A recent Atlantic Cities post sketched the real estate issues that accompany school closings:
One of the thorniest issues (in what is a veritable forest of mess) is what to do with those school buildings once they’re empty. Often, the facilities are in poor shape, with promised renovations put off quasi-indefinitely. Many are located in depressed neighborhoods. And there are only so many developers with the know-how and resources to convert classrooms into condos or a community center.
Chicago developers will have few doubts about what to do with some of the Chicago schools that are slated for closing. Trumbull Elementary School in Andersonville is one of them. It’s a short block from the heart of the Andersonville commercial strip, and nearly across the street from a small park. The rapid absorption of the condominiums at 4846 Clark, which is nearing a sellout, is an indication of strong demand in the neighborhood.
In our experience, developers are decidedly not herd animals, and stampedes are random and directionless. You can expect strong competition on the part of a sizable number of developers for the opportunity to convert Trumbull and a number of other closed schools to condos or apartments.