The Westfield State Foundation announced that it has signed a purchase and sales agreement with University Housing LLC, under the management of Opal Real Estate Group.
The former Westfield State Normal Training School on Washington Street is seen in 2008.WESTFIELD – A Springfield real estate group plans to convert the former Westfield State University training school building on Washington Street into market-rate housing.
Westfield State Foundation, the financial arm of the college, has announced a pending purchase and sales agreement with University Housing LLC, under the management of Opal Real Estate Group. Opal was founded by Peter A. Picknelly, president of Peter Pan Bus Lines and Opal managing partner Demetrios N. Panteleakis.
The formal transfer of the property at 27 Washington St. is scheduled for this fall. No purchase price was released Monday with officials saying that remains under negotiation.
The Foundation last year planned to sell the building and property to Boston Realty Associates which planned to create an Academic Village. The plan would have created housing for 90 students at an estimated renovation cost of $8 million. Juan M. Cofield, BRA president, announced last July that he was unable to secure funding for the project.
Foundation acting director John M. Wesolowski and Panteleakis could not be reached for comment.
But, in a prepared statement, Panteleakis said Opal’s goal is to “preserve a historic landmark for the community, while providing a modern resource for the university in support of Westfield’s downtown economic development.”
Completion of the project will bring additional off-campus housing to WSU students as an alternative listed by the campus housing department, officials said. The redevelopment of the building could add as many as 100 beds in apartment-style housing.
The college already uses nearby Landsdowne Place on Thomas Street for housing for 216 of its students under a 10-year $1 million per year lease.
Completion will also add to the city’s downtown housing stock and is in line with a city and college effort to revitalize the downtown corridor.
Recently DOMUS Inc. completed a $6 million renovation project involving three downtown buildings which include ground level commercial and 19 affordable apartment units.
DOMUS director Ann D. Lentini reported Monday all but two of the apartments have been rented to working families.
WSU President Evan S. Dobelle announced two years ago the partnership with the city and that the college’s goal is to expand it residential presence, as well as academic and cultural efforts, in Westfield center.
The college has a continuing shortage of housing for students and has turned away about 500 students each of the past three years. A college master plan calls for construction of a $49 million new student housing building on campus next year.
The announcement was hailed as “wonderful news for Westfield,” by Mayor Daniel M. Knapik. “This is expected to bring a more robust college presence to the downtown and will eliminate a property tax issue for that building.” The sale, Knapik said, will put 27 Washington St. back on the active property tax role.
Currently the Foundation owes the city about $244,000 in back taxes.
WSU’s downtown effort included the location of a Barnes and Noble bookstore. That prospect remains on the drawing board, Kenneth M. Lemanski, WSU vice president for advancement said Monday.
The brick structure, formerly the college’s Normal School, was re-acquired by Westfield State in 2006 and has remained vacant since 2002 when the latest tenant Westfield District Court moved to new quarters on Elm Street.
Built in the late 1800s, the Foundation’s vision is to create additional downtown student housing.
The city has assessed the building, which was added to the National Register of Historic Buildings, at $355,400. The Foundation re-acquired the building, used for several years as Westfield District Court, in 2006 for $325,000, according to city records.