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Old Town School Tables Sale of Lincoln Park Building
The Old Town School of Folk Music, which reportedly retained Cushman & Wakefield’s Michael Marks this past October to sell its historic building at 909 W. Armitage Ave. in Lincoln Park, has postponed the sale. The school’s board of directors voted to extend the discussion period regarding a possible sale until March 31, 2019.
“We heard from our community that it wants more time to bring forward other possible options to selling 909 W. Armitage,” board chairman Kish Khemani said in a statement. “Perhaps we can find creative solutions through these discussions.”
Sale of the building, which the school has occupied since 1968, was seen as a way to seed Old Town School’s endowment fund. In the near term, the school is facing an operational budget shortfall that requires “immediate action steps,” including a voluntary buyout package for administrative staff and closing the Armitage building’s music store in January 2019.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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