A Dallas apartment and commercial building developer is offering more than $9 million to buy the Dallas Independent School District headquarters on Ross Avenue.
Leon Capital Group won a bid to purchase the school headquarters buildings at Ross and Washington avenues just east of downtown.
The office buildings are on part of almost 10 acres DISD owns in the Ross corridor, an area that’s already seeing rapid redevelopment with apartments, shops and townhouses.
The school district held an in-house auction late last year to take bids for the Ross properties and other surplus real estate in the area. Leon Capital was the top bidder for the headquarters.
A contract to purchase the buildings must be approved by the district’s board of trustees at a meeting later this month.
“It’s a lengthy process,” said DISD spokeswoman Robyn Harris. “The next steps in the bid process for Dallas ISD’s surplus real estate is for the administration to recommend to the board each of the properties that received high bids, and were within market value.
“If the board holds a vote, the process continues and would need to go to our legal services department to execute a sales contract on the properties voted on, and will work toward closing on each,” she said. “That part of the process generally lasts about 90 to 120 days before a property is officially closed on.”
Leon Capital officials declined to comment on their plans for the DISD headquarters property until after the school board approves the contract.
Real estate brokers say the developer plans a combination of apartments and retail for the property. Read More >