Tower for Red Ink?

The Miami Herald reports that the United Teachers of Dade is considering whether to sell its tower of apartments for low-income seniors. The union built the tower in 1967 as a retirement home for teachers. But times have changed.

“UTD leaders say retired teachers make too much money to comply with federal income caps on the building’s 200-plus units, leaving the union with a building and a responsibility it doesn’t want,” the Herald reports.

The building is old, but it sits on prime real estate, valued at about $10.6 million. UTD president Karen Aronowitz says profits from the sale would go to the UTD Teaching Excellence Foundation.

I’d like to take her at her word, but a detail not mentioned in the story is that 10 years after the Pat Tornillo scandal, UTD still owes its parent union, the American Federation of Teachers, almost $2.5 million. Ditching the property could make UTD financially independent again.