Chicago Public schools announced Monday they plan to sell a stake that they had held for more than 20 years, hoping to get a better shot at making money with the school.
The Chicago Public School Board plans to sell its stake in Westlake, a charter school, to the private school operator.
The school board had held a lease on the property for the past 15 years and had purchased the building in 2004 for $1.5 million.
The board said it expects to sell the building, which has been vacant since 2011, for about $100 million.
In a news release, board members said they expect to use the proceeds to fund the purchase of other assets, including a new football field.
The move comes as schools across the nation are scrambling to replace aging facilities with new ones and with teachers facing long-term layoffs.
The Chicago Teachers Union says teachers are losing jobs as the city struggles with the effects of the pandemic.
The Board of Education and Chicago Public will have a joint meeting Tuesday to discuss the purchase.
The board plans to make a decision in June 2020.