Svigos buys another closed Chicago school
Svigos Assets bought Peabody. Put a charter in it.
After they sat as empty blights on the community for nearly three years, the sell-off of closed CPS neighborhood schools has begun in earnest. Board members on Wednesday approved the sale of three vacant schools that were shuttered in 2013,providing "a small windfall of cash for its struggling budget".
Liza Balistreri is in charge of real estate at Chicago Public Schools and is running the sales of Near North Elementary in Noble Square, Overton Elementary in Bronzeville, and Von Humboldt Elementary in Humboldt Park.
Among the developers looking to make a profit on CPS real estate is Svigos Asset Management Corp. based in suburban Buffalo Grove. Svigos specializes in developing and managing commercial and residential properties, and owns apartment buildings in Lakeview, Logan Square and Albany Park.
Svigos is buying Near North for $5.1 million and plans to turn the school into "residential and commercial development". His company previously purchased the old Peabody Elementary for $3.5 million in 2014 only to turn around and sell space back to Rowe Charter School. Previously, district officials had said no closed school would be used as a charter school. The former Peabody was also developed as market-rate housing.
Paul Svigos has been a regular campaign contributor to Rahm Emanuel. The well-connected Svigos family has also made big contributions to the Daley's and other Democratic Party candidates.
Svigos was a former top Merrill Lynch stockbroker who the firm fired in October Schooling in the Ownership Society: Svigos buys another closed Chicago school: