A Game Of Real Estate Chicken
Houston high school for sale triggers a $40 million-plus bidding war: Who will blink first?
When the Houston Independent School District's High School for Law Enforcement & Criminal Justice went on the market after the 2012-13 school year, St. Thomas High School — which borders LECJ to the south — promised to make a "competitive bid" on the prime property.
But The Leader reports that a mysterious, recently-formed private company has other plans for the 10.9-acre site. AV Dickson Street, LLC, which formed just days before the first bid deadline was due to HISD, put in a $40 million bid on the campus.
That was the minimum offer requested by the school district on the property, which was last appraised for $26 million in the Harris County tax rolls.
An HISD representative told The Leader that St. Thomas officials countered with an offer of $40,000,100 in hopes of growing the size of the private, all-boys Catholic school's existing 17-acre campus. Yep, just $100 over AV Dickson Street's initial bid.
And thus commences the war for the LECJ property. Offers for the second round of bidding are due to HISD by next Monday.
