District 204 still hoping to sell Brach-Brodie site

Despite a slow real estate market, Indian Prairie Unit District 204 officials believe they still have 25 very valuable acres to sell.

Assistant Superintendent of Business Dave Holm said Monday he believes the district eventually will sell the land, near Route 59 and 75th Street, for the $6.4 million it paid for it in 2005.

"We know there'd be interest because there have been contracts for the property on the corner, or at least offers, that suggest that land is still worth every bit what we thought it was worth," Holm said. "And remember, that's a value from 2005. We actually think that value ($6.4 million) is still a good value."

The district purchased the land, often called the Brach-Brodie site, in 2005 with the intention of later buying an additional 55 acres for $14 million to house Metea Valley High School. But during condemnation proceedings, a jury set the price at $31 million - $17 million more than the district thought the land was worth. Talks broke down and the district later abandoned its pursuit of the remaining 55 acres.

Metea Valley was built instead on Eola Road south of Diehl Road in Aurora. Unable to sell the Brach-Brodie land, the district was forced in October 2009 to seek a $5 million bridge loan to pay for the remaining construction of the school, which opened in August.

Superintendent Kathryn Birkett said she's also been keeping in touch with commercial real estate professionals who have given her "every indication" the property retained its value.

"It's a big chunk and there's not many chunks left around Route 59 to do much with or develop in any way," Birkett said. "So when the economy turns around, we're ready."