Lexington, KY - The former Julia R. Ewan Elementary School is scheduled to be sold at auction by the Fayette County School District later this month.
The 4.6-acre property, located at 350 Henry Clay Boulevard in Lexington's Fairway neighborhood, includes the two-story, 70,000-square-foot school building, complete with cafeteria and gymnasium. It has an assigned value of $2,475,000.
The auction will be held April 23 at 10:30 a.m. Interested bidders will need to submit a $10,000 check and a bank reference to register to bid, and the winning bidder will be required to make a 10 percent deposit on the day of sale. The sale is subject to the approval of the Fayette County school board.
Julia R. Ewan Elementary School was built in 1937, with additions made to the building in 1949, 1953 and 1977. It was closed by the school district in May 2008. The costs related to updating the school's ADA accessibility and the impending need for replacement of some major building components could not be justified, according to the school district's chief operating officer Mary Browning Wright. Burgeoning population growth near Liberty Road led to the construction of a new school building in that area to accommodate students.
The school board issued an RFP for a public auction of the property, followed by face-to-face interviews with potential vendors, in the interest of ensuring a transparent process, according to Wright. The commercial real estate brokerage firm Schrader Commercial Properties LLC, in partnership with the auctioneering firm Swinebroad-Denton, was selected to conduct the auction.
Schrader said potential bidders have inquired about many possible uses for the property, including potential redevelopment for healthcare groups, governmental offices, or single-family residences. The property, which is currently zoned for residential use and surrounded by single-family homes, also offers a desirable infill redevelopment opportunity for Lexington, Schrader said. As part of the school system, the building was previously exempt from zoning.
The property will be open for inspection on April 9 from 9 a.m. to 1 p.m. and on April 16 from 11 a.m. to 5 p.m., as well as by appointment, according to the Schrader Commercial Properties Web site.
"What we want to do by having an auction is create an environment where as many people as possible know about the auction," said broker Jamie Schrader. "We anticipate a lot of interest in the property."
More information, including floor plans and an auction registration form, can be found online at www.schrader commercial.com.