Washington Yu Ying Public Charter School Purchases Site for Permanent Home

(Washington, DC, April 8, 2011) CSDC client Washington Yu Ying Public Charter School, which first opened in 'incubator space' in CSDC's Austin P. Frum Public Education Center in Northeast DC, has announced its purchase of 220 Taylor NE as the site for the school's permanent home. CSDC will develop the property, and is also providing financing in the form of subordinated debt for the project

Yu Ying, which recently held its third annual enrollment lottery to process 500 applications for 100 spaces, is just one illustration of the invaluable service that CSDC's fee developer program provides to successful, expanding charter schools that recognize the benefits of outsourcing their facility needs to an experienced developer on a complete, "turnkey" basis.

Excerpt from Statement by Mary Shaffner, Executive Director
Washington Yu Ying Public Charter School, DC:

I am thrilled to announce that Washington Yu Ying PCS has purchased 220 Taylor NE. This site, including a beautiful 1902 brick building set on three acres will be Yu Ying's permanent home. We will be opening the 2011-2 school year here on September 6.

Work has already begun on the site, and we have an incredible team working on the project. Charter Schools Development Corporation (CSDC) is the developer. Eichberg Construction is the General Contractor. Russell Sears is the Architect. Financing is generously being provided by EagleBank, CSDC, and the Office of the State Superintendent (OSSE). The District Government will be providing Industrial Revenue Bonds. Everyone involved has really gone above and beyond to help get us into the building! I am truly thrilled to be moving to this new facility.

On Wednesday night, we held our lottery for spaces for the 2011-12 school year. Approximately 500 applicants applied for 100 spots. Our new families and current families have expressed incredible enthusiasm for their new home.