KIPP Charter School Network

KIPP, the nation’s largest national network of public charter schools, wished to expand its footprint in the Gulfton community of Houston, TX. KIPP turned to the Education Practice Group to lead the charge in the purchase of a vacant four-story hospital. Building on an 8-year strong relationship, our team worked diligently on KIPP’s behalf to execute the deal within 40 days as required by the seller. Ultimately, the former hospital will grow to a PreK-12 school campus at full development, with the first phase to be completed by summer 2014.

Approach:

kipp-existingAn abandoned hospital built in the 1960s is a difficult sell, but our team saw its potential. KIPP planned an adaptive re-use of the 150,000 square foot building as a PreK-12 school and temporary corporate office headquarters. The seller turned down KIPP’s initial offer and awarded the sale to the highest bidder, only to contact KIPP when the original deal failed to close. The seller accepted KIPP’s original offer, nearly 25 percent below the highest bid, under one condition. Tasked with closing within 40 days, C&W worked diligently to meet the deadline as the opportunity hinged on that condition.

Results:

kipp-renovatedThe transaction closed and a complete overhaul and rehab of the hospital began. KIPP’s new location is far from a traditional PreK – 12 campus. It will serve as a neighborhood gathering center for one of the most impoverished communities in Houston. The adjacent church, rehabbed soccer fields and planned community and health centers is a joint venture of multiple community resources. Plans for the community center include a new YMCA and space for local organizations to hold events, education sessions and outreach programs.

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