District 211 completes $17.7 million sale of Schaumburg land
Palatine-Schaumburg High School District 211 has closed on its sale of a vacant 62-acre site in Schaumburg and received the full payment of $17.7 million from Nitti Development LLC for the construction of 149 single-family houses.
The District 211 board plans to begin discussion on potential uses of the money from the sale, including the possibility of a partial abatement of the property tax levy, early in 2021.
The Schaumburg village board approved Glendale Heights-based Nitti Development's plan for 149 houses in August.
The site is bordered by Summit Drive to the west, Plum Grove Road to the east, Wise Road to the south and existing houses extending from Weathersfield Way to the north.
District 211 acquired the land about 50 years ago for a sixth high school that ultimately wasn't needed.
In 2016, school district officials began discussing alternative uses of the site and soliciting ideas as part of the process of forging a new strategic plan.
That process was completed in 2017 when the school board authorized the sale of the land after failing to identify any appropriate uses by the district.
Three residential developers originally bid on the site, and a contract was awarded in 2018 to Chicago-based M/I Homes for a $20.5 million purchase. But in 2019, M/I Homes withdrew before its approval period had expired.
Nitti Development, whose bid had exceeded the district's minimum price of $17 million, remained the only one of the three builders still interested.