real-estate-investing

Lakewood’s offer to buy Emory Elementary School was turned down by Jefferson County. Lakewood City Manager Kathy Hodgson reported offering in-kind services in return for the school property. City Councilors expressed concern in July meetings at the concept of market-rate pricing but there is nothing the city can do. At the June meeting on the Glennon Heights Elementary School disposition meeting, residents were told that the developer, Cardel Homes, was looking at purchasing multiple school sites for residential use. No word on what kind of residences would be built in an area that doesn’t have a neighborhood school. Narrative Change Confirms False Front The comments from multiple Council Members bemoaning the inability of the city to purchase the school property shows a change in narrative. This change confirms the city was, in fact, trying to buy the property, most likely in concert with the Action Center as previously stated by the City Manager. However, when asked about the purchase in the past, the city narrative from the Manager, Mayor and some Councilors, was that the city “had no direct control over school property.” This was not a denial. It was misdirection that made residents feel ignorant and foolish for asking when it was true. This is proof of lack of transparency from the City Manager and Mayor. The city narrative changed from: No matter what the story, Lakewood has not been transparent since they started working on a plan in 2023. Win-Win This may be a win-win for residents. Since Lakewood cannot purchase the property, Lakewood will not make a deal behind closed doors that residents would not have had adequate time to consider before approval. Likewise the county will not lose money on a private deal for less than market rate. The sale of school property shows why market forces predominate the housing market. Even when an entity, like the school board, got the land and/or building from the developer for free, no one likes to give away an asset for less than market rate. Lakewood did not respond to requests for clarification.