgiving, Nardini said.
Nardini said the 20 inquiries he has received from folks interested in buying Peabody encompass community, school and commercial and residential mixed uses.
Most recently, Nardini said he heard from technology firm that wants to move its offices into the school.
Chicago Public Schools in March launched a Web page dedicated to school "repurposing" and stated it would award buildings still up for grabs to the highest bidder.
After the bids are received, the top offers will need to be evaluated by the City's Building Commission, the City Council and aldermen, at least a three month process, Nardini said.
Nardini estimated that the sale of Peabody will take place in December.
When asked what the value of the building is, Nardini said, "We are prohibited from putting a value on the schools. Since this is a public offering and bid, we expect it to be fair market value."
Ald. Walter Burnett (27th) said he was "not surprised" by the interest in Peabody School, which is about three blocks east of Ashland Avenue and along with the Annex sits on 1.3 aces spanning close to 54,000 square-feet.
"I am sure a lot of people will bid on that property; it's a prime area," Burnett said.
Burnett held a community meeting in May to get input from residents about the future of the school and said that from his perspective, "ost of those that live in the community are very supportive of Northwestern Settlement house."
Northwestern Settlement House is a community organization that wants to expand its early childhood and parent education programs at the former school.
Earlier this week, Ron Manderschied, executive director of Northwestern Settlement House, said he is working with the Illinois Facilities Fund, which consults with Illinois non-profits on financing, to establish what the value of the school could be.
"It is key to try and understand what the value is and what the value is to us and establish that price within reason," Manderschied said.
Manderschied said his group "would need to do a whole lot of fundraising" to support rehab plans that would include making the school accessible to people with disabilities.
Currently the Settlement House's Headstart program serves 80 children but could accommodate as many as 200 if they were able to expand to the Peabody building.
Manderschied said a possible expansion would also enable the organization to offer new support services related to mental health counseling and workforce development.
"It's difficult to find space for programs and services for families in the city," he said. "CPS has this unique opportunity to put together space for the greater good that will serve communities."
Though Burnett said he had heard of two potential developers who wanted to build condos in the former school, the alderman said earlier this week that he believes the developers may have pulled away because of the Settlement House's interest in the properties.
Nardini would not disclose the names of the parties interested in buying the properties.
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