SEATTLE — Seattle Public Schools has lost its bid on the former Federal Reserve Bank Building as it tries to open the first downtown school in decades.
The district turned down a chance to get the historic building for free because they said there were strings attached.
$53 million in renovations had to be done in three years. The district said it was money they just did not have.
The district bid $5.8 million on the property,
“It would have been great to acquire the property,” said Flip Herndon, the Assistant Superintendent for Capital, Facilities, Enrollment Planning at Seattle Public Schools.
The mystery owners shelled out $16 million for the building.
“I was a little surprised by the end price, but maybe market forces being what they are, maybe someone is seeing something we are not,” Herndon added.
KIRO 7 asked if the district made a mistake in not accepting the building for free, despite the restrictions.
“I don’t think so,” Herndon said. “I think the challenge -- it certainly was -- there's a lot of work that needs to be done to convert from a bank to a school.”
Residents are curious about the future owners.
“As long as it’s not condos,” Sarah Russell said.
“It would be better if it’s something for the public, if it’s downtown in the heart of Seattle, you know,” Omar Lopez added.
Meanwhile, the district says it's keeping an eye out for other properties.
“We're no less committed to trying to solve capacity challenges,” Herndon said.
Herndon wouldn't say they're facing a crisis right now.
But it's no secret they're in dire need of a new school.
The Downtown Seattle Association says there will be more than 500 K-8 students downtown by 2016.
KIRO
