After more than a decade of stops, starts and shifting market conditions, Adams 12 Five Star Schools is moving forward with the $9 million sale of 13.5 acres of surplus land just south of the district’s Educational Support Center in Thornton.
The buyer, McWhinney Real Estate Services, is expected to develop the site into a mixed-use project consistent with the City of Thornton’s vision for the Eastlake light rail corridor.
Though the deal won’t close until at least early 2027, district leaders and board members said the agreement represents a significant step forward and a long-overdue resolution to what Board Member Courtney Potter described as a “land sale debacle.”
“This land piece has been an ongoing thing as far as my tenure on the board,” said Board President Lori Goldstein during the board’s June 4 meeting. “I’m glad that we have reached a potential agreement with somebody that will develop it into something that will benefit the community.”
Decade of interest
Vice President Amira Assad-Lucas echoed that sentiment, noting the off-and-on nature of the deal and her hope that the land will “finally be put to good use.”
The parcel, located just south of the district’s Educational Support Center and across from RTD’s Eastlake/124th Station, has long been seen as a prime candidate for transit-oriented development.
According to Superintendent Chris Gdowski, district and city officials have explored potential uses for the land for more than a decade.
“There was quite a bit of interest… probably more than 10 years ago,” Gdowski said. “The hope was that you would serve both residents of that area and people commuting to and from (the station) — with some residential, retail, maybe restaurants or coffee shops — a mixed-use development that could really be an economic asset to the region.”
But turning that vision into a deal has been far from simple.
A long and complicated road
The district first went under contract in June 2017 with Century Homes for $5.3 million. The agreement spanned three years but ultimately fell through in June 2020, despite multiple extensions. Adams 12 retained $90,000 in earnest money from the failed sale.
Later that year, the district entered into a second agreement with a group called Koelbel for $5.5 million. That deal also collapsed in 2021, largely due to uncertainty over water availability in the area.
In the meantime, the district continued to reassess its potential uses for the land. Gdowski said they considered constructing a central kitchen and food warehouse there, but after extensive analysis, the district determined that building the facility elsewhere would be more cost-effective.
“We studied it really intensely within the last year,” Gdowski said. “And we concluded that it would be more costly to build (the kitchen) in this location than where we’re planning to do it. We agree with the city that using it for a school purpose isn’t the best use at this time.”
With that decision made and real estate values on the rise, the district began searching for another buyer that aligned with Thornton’s development goals and offered a price that reflected the property’s appreciated market value.
A new deal
McWhinney Real Estate Services emerged as the buyer this spring with a $9 million offer, a notable jump from the district’s previous contracts.
The proceeds will serve as a cushion as the district launches its $830 million bond-funded construction program.
“There’s a lot of uncertainty about tariffs and what that might mean in terms of completing our projects,” Gdowski said. “There’s also labor uncertainty, with immigration enforcement potentially reducing the labor supply in construction. Having $9 million that would help us hedge against inflationary costs for the bond program would be helpful.”
If construction costs remain stable, the district may redirect the funds toward other capital needs that didn’t make the final bond package, including items such as HVAC replacements or new buses.
Board members praised staff and real estate professionals for their due diligence in vetting the offer.
“Everyone really worked hard to get us the most accurate information and be as transparent as possible,” said Potter. “I’m really glad to see that we can finally move forward and close this chapter.”