Surplus School Properties Making the Grade for Dallas Developers With Big Plans

When the Mirabeau B. Lamar School opened its doors a century ago south of downtown Dallas, it was one of the most modern schools in the country.The three-story red brick school on Corinth Street is a landmark in the Cedars neighborhood, which is undergoing a transformation.Developer Saeed Mahboubi, who's doing other nearby projects, just paid the Dallas Independent School District more than $1.2 million for the historic building."We are going to convert it to loft apartments," said Mahboubi, one of a handful of developers who've just purchased DISD surplus real estate. "We are going to keep the exterior and create about 30 apartments inside."Last year, DISD put up for sale more than two dozen buildings and land it no longer needs.  Continue reading...