This is a printer-friendly version of an article from Zip06.com.
05/24/2016 12:00 AMAs the town and the Shoreline Arts Alliance (SAA) struggle to negotiate a lease agreement to possibly transform the former Academy School into a cultural arts center, other parties are beginning to come forward with different ideas for the aging building.
The Academy School’s future has been a hot button topic in town since the school was vacated more than a decade ago. Over the past three years, the town has been working with SAA to explore the idea of building a cultural arts center and the two parties entered into a letter of intent designed to facilitate further investigation to that end.
Most recently, the town approved a contract with Centerbrook Architects for the building, but voted not to approve spending $100,000 on further planning studies or to extend the letter of intent, which is set to expire July 1.
The SAA and the Board of Selectmen had been discussing terms for the lease and how to divide financial responsibility for the project. Previous conversations had suggested the town would pay to bring the building back online and the SAA would pay to transform the building into a cultural arts center, but real estate agents and developers are beginning to discuss other options for the building that they believe are better for the town financially.
John Campbell, a Realtor with Christie’s International Real Estate in Madison, said developers are interested in possibly using the building for luxury condominiums, a development he said could add up to $300,000 in tax revenue for the town each year.
“I call it subtle development,” he said. “Our towns are not going to embrace the big boxes like Walmart and Costco, but what they could embrace is re-energizing some of these buildings that we have and turning them into revenue-producing structures without changing the character of our town.”
Campbell said this kind of development could help save the building and keep the town from spending any more money on the deteriorating structure.
“I think if you work with the right developer who is going to protect the exterior and enhance the exterior to its original character...that is a win- win for everybody,” he said. “There are other opportunities for this building that could provide revenue for the town.”
In addition to possibly increasing revenue, Campbell said a project like this could also help diversify Madison’s housing options.
“It does solve another issue that we have in this town: There is a major void in condominiums or structures where people can downsize from their large homes into their smaller and easier to maintain properties,” he said. “That is why we are seeing a lot of people leaving our towns, because there is nowhere to downsize into.”
Campbell is one of a few people who have expressed interest in the building, according to First Selectman Tom Banisch.
“A lot of people have contacted me who are interested in doing some sort of housing there, whether it be luxury condominiums or apartments or other kind of condos,” he said. “I think I have had four or five people who have contacted me to say we would be interested in doing something there.”
While other people have expressed interest, Banisch said they are still working to negotiate a lease deal with SAA.
“We are trying to work out a deal with SAA, but if we don’t, then we are going to have to find something else to do with the building. My feeling is that the town has no use for the building, so it is going to have to be an outsider who has some use for the building,” he said. “I would like to see it be its best and highest use. I don’t necessarily know what that is.
“If we don’t go in the direction of SAA, I would like to put out a RFP [request for proposals] to everybody and anybody and say, ‘What do you think is a great idea for Academy School—what would you do here and what would you pay us to do it?’” he continued.
For now, the town cannot consider any other options for the building pursuant to the letter of intent, which states that “the town shall not solicit, accept, provide factual information or negotiate any offer to lease or purchase the premises with any person or entity” other than SAA while the letter is still valid. The letter of intent is set to expire July 1.
SAA Board Member Kathryn Hunter said the purpose of the contract “is to make sure the parties are negotiating in good faith with one another to make the deal and that they are not distracted by other things.”
As negotiations between the town and the SAA continue to stumble, members of the SAA had previously stated that they might have to consider other locations for a cultural arts center, but Hunter said it would be disappointing to not use the building for the arts.
“You can put condos or office buildings anywhere,” she said. “[Academy School] is beautifully located and it preserves the legacy of Daniel Hand, so it checks so many boxes. [Daniel Hand] gave it to the town to be used for education and public service and Tom Banisch is going to be the first person in 125 years to sell this building for condos.”