Less than two years after buying the former Burger’s Market, Louisville Collegiate School is looking to possibly offload that property as well as another next to it.
Collegiate bought the Burger’s Market property at 1101 Ray Ave. for just more than $1 million with the idea that the school would possibly lease the building. However, the property is serving as offices for the construction crews who are working on a $12 million addition to the private school, which includes a new visual and performing arts space, a black box theater and a gallery.
The school’s fine arts and theater programs were held in a separate building across the street. The building, at 2240 Grinstead Drive, also is listed for sale.
“All of our new facilities should be ready for occupation by the start of school in August, and our focus will shift to raising the remaining $3.9 million to complete the Second Century Campaign. Our entire campus will finally be one, unified structure — offering safety, security, convenience, and community to our students and faculty,” Collegiate’s Board of Trustees Chairman Brian Cook said in a statement about the project’s progress.
The project is on time and on budget, the statement noted, and Collegiate, which teaches pre-K through high school, won’t have any need for the buildings into the foreseeable future.
“Some of these spaces will no longer be necessary for the efficient operation of the school’s programmatic needs,” Cook said in the statement. “Additionally, once construction and contractor crews move out of their temporary home in the former Burger’s Market space, it too will be empty.”
The two adjoining properties are 1.5 acres total and are listed for $3.8 million. The Collegiate building alone is 24,504 square feet, and the list price is $2.6 million. Burger’s Market is roughly 13,000 square feet between the first floor and lower level; it’s listed for $1.2 million.
However, the school is still open to leasing both properties rather than selling them. According to the statement, Collegiate leaders are weighing four considerations: the short-term control of who becomes the school’s neighbor; long-term control of the property; the ability to have adequate parking; and keeping additional debt out of the school’s operating budget.
“The possible sale or lease of these properties will allow Collegiate to remain in a position of financial strength far into the future,” Cook said in the statement.
PRG Commercial Property Advisors is representing Collegiate. The property is zoned C-1 and could be redeveloped as office and/or retail space, according to PRG.