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Emerson School Purchase Moves Forward

Mystic Valley Regional Charter School offers services and cash totaling $1.6 million for the property.

The purchase of Emerson School by the Mystic Valley Regional Charter School took another step forward Tuesday night, when the city's public property committee approved moving forward with the deal. 

The purchase agreement will be drafted by the city solicitor and awaits approval by the full council next Tuesday. 

The $1.3 million dollar acquisition will allow the school to hold high school classes for a growing student population, a letter of interest read. 

As the school would not be required to pay taxes on the property, the proposal included a number of other offers from the school, including upkeep of the nearby World War II memorial, some use availability for city events and a monthly gallery night featuring local artists. 

The offer also includes $10,000 a year for ten years to the ward council fund for ward improvements and use. The schoool said they would drop the tax abatement on their Eastern Ave. property, at a cost of about $100,000. 

In total, the additional offers were estimated to cost just under $300,000. 

Another proposal, submitted by Boston-based Pizzuti Developments, would've purchased the property for $800,000 and converted the site into condos. 

What do you think of the proposed purchase of Emerson School? 

Frank Ryan November 16, 2012 at 04:18 PM
Increased property values are a myth. Propert around other such facilities change like all other property. You don't see anyone rushing to live near a chareter school. The fact is, a condo/apt. develpment would bring in very much needed revenue, but you have to remeber we're talking about the well connected Mystic Valley Regional Charter School that's nothing more than a profit making business which is spending a lot on real estate as the tax dollars vanish. Don't forget that World War II Memorial will be well taken care of and they'll spend 10K for 10 years to keep the ward looking spiffy. I can't wait to see what the $100,000 gets and who gets it. How much is the Belmont School property bringing in for the city?
Tony H. November 16, 2012 at 04:34 PM
Yes, actually, strong schools increase demand for proximate properties and housing prices rise as a result. Multiple studies have proven this. Here's one of them I found to be a good read. "All three sources of variation-- differences in housing prices along school boundaries, changes in school assignments and changes in peers-- suggest that schools have an impact on housing values." http://www.econ.yale.edu/seminars/labor/lap04/staiger-040506.pdf
Gene Pinkham November 16, 2012 at 07:31 PM
The students that will be at the Emerson are not old enough to drive.
Matthew November 16, 2012 at 07:39 PM
Great now this school can screw up traffic on Highland Ave just like it's doing on Eastern Ave at their new place. Maybe they can educate the parents on how to read "One Way" and "Do Not Enter" signs so that they enter and exit the property correctly. God knows these people have caused enough accidents on Eastern Ave already.
Michael Victor November 16, 2012 at 08:23 PM
Yea Greg you are right. You ever see those people at Salemwood making the U turns or down at Beebe, Ferryway or Linden? Yea we should close all those schools and redesign the city. Twenty minutes a day twice a day get a life we live in a city. That school on Eastern Ave looks tremendous and what a great thing for that neighborhood.

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