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This article examines education-based urban restructuring in Chicago via the material relationships between school closures, real estate-led urban development, and tax subsidies. Drawing on participant observation and content analysis, I examine development projects that convert historic school buildings into luxury residential units. I put forward the concept of school-hosted urban development, a unique form of development that capitalizes on transforming education landscapes and creates value from the aesthetics of former school buildings while undermining actual education provision and disrupting community life. State-driven fiscal mechanisms are central to this process, both regarding school closures that create empty education facilities, and in moments of financing and transforming those same facilitates into income generating properties. My analysis of school-hosted urban development in Chicago demonstrates that the conversion of school buildings into incoming-generating real estate exacerbates uneven access to quality education while furthering destructive processes of gentrification, displacement, and uneven development.

School-hosted urban development: the transformation of education facilities into residential real estate in Chicago