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LRSD declares former MediCliff building at 25 Sheraton Drive excess, approves listing for sale
Summary
The Little Rock School District board declared a vacant property at 25 Sheraton Drive excess and approved listing it for sale; the district included an independent appraisal of $530,000 in the packet and said the building has been boarded and damaged while vacant.
The Little Rock School District Board of Directors on Thursday declared as excess the district-owned property at 25 Sheraton Drive (often referred to in the meeting as the former MediCliff site) and approved listing the parcel for sale.
District staff said the property has been vacant for an extended period and has experienced vandalism and damage since it was boarded up. Administrators provided the board with an independent appraisal attached to the meeting packet that valued the property at $530,000.
Board members discussed condition and comps. Facilities and real-estate staff told the board they had not received a serious offer in the two years required by district procedure for first-right-of-refusal notice to charter operators and other public entities, and that the property had not generated firm proposals during that time.
The board approved the motion to declare the property excess and to list it for sale; staff said they would return later with a sales resolution and recommended terms once a buyer is identified and negotiations conclude.
Why it matters: Vacant, boarded district properties create security and maintenance costs; listing the parcel aims to remove the ongoing burden from district operations and return proceeds to district funds.
What's next: Administration will proceed to list the property for sale and will bring a formal resolution and sale terms to the board when a buyer is identified.
