[MassHistPres] Question re: ground lease
rcsmitharch at verizon.net
rcsmitharch at verizon.net
Thu Jan 12 16:49:44 EST 2023
Where did that cost number come from? That’s about $1600 per square foot, which does not sound right.
Richard Smith
Swampscott Historical Commission
From: MassHistPres <masshistpres-bounces at cs.umb.edu> On Behalf Of Courtney Meyer via MassHistPres
Sent: Thursday, January 12, 2023 3:48 PM
To: MassHistPres at cs.umb.edu
Subject: [MassHistPres] Question re: ground lease
Hi all,
I am the chair of the Russell School committee in Hadley, MA. We are trying to save our beautiful 1894 Italianate Russell School building set in town center. (Photo attached.) The approximate cost to rehab and bring it up to code is in the $16 million range, which of course is prohibitive to the town. In order to save the structure, we are considering the feasibility of selling it to a private investor with a preservation restriction in place, but the town will want to continue to own the land. We are seeking some guidance on examples and stipulations around a ground lease, and/or use of deed provisions that has ownership of land be given back to the town if the building is destroyed and cannot be rebuilt per preservation restriction. Any insight would be appreciated.
Thank you,
Courtney Meyer
Russell School Committee Chair
Hadley, MA 01035
--
Today's Children, Tomorrow's World
www.theglobalchild.org <http://www.theglobalchild.org>
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