GEMS World Academy For Sale In Lakeshore East
A Private School’s Unique Offering on the Market
DOWNTOWN — GEMS World Academy, a private school, is for sale in Lakeshore East.
Background
The announcement of the sale of the school and its building, 350 E. South Water St., which Crain’s first reported Wednesday, comes two years after GEMS ended its high school program to instead focus on pre-K through eighth grade students.
A Brief History
GEMS World Academy Chicago opened in 2014 as the first U.S. school for the Dubai-based education provider. It has an annual tuition of $28,000-$37,500, depending on grade level.
The Decision to Sell
In November 2022, GEMS leaders said they would be phasing out the high school program. Following months of uncertainty, the school later announced it had secured a long-term lease at its Lakeshore East campus through 2033, telling Block Club the school was there to stay.
Expansion Plans Halted
The school’s expansion, however, was thrown in limbo. A nine-story, 154,000-square-foot building at 355 E. Wacker Dr. would have expanded the school’s ability to house high school students.
New Focus for Investors
Now, GEMS is selling its original school operation and East South Water Street building as its investors shift focus to expanding in the Middle East, where the school was founded, head of school Cindy Rigling told Block Club.
Closing the School
The Chicago campus will close if a buyer isn’t found by the end of the school year this summer. But Rigling said she’s hopeful a new investor will step in, citing the school’s diverse offerings and accreditations, like its International Baccalaureate program.
Conclusion
“We’re really proud of our outstanding faculty, and the steady academic successes of our students, even through the pandemic,” Rigling said. “We’re hoping that people will acknowledge the quality of the program and want it to sustain.”
FAQs
* What is the current enrollment at GEMS World Academy?
+ Just over 200 students are currently enrolled.
* What is the capacity of the school’s building at 350 E. South Water St.?
+ The building has capacity for more than double the current enrollment.
* What is the annual tuition for GEMS World Academy?
+ $28,000-$37,500, depending on grade level.
* What is the school’s plan if a buyer is not found by the end of the school year?
+ The school will close, and the current students will need to find new educational options.
