The sale of the school district's former headquarters at 807 Broadway St. NE is now halfway home.
Hillcrest Development, selected by the school board as the preferred developer for the sprawling site, has signed a purchase agreement for the Logan Park neighborhood site. The district said that happened June 27; the developer said it happened last week.
The price hasn't yet been disclosed because state law allows that until the deal reaches its final stage, which the district estimates at four to five months. The district said there may be further neogitaitons over price.
The developer began investigating on July 8 the condition of the site as part of the environmental checks it will make before a planned closing on the property later this year. Hillcrest expects testing and analysis of the buildings for asbestos, lead, and other potential contaminants to last into the fall.
The developer plans to fill the rehabbed brick building with commercial tenants, although it expects to tear down some of the back shop areas of the site. The Logan Park neighborhood strongly backed commercial reuse of the site to restock the supply of jobs lost when the district last July moved its headquarters to 1250 Broadway Av. across the Mississippi River.
