ANDERSONVILLE — The Chicago Board of Education has officially approved the sale of the shuttered Lyman Trumbull Elementary School building to Svigos Development for $5.25 million, CPS announced Tuesday via email.
Ald. Pat O'Connor (40th) announced in August Svigos Development was the highest bidder for the repurposing of the school building near the intersection of Ashland Avenue and Foster Avenue. The sale of Trumbull was "the highest dollar value CPS has received for a site involved" in the massive school closures in 2013, according to CPS.
“The sale of Trumbull is another positive step in our deliberate process to repurpose all of our unused properties and redirect their proceeds to the classroom,” said CPS CEO Forrest Claypool. “The sale of Trumbull shows that when communities rally around a vision and the private and public sector work together, we can repurpose facilities, revitalize neighborhoods and bring much-needed additional revenue to the District.”
The bid submitted by Svigos exceeded the appraised value of the building, which was between $4.1 million and $4.7 million, according to CPS.
The property will be redeveloped to include a maximum of 49 residential units and "a Chicago-based theater that provides performances and educational programs," which were requests made by the public during the community engagement process. Svigos must seek landmark designation for the building also, according to the bid.
Svigos will partner with TimeLine Theatre Company, which will be housed on the first floor, O'Connor said.
“We are happy that we can bring a popular theater group and quality new housing to the neighborhood with the proposed sale of Trumbull. We look forward to a finalized deal between Svigos and Timeline Theatre Company and subsequently to having additional live theater options in the neighborhood,” said O’Connor.
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