Two local property developers submitted proposals to purchase the Indianapolis Public Schools downtown John Morton-Finney central services building, but the bids fell below the district’s expectations.
IPS officials estimate the property is valued at $7.6 million. The developers each bid slightly over $2 million for the building.
Neither bid would cover the moving costs for central services, so officials recommended the IPS school board vote to reject the bids at Thursday’s board meeting.
"Our rationale for that it doesn’t provide sufficient value to relocate the central services operations of IPS in either the near-term nor the long term," IPS Special Project Director Joe Gramelspacher says.
IPS administrators started the process to sell the building at 120 E. Walnut St. in July, and received the bids in November.
The move to sell the building is aligned with the district's aggressive real estate strategy that began in 2013. Since then, the district has sold ten properties totaling more than $19 million. It also leases five properties for educational use.
Both interested developers reported they would destroy the current building and replace it with housing. IPS officials say have considered leasing the building for office space.
Former Superintendent Lewis Ferebee said in October the ideal new building would be centrally located, have public parking and be near a bus line.
