After closing the Cabello Student Support Center several years ago, the New Haven Unified School District was faced with the imperative of selling the Cabello Student Support Center to generate funds to help offset the District’s ongoing cash challenges caused by continuing state cuts to the education budget, and to assure that the contemplated use for the property was sensitive to surrounding neighborhood concerns. The District engaged DCG to help thoroughly evaluate the property, which included:
- Highest and Best analysis
- Market Analysis
- Conceptual Site Plans
- Financial Analysis
Additionally, DCG:
- Arranged meetings with the city and other stakeholders
- Assisted staff with Naylor Act negotiations
- Managed lot line adjustment between the City and District to assure that a buffer zone was created between the park and the subdivision boundary
- Managed a key property swap between the City and District
- Provided the Board critical updates and guidance
- Worked with staff to conduct hearings for the state-mandated 7-11 Property Committee
Ultimately, DCG created a web-based and downloadable Request for Proposal (“RFP”) and managed the entire process. After conducting an informational meeting with interested parties, DCG collected and reviewed 11 offers for the subject property and then developed a comprehensive analysis of the offers for the District Evaluation Committee to review and rank proposals. RFP offers included major developers including Pulte, Ponderosa, Lennar, Standard Pacific, KB Homes, Robson Homes, SummerHill Homes and others. At least three (3) of the offers exceeded initial estimates by 40%, and the District is anticipated to receive over $14 million.
