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11/15/2018 11:00 PMIn the upcoming poll, residents will be asked to share their thoughts on seven different options currently on the table for the former Academy School building. Of the total, four are private developer options and three are public/community uses.
The Private Development Options
All of the private development options are building-only, meaning the baseball fields are not on the table, but all options do require a small portion of land around the building for access, parking, and septic.
RAL Development Services, LLC
This proposal is residential only and would involve restoration of the building into 20 high-end condominiums, two or three bedrooms each, and sold for an estimated market rate between $850,000 and $1.2 million.
The town would sell the building to RAL for a purchase price of $250,000 plus 15 percent of all proceeds over $700 per-square foot. This developer does not have a financing contingency and the estimated annual tax revenue is $375,000.
Horton Group
This proposal is mixed use with 11,000 square feet dedicated to commercial office space and the rest of the building used for 21 rental apartments, one- to two-bedrooms, and at a monthly rental rate anywhere between roughly $2,000 to $5,000.
The purchase price is $300,000 plus $175,000 for site improvement because this option takes the most land and would require one of the baseball fields, basketball courts, and Chamber parking be reoriented on the parcel. The developer has proposed a three-year phased in construction and estimated annual tax revenue comes to $170,000.
The Women’s Institute/Hope Partnership
The only option that involves the lease of the building, this developer would restore the building to include 28 one- to two-bedroom low income and market rate apartments. The theater at the front of the Academy Building would be restored and shared with the town.
Lease rent and tax revenues are not yet determined for this option. The developer will also rely on state funding, grants, and tax credits to finance the project.
Dakota Partners
In this proposal, the building would be turned into 40 age-restricted studio or one-bedroom apartments. Roughly 80 percent of the units would be affordable and 20 percent would be market rate. This option also includes preserving the gym at the rear of the Academy Building for shared use with the town.
The purchase price is $250,000 and annual tax revenue is estimated at $40,000. The project financing is contingent upon state funding and tax credits.
The Community Options
The community options involve the town keeping the building and paying for any work. Colliers International, a local project management firm, provided all cost estimates attached to options.
Community Center
An option brought forward by residents, under this option the building would be transformed into a community center for activities such as adult education, art, yoga, music, co-working space, meeting space, and performances.
The estimated cost is $14 million, a number that could possibly be reduced by grants and/or tax credits. Potential operating costs for such a building are unknown at this point but would have to be worked into the town’s annual budget.
Town Hall Relocation
All municipal offices currently located at Town Campus off of the Hammonasset Connector would be moved down to Academy. Other structures at Town Campus such as the police station would stay and the main building could be turned into a community center.
Rehabbing Academy for municipal offices is estimated to cost $14 million and converting the current Town Campus facility is estimated to cost $5 million, for a total of $19 million. Potential funding offsets also apply to this option and operating costs for both structures would go into the town’s annual budget.
Town Park
The current structure would be demolished and a town park would be built in its place. This option has an estimated cost of $1.5 to $2.5 million because some remediation is still required when a building containing hazardous materials is demolished.
This option has the lowest cost, but the highest risk. As the building is on the National Register, the town does open itself up to potential litigation for destroying a historic building.