Milwaukee Public Schools (MPS) has revealed new details of its plans for the former Malcolm X Academy Property, following a decision by the Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee on Tuesday to hold a resolution on an MPS proposal to sell the property.
Under the newly proposed plans, the former Malcolm X Academy site would house a college preparatory International Baccalaureate “Middle Years Programme” school. It would also contain performance and athletic space for community use and a mixed-use development owned and operated by 2760 Holdings, LLC.
The holdings company, which is partially owned by the principals of Milwaukee-based JCP Construction, would purchase the former Malcolm X Academy for $2.1 million. 2760 Holdings would then contract for the remodeling of the school property in line with MPS standards through competitive bids for most construction items.
MPS’ proposed plan also states:
– A mixed-use building set on Center Street would provide space for affordable family and intergenerational housing as well as commercial space.
– Part of the existing Malcolm X Academy structure would be torn down to separate the school from the mixed-use development.
– MPS would pay 2760 Holdings to lease the remodeled school space for a term equal to the financing for the full development project. Lease payments would be based on the amortized cost of the renovation of the school as well as the purchase price of the school space.
– MPS would repurchase the school space of the property at the end of the lease or during the least for $1 or the remaining cost of the school site purchase price and school site renovation cost.
MPS’ Board of Directors will likely consider these new details at a meeting on Friday evening before the plan is presented again to the Milwaukee Common Council.
According to Common Council President Willie Hines Jr., the Zoning, Neighborhoods and Development Committee decided to hold the original resolution in order to gain some additional information from MPS and “protect taxpayers.”
MPS’ plans need to be communicated more transparently and effectively, Hines said, and the Common Council make certain that its plans are translated into some found financial principles.
Moving forward, the timeline of the resolution is uncertain, Hines said. The resolution is back in the hands of MPS.
“We’re committed to doing everything we can to protect the interest of taxpayers,” Hines said.