New Canaan intends to buy Bankwell building for school board offices
NEW CANAAN — In lieu of the school district paying $330,000 each year for its offices, the town plans to purchase space at 220 Elm St. for $6.1 million and sell nearly half of the facility as condominiums.
Town officials have often complained that with over 50 town-owned buildings, not including schools, that the school district pays rent for an office at 39 Locust St., where it has been for 30 years.
“No town-owned properties have sufficient space, parking and permitted zoning use to accommodate the Board of Education’s administrative offices and the Launch and alternative programs that currently exist at the 39 Locust Ave. space,” First Selectman Kevin Moynihan said Monday.
Nearly half of the building, currently owned by Bankwell, will be sold to two private investors, leaving the cost to the town closer to $2 million, according to a release from the first selectman’s office.
Moynihan announced that, after months of negotiations, he has signed a letter of intent with Bankwell Financial Group to purchase the building that currently sits on townowned property. The deal “presents a once-in-ageneration opportunity to return to ownership of space for an essential local governmental function,” the first selectman said.
The building, constructed in 2001, was appraised at $8,706,600 in 2018, according to the tax assessor’s office. Moynihan plans to close on the building before the end of this year.
The economics of “owning versus renting for the BOE’s needs are compelling,” he said.
A vote from the Board of Education is required to determine whether to officially move district’s offices, the Launch program and the alternative high school programs to occupy 54 percent of the building. The other 46 percent would be sold to two private investors as condominium office units.
School board Chairwoman Katrina Parkhill said she appreciated the
efforts by the first selectman and other town bodies in “finding a long-term real estate solution for the Board of Education and our student programs.”
Superintendent Bryan Luizzi supports the plan.
“This plan is a longterm solution that supports the Board of Education as well as the students, staff, and families involved with our Launch and alternative programs,” Luizzi said.
The district has been housed in the 12,756 square feet property at 39 Locust Ave., which is comprised of 9,804 square feet for offices, with an additional
1,240 square feet for the Launch program and 1,712 for the Alternative High School program.
Luizzi said he appreciated the service provided by landlord Plaza Realty at the Locust Avenue location, but is “excited by this opportunity to adapt the space” to “meet the needs of our school district offices and programs.”
The funds will be bonded over 20 years at “currently very low” municipal bond interest rates, the release says.
“We are very happy” to be able to acquire it from Bankwell since the company “no longer needs it,”
Moynihan said, and thanked Bankwell “for working with the town for many months to achieve this mutually beneficial transaction.”
“We look forward to continuing our partnership as we work through the next phases of this exciting move,” Luizzi said.
The tenants of the Elm Street location are entitled to parking spaces on the adjacent town-owned land and in the Lumberyard parking. As part of the purchase of the building, the 99-year ground lease with the town will be ended.