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Education Lab Blog

Education Lab is a project to spark meaningful conversations about education solutions in the Pacific Northwest.

Topic: Federal Reserve

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January 28, 2015 at 5:41 PM

Downtown school update: Federal Reserve bid deadline extended

The deadline for bidding on a vacant bank building that Seattle Public Schools hopes to turn into a downtown school has been extended.

The auction for the former Federal Reserve building was originally slated to be finished Wednesday, but under federal auction rules the bidding continues until the highest bid goes unchallenged for 24 hours. The Fed can also choose to decrease that time frame.

As of early Wednesday evening, six bidders were vying for the property and the high bid was $7.6 million. The online auction started Dec. 5, but the auction’s website shows the first bid was cast on Jan. 24th.  Earlier this month, the General Services Administration, which is running the auction, lowered the starting bid from $5 million to $1 million.

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Comments | Topics: Downtown school, Federal Reserve, Seattle Public Schools

December 19, 2014 at 12:55 PM

Former Federal Reserve building may yet end up as a public school

A few weeks ago, the Seattle School Board declined the chance to get the former Federal Reserve branch in downtown Seattle for free in exchange for turning it into an elementary school.

Board members were uncomfortable with some of the terms — especially the fact that accepting it from the feds would have come with a mandate to turn the hulking structure into an elementary school within three years or face fines. District staff estimated that project would cost between $50 million and $53 million, and board members didn’t want to commit the district to that price before they asked voters to support it.

But a meeting this week made it clear they haven’t given up on turning the building into an elementary school.

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Comments | Topics: Downtown school, Federal Reserve, Seattle Public Schools