The Chicago Board of Education approved an agreement to sell the former Trumbull Elementary School site to Svigos Asset Management for $5.25 million. The sale of Trumbull represents the highest dollar value CPS has received for a site involved in the 2013 School Actions and will require the property to be redeveloped to include residential housing and a community theater. Following a comprehensive community engagement process led by 40th Ward Alderman Patrick O’Connor’s office to determine the preferred uses, CPS issued a bid solicitation in July for the former Trumbull site, which is located at 5200 N. Ashland Ave. The bid submitted by Svigos exceeds the appraised value of $4.1-$4.7 million. The agreement also requires the purchaser to seek landmark designation from the City’s Commission on Chicago Landmarks.