Reply to New game: what school will/should buy Sidwell lower school campus and why?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]As to the old Sidwell campus in Bethesda, it will in all likelihood be sold to a residential real estate developer, the buildings will be torn down, and a new "exclusive" enclave of Edgemoor-adjacent, "tasteful" mini-mansions will be put up and aptly named "The Campus", "Sidwell Forest", or the "Estates at Edgemoor"[/quote]
+1 It will not remain a school. The math is pretty simple. 5.5 acres zoned R-60 by right could allow up to 40 new lots of 6,000 square feet. New luxury housing construction costs about $200 sq. ft, so 5,000 square foot houses will cost about $1M to build and sell for $1.75M+. That would give the developer at least $30M for her return after land acquisition costs. The property is currently assessed at $5.7M. No school could afford to pay $5M over assess value. But, the developer could do that easily and still make very healthy margin.  [/quote]
NP.  I imagine the current tax assessment is meaningless, since they've had the spot for years.

When was the last time a school in the DC area (or any comparable entity in the DC area) bought a similar piece of property that was move-in-ready?  I can't think of any comparable examples, so it's hard to say how much a school might pay.  
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