Former charter operator Aspira declares bankruptcy, could keep profit from sale of taxpayer-funded building
<p>On a busy stretch of North Milwaukee Avenue, the four-story windows of a sleek white limestone building are devoid of activity just weeks before the start of school.</p><p>The state spent $27 million to build the former charter school just over a decade ago. But instead of getting ready to welcome back students, the Avondale building is on the verge of being sold to a real-estate investment company for a fraction of what taxpayers spent to construct it.</p><p>The charter school’s former operator, Aspira Inc.
Reported by 1 outlet — Chicago Sun-Times. See all sources ↓
<p>On a busy stretch of North Milwaukee Avenue, the four-story windows of a sleek white limestone building are devoid of activity just weeks before the start of school.</p><p>The state spent $27 million to build the former charter school just over a decade ago. But instead of getting ready to welcome back students, the Avondale building is on the verge of being sold to a real-estate investment company for a fraction of what taxpayers spent to construct it.</p><p>The charter school’s former operator, Aspira Inc. of Illinois, recently filed for bankruptcy, after it was forced to close two schools in March, <a class="Link" href="https://www.wbez.org/education/2026/02/26/cps-to-shut-down-financially-distressed-aspira-campuses-scattering-students-to-new-schools" target="_blank" ><u>leaving more than 500 students to transfer midyear</u></a>. In bankruptcy court filings, the nonprofit cited the loss of funding from Chicago Public Schools and “significant and continuing financial distress.”</p><p>The situation raises questions about whether Aspira will be able to pocket money from the sale of its taxpayer-funded building to pay for its own operations.
Read the full report at Chicago Sun-Times ↗
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- What's the story?
- <p>On a busy stretch of North Milwaukee Avenue, the four-story windows of a sleek white limestone building are devoid of activity just weeks before the start of school.</p><p>The state spent $27 million to build the former charter school just over a decade ago. But instead of getting ready to welcome back students, the Avondale building is on the verge of being sold to a real-estate investment company for a fraction of what taxpayers spent to construct it.</p><p>The charter school’s former operator, Aspira Inc.
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- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 15m ago.
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Former charter operator Aspira declares bankruptcy, could keep profit from sale of taxpayer-funded building
Sources1TypeCoverageChicago Sun-Times