Land to be used for single-family subdivision
GERMANTOWN - The Germantown School District is on the fast track to selling its 15.3-acre Kinderberg Park property, N104 W14942 Donges Bay Road, for about $690,000 to a prospective buyer interested in turning the land into a single-family subdivision.
Impact on referendum
In November, 52 percent of Germantown voters passed the school district's $84 million facilities referendum; the sale of the Kinderberg property will go toward some of the district's facilities improvement project costs, according to School Board President Bob Soderberg.
“As part of the referendum, we need additional space for MacArthur Elementary School," Soderberg said. "We’re in early discussions on possibly buying two homes there, so the dollars that we receive from the sale of the Donges Bay (Kinderberg Park) property will go into purchasing land for MacArthur, which we need for parking and bus dropoff.”
The district took ownership over the property in a land swap with the village of Germantown, with the idea that an elementary school would be one day be built, but Soderberg said the sale of the district property was prompted by community support.
“Leading up to our referendum, we did many town hall meetings," Soderberg said. "We also did a district-wide survey where we asked a lot of questions relative to space to include a new elementary school because we had the land off of Donges Bay. The community didn’t have an appetite for a new elementary school, so we did not include that in the referendum. The referendum passed, so therefore we do not need the land anymore."
Impact on community
Even though the original usage of the property has shifted, it will be used to fill a "desperate need" for additional single-family residences in the village, Soderberg said, so while buyers will be restricted to utilizing the land for that purpose, the land is a hot-ticket item.
"There’s a high level of interest; there are some interested buyers, which is why the board took action this past Monday (March 20) to sell the land, which we are going to be doing ourselves," Soderberg said. “We decided to sell the land ourselves based on the interest that we have now. We feel very confident that we can sell it quickly.”
Some of the district's next steps in the sale process are to put a "For Sale" sign on the property with pertinent contact information for interested buyers and to get a website link out to prospective developers with a process for submitting their proposals to the district's business office.
Superintendent Jeff Holmes said the property's appraised value of $690,000 is the best starting point for the asking price. If the district gets any offers, it will go before the board for discussion and appropriate action.
Once developed into a subdivision, the site could have as many as 28 residences built.
“It’s a win-win for everyone, not only for the district with the $690,000 or more when we sell the land, but based on the appraisal that came in that anticipated we could have up to 28 single-family residences," Soderberg said. "When you do the math with the approximate homes around the area, we would get approximately $2,000 per home in additional revenue stream coming in, and hopefully if they have two kids per home, that’s an additional $20,000 per home, so it’s a win-win for everyone.”