CLEVELAND - The Cleveland Metropolitan School District's headquarters building will go up for auction next year, as the district realigns its real estate assets.
CMSD officials announced Tuesday that the auction for the property at 1380 East 6th Street will take place March 7, 2013, at the Sheraton Cleveland Airport Hotel.
The building sits on 1.75 acres in the Historic Mall A downtown, and the district said it is surrounded by development projects totaling more than $2 billion.
"This offering is a truly rare opportunity to acquire a property that is considered the centerpiece of Cleveland's downtown lakefront redevelopment," said Douglas Johnson, managing director of CBRE Auction Services. "The potential demand for truly unique hotel, residential, office, and mix-use space, as well as a growing parking need in the CBD make the CMSD site one of the most exciting redevelopment opportunities in Cleveland."
Earlier this year, the school decided to proceed with the sale of the property. A news release from CMSD said it's part of a forward-thinking approach to managing their real estate assets in a more future-focused manner."
State law requires the property to be sold at auction.
Potential buyers must come to the auction with a certified or cashier's check for $200,000. For more information about the auction, contact CBRE Auction Services at 1-800-815-1038.