madison and cherry lane property
It is an 84,000 square foot facility that sits on approximately 16.65 acres within 5 minutes of the rapidly expanding retail development at the intersection of I-84 and Midland. (See concept plans below)
The building as it stands (in its distressed state) on this land represents an approximate $7.4M investment (by the original owner), which we have purchased for $3.6M.
It will take approximately $4M in further renovations to design and build it out to our needed specifications and to add parking and landscaping, etc.
With a large unused portion of land, we have ample land for additional parking, future expansion, and possible addition of sports facilities, fields, etc.
Although we had received an offer to purchase our current Amity property for $3.8M, to close in March of 2016, the charter school that made that offer backed out of the deal during our lengthy legal process with the bank that owned Madison. We now still have the Amity property to sell, but the proceeds of our current facility will offset the purchase price of the new building in its distressed state. This leaves us to raise funds for the additional $4M needed for improvements.
On October 18th, 2015 at 12:35 pm, the majority of the church body voted to purchase the property at Madison and Cherry for $3.6M.
After a long and arduous legal process with the bank/seller, we closed on the property on January 12, 2016.
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