Update: The federal General Services Administration plans to auction off the Federal Reserve Bank building, with an opening bid of $1 million and a closing date of Jan. 28, 2015.
The Seattle Public Schools Board of Directors disappointed hundreds of downtown families and residents yesterday by unanimously voting against plans to acquire the vacant Federal Reserve Bank building—at least through a federal disposition process that would let the district have it for free—and turn it into a downtown school.
It’s an enormous missed opportunity, based largely on what seems like a solvable timing conflict. The decision will almost certainly cost the district more in the long run, whether it winds up serving downtown’s growing population of children there or somewhere else. As Jon Scholes, a downtown parent and vice-president of the Downtown Seattle Association put it: “The growth and the challenge isn’t going away. This isn’t a blip. This is a need.”
Some board members expressed interest in letting the building go to public action and trying to buy it then. That way the district wouldn’t be under a federal timetable that would force it to renovate and open the elementary school before it can line up the money to do so. It’s unclear how much that would add to the downtown school’s price tag, though Scholes pegged the acquisition costs at $20 million. It’s also unclear where that money would come from.