r/Newark • u/Ironboundian • 18h ago

Development & Real Estate 🏗🚧🦺⚒️ New Ironbound elementary school for 667 students to cost $1700 PSF (on a net present value basis)

https://www.tapinto.net/towns/newark/sections/education/articles/newark-schools-warn-of-major-sacrifices-to-pay-for-nearly-500-million-school-lease
5 Upvotes

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5

u/Kalebxtentacion 10h ago

Btw the new university high school cost less than $200 million and can fit up to 1000 students

6

u/SkyeMreddit 10h ago

What in the hell is with them and leasing buildings for obscene amounts of money??? Do schools really cost that much to maintain the building?

3

u/-sharkysharky 7h ago

Superintendent legally can't build schools himself. The state has an obligation to build schools but they are slow asf and keep stopping work due to corruption and mismanagement.

Superintendent is playing with fire but hasn't gotten burnt yet. He's still spending state money when he leases these schools.

2

u/hoarsetalk 9h ago

A lot of good context in this article but nothing about this makes sense.

1

u/ahtasva 8m ago

How is anyone supprised by this? It's basically the same set up as the so called vocational HS that is getting built in the ironbound.

Well connected developer buys building / land. Back room deal gets made. School district is paying 3-4x for a building that they won't even own.

It's high time we disband the BOE and voucherize K-12 education.