The Fox Point-Bayside School District has completed the sale of the former Dunwood School to an affiliate of Mandel Group, which plans to develop multifamily residential and senior assisted living units on the property.
The Mandel Group affiliate, Chiswick Land LLC, purchased the property for $2.7 million.
The Village of Fox Point rezoned the former Dunwood property to facilitate Mandel Group’s plans, and approved a development agreement outlining the terms of the project this summer.
Mandel Group is planning to demolish the school building, located at North Port Washington Road and West Dunwood Road, and build 120 luxury apartments in four buildings and an 80-unit senior housing facility.
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The Dunwood building has not housed school district programming since 1992. In recent years, the district had rented space in the building to various users. Revenue from rentals has been insufficient to pay all of the operation and maintenance costs, requiring the district to cover expenses at a loss.
Proceeds of the sale will be used to underwrite other district priorities, including capital improvements to Stormonth Elementary School and Bayside Middle School, according to a district press release.
“The sale of Dunwood School will allow the district to move forward with several projects that will directly benefit our students, faculty and staff,” said Fox Point-Bayside School District superintendent Dr. Robert Kobylski. “Mandel Group has been a great partner reworking the original proposal to eliminate retail space and decrease residential density in direct response to feedback from neighbors and village officials.”