District 200 today closed on the sale of the old Hubble school property in Wheaton.
The district accepted the offer of $5,000,200 from developer Bradford Equities, LLC . Bradford plans to build a on the site at the corner of Naperville and Roosevelt roads, and will begin asbestos removal at the site tomorrow, developers said.
District 200 Superintendent Dr. Harris said in a statement, “We are very happy to be finally closing the sale of this property. We are looking forward to the redevelopment opportunity.”
Board President Rosemary Swanson called the closing, “an important milestone for our district and its communities.”
The property was Friday, Sept. 7, but was delayed due to a paperwork issue, according to District 200 spokesman, Erica Loiacono.
The property will now be added to the tax rolls, benefitting the City of Wheaton and Wheaton taxpayers, according to a District 200 press release.
"It was always the intent of the Board of Education to sell the property for re-development. Re-development of the property for commercial use eases the taxpayer burden for the entire CUSD 200 community who has supported CUSD 200 throughout the years," according to the release.
Proceeds from the sale of the property will be placed in an and then used to pay down high-interest bonds later this fall.
The Wheaton Park District partnered with the developer, and bought a portion of the property for $3 million to maintain the building's gym and outdoor recreation space. Bradford will also donate a parcel of open space for athletic fields to the park district. The two will also swap Bradford's open space at the corner of Main Street and Roosevelt Road for the park district's Central Park property.
Bradford will begin asbestos removal work at Hubble Tuesday, Sept. 11. The Wheaton Park District will begin construction next week on , with an expected completion date of Jan. 1.
Bradford CFO Chad Jones said he expects Mariano's will open in October 2013.
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