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Trumbull School Is Officially Sold, Brings In Highest Dollar Amount Of Any Closed CPS Building

trumbull-3On Tuesday, the Chicago Board of Education officially approved the sale of the former Trumbull Elementary School to Svigos Asset Management for $5.25 million. The sale exceeded the appraised value of $4.1 million to $4.7 million and was the highest amount to be paid for any shuttered CPS school.

The selection of Svigos comes after a community involved process led by 40th Ward Alderman Patrick O’Connor’s office. Back in November 2014, a packed auditorium of people debated the repurposing solutions for the school and listened to five proposals by companies that were interested in buying the property located at 5200 N. Ashland Ave.

Then, it was announced back in August that Svigos’ offer was accepted.

In a statement released by CPS yesterday, its CEO Forrest Claypool said, “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. 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.”

Svigos’ proposal to repurpose the school meets the “community’s usage preference” of a maximum of 49 residential units and a community-based theatre to occupy Trumbull’s auditorium space. Also a part of the terms of sale is that the purchaser must seek landmark designation for the building from the City’s Commission on Chicago Landmarks.

In August, it was also announced that Timeline Theatre would in fact be the group to take over Trumbull’s auditorium. In a statement to Edgeville Buzz, PJ Powers, artistic director at TimeLine said, “Being in this remarkable, historic building speaks directly to our mission — exploring the past, while connecting to the present and future. Our new home will be increasingly accessible to our patrons, providing dedicated parking spaces, elevators, ramps and other facilities to improve accessibility and experience for all of our patrons and staff, as well as comfortable bathrooms and reception spaces. And it will include an immersive lobby experience to support every production.”

There has been no word yet on the expected start of construction.


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