After the School Closings, the Real Estate Mess

Across the United States, cities are "right-sizing" their school districts, closing and combining schools to combat crunched budgets and dwindling student populations. In January, New York announced that it would shutter 17 schools; Philadelphia will close 23 of its 242 schools. Detroit, Chicago, and Washington D.C. also unveiled controversial plans to shrink the number of schools they operate. And that's just this year.

One of the thorniest issues (in what is a veritable forest of mess) is what to do with those school buildings once they're empty. Often, the facilities are in poor shape, with promised renovations put off quasi-indefinitely. Many are located in depressed neighborhoods. And there are only so many developers with the know-how and resources to convert classrooms into condos or a community center.