Atlanta Public Schools found a buyer to pay $485,000 for a former Venetian Hills elementary school building, one of the properties the city turned over to the school district during a long-running dispute over deeds.
Arkwright Elementary School at 1261 Lockwood Drive SW was built in the 1950s and closed in 2004 amid declining enrollment.
The school board agreed this week to sell it to RYSE Media House Holdings, LLC., which intends to convert the building into a film and entertainment training and development facility, according to APS.
The conflict became a political battle, as former Mayor Kasim Reed refused to turn the deeds over to APS, which wanted the ability to sell land and buildings it no longer needed.
Reed wanted APS to require that properties it sold to be redeveloped into multifamily housing included affordable units.
The school board in January 2017 adopted a policy to answer Reed's concern. It requires any developer who receives money from a development authority to purchase APS property and build publicly subsidized multifamily housing to reserve at least 15 percent of the housing units for low-income residents.
APS agreed to a 75-day “due-diligence period” before the sale is finalized, and closing the sale is contingent on the property being rezoned for its new use.
The school district likely will use proceeds from the Arkwright sale to build up its fund balance, according to spokesman Seth Coleman. Since property sales are “one-time revenue,” money generated from them are not used for recurring costs, he said.