INDIANAPOLIS - Indianapolis Public Schools has sold its Facilities Maintenance Division buildings to Indianapolis-based TWG Development LLC. The district says the more than $2.7 million deal will allow TWG to transform the property into a mixed-use development with office and residential space.

The buildings are located on a 4.5-acre site on East 16th Street just northeast of downtown Indianapolis. The sale of the buildings was part of recommendations made by IPS in June 2017, which also included closing four schools.

"IPS is continuing our commitment to maximize our taxpayer dollars by shedding unused and underutilized properties," said IPS Interim Superintendent Aleesia Johnson. "By selling these properties to responsible developers, we not only realize significant investment in our own schools, but we also put valuable properties back on the tax rolls."

The district says construction on the redevelopment project is expected to begin immediately. When complete, the property will include office and meeting space, as well as 190 market-rate and affordable apartments.

"TWG was pleased to be selected by IPS to purchase the FMD site," Joe Whitsett, principal of TWG Development, said in a news release. "The vision of IPS for the neighborhood aligns with our goal to revitalize this site in a manner that will allow the buildings to continue to be a positive asset in the community."

IPS says since 2015, it has sold more than 10 properties for a total of more than $20 million. The redevelopment value of the properties, according to the district, has been valued at approximately $425 million.