UPDATE:[Milwaukee, Wisc…] The Milwaukee Common Council approved the sale of the former Malcolm X school building and property on Tuesday morning on an 11-4 vote.
The school will be sold to 2760 Holdings, LLC. Details of the sale are below.
The Council members voting against the sale were Aldermen Joe Dudzik, Jim Bohl, Bob Donovan and Robert Puente.
Original post at 3:00AM on November 26, 2013:
MPS Still Denies Sale of Empty Building to Successful Choice School
MacIver News Service | November 26, 2013[Milwaukee, Wisc…] The Milwaukee Common Council is expected to vote on the sale of the empty Malcolm X building on Tuesday morning at 9:00am. The Council’s Neighborhoods, Zoning and Development Committee voted 4-1 last week to sell the school, sending it to the full council.
There has been wide controversy over the sale of the school because a local private choice school, St. Marcus Lutheran School, has proposed buying the property with no response from Milwaukee Public Schools (MPS). In effect, they have denied the purchase of the school.
Now, MPS is trying to sell the building and property to a new company called 2760 Holdings, LLC. The school district is set to sell the school for $2.1 million, but will pay for renovations through a lease fee for a term that matches the financing for the full redevelopment project. Then, they have the option to buy back the school for $1 after the lease expires or the remaining cost of the school site purchase price and school site renovation cost during the lease.
The construction company purchasing the building will turn half the building into a 600 person International Baccalaureate middle school. The other half will be turned into retail and housing space.
Milwaukee’s Common Council has to approve the sale because the property is owned by the city, even though it is managed by MPS.
MacIver News will provide information as it is available. Follow @MacIverWisc on Twitter for the live updates.