ISU Wants To Sell Long-Dormant Shelbourne Apartments
Illinois State University is getting ready to sell 26 acres of prime real estate in the heart of north Normal. On Friday, trustees will decide whether to declare the decommissioned Shelbourne Apartments as surplus property.
"That would allow the university to initiate a process of selling that property. Part of that process would include an appraisal of the fair market value of that property," said ISU spokesperson Eric Jome.
Jome said the 101-unit complex and surrounding park-like land was decommissioned in 2017.
"They were really no longer sufficient to meet the needs of students. Facilities updates were cost prohibitive," said Jome.
And documents prepared for trustees indicate university planners also believe the strategic value of the property to ISU does not outweigh the cost to tear down the complex and redevelop it.
For decades, universities were reluctant to get rid of land they no longer needed because they had to turn the money from a sale over to the state General Fund. The Property Control Act now allows universities like ISU to keep the money as long as they use it on deferred maintenance and emergency repairs.
The Shelbourne apartment complex formerly housed graduate students, international students, and student families. housing.