AISD to Finalize Sale of Austin Assets, Relocate HQ
- Dec 05, 2017
The Austin Independent School District is advancing with the sale of several buildings, including the district’s headquarters building—the Carruth Administration Center located at 111 W. Sixth St. Approval from the district’s trustees is pending.
The board had started soliciting bids for a number of properties through an open, public process.
“This is a positive step forward. AISD is among the largest landowners in the city. Along with that comes the responsibility to make determinations regarding properties and facilities so that we’re effectively and efficiently planning for the future,” Superintendent Paul Cruz said in prepared remarks. “The sale of all the previously announced properties come as the district anticipates continued budget challenges.”
Affordable housing opportunities
The sale of these properties could bring the district around $60 million in revenue. Moreover, the funds from the sale will provide affordable housing opportunities consistent with the trustee’s idea of ensuring that district assets are used in an effort to stabilize communities with more housing options.
“We consistently hear that affordability is an obstacle for families looking to remain in AISD,” said Nicole Conley Johnson, CFO for the district. “The contracts we are looking to execute require the developer to provide 25 percent affordable housing units.”
Also pending approval from trustees is the acquisition of the property chosen to be the district’s new headquarters, the Southfield Building at 4000 Interstate 35. One of the benefits of the headquarters’ relocation is the location itself, near the intersection of several connected transportation roadways, including Ben White Boulevard and Interstate 35.
“A key piece of feedback we hear from visitors and employees alike is that parking and downtown traffic are major challenges at our current location,” said the Executive Director of Communication and Engagement, Reyne Telles. “We are confident that the new location will help alleviate these concerns as we hope folks find this location more accessible.”
AISD’s sale of multiple assets will add to Austin’s growing pipeline, which has begun to compress rent growth in the city, according to Yardi Matrix.