Chicago Real Estate Brokers Wanted for CPS Project

August 06, 2012

The Chicago Public School (CPS) system is looking for some good Chicago real estate brokers.

The nation’s third-largest school district is facing a $665 million deficit for Fiscal Year 2013, so to help close the gap, school officials are seeking brokers who can help sell 23 CPS properties and generate $15 million in new revenue.

The properties are located throughout the city and include some unused assets, including vacant schools, parking lots and lots of land. Instead of paying to maintain the vacant properties, the District could be benefiting from their sale.

In total, there are:

*Eight unused school buildings

*Two former CPS school buildings now rented to churches

*A CPS-owned office building under lease

*12 vacant lots and land

“We need to use every tool at our disposal to identify new revenue so we can invest every dollar possible in our kids and their learning,” said CPS CEO Jean-Claude Brizard.

“These vacant and unused properties will not only help generate new revenue needed for our schools but will help bring new jobs and development opportunities to communities throughout the city.”

The District has created four property portfolios for which interested brokers can submit proposals. CPS officials will evaluate each proposal based on brokerage fees, qualifications, experience and references and will present broker contracts to the Chicago Board of Education for approval in September.

There will be walk-throughs of the properties scheduled during the week of August 13-17. Properties that have no buildings on them can be inspected at any time.

Interested? Check out the website at

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