The sale includes 10 buildings comprising approximately 190,000 square feet that OPAL plans to develop into luxury condominiums and commercial space.
A building on the Clarke School campus. NORTHAMPTON - OPAL Real Estate Group has finalized its deal to buy the 11.8 acres of property from Clarke Schools for Hearing and Speech, buying the property for $4.8 million.
The sale includes 10 buildings comprising approximately 190,000 square feet that OPAL plans to develop into luxury condominiums and commercial space. To accomplish this, it plans to spend some $9 million over the next two years.
Demetrios N. Panteleakis, OPAL’s chief operating officer, praised the Northampton mayor’s office and city planners, saying he believes the project supports the development goals of Northampton.
“There is no other location in Northampton with the amenities, parking and proximity to the energy of downtown,” he said.
Panteleakis also said Clarke School has been a tremendous steward of the historic property and that his company will continue that stewardship.
“We are delighted to become the neighbor of such a vibrant organization whose mission of helping children who are deaf and hard of hearing learn to listen and talk remains in full force on Round Hill," he said.
OPAL is owned by Peter A. Picknelly, the chief executive officer of Peter Pan Bus Lines and a partner in an effort to build a casino in Springfield. OPAL has bought, managed and developed property in Springfield, Holyoke and Westfield. Picknelly has promised to be faithful to the historical and architectural integrity of the Clarke School buildings in his project. Last month, OPAL was approved for state and federal tax credits following a strict vetting process.
Founded in 1867, Clarke was once primarily a boarding school for deaf students. In recent years, however, it has sold off many of the building on its Round Hill campus as it has refocused its mission to teaching the deaf in the community. Its kindergarten-through-eighth grade program is currently located in Northampton’s Leeds Elementary School.
Clarke president William Corwin said on Monday that he is pleased the deal has been finalized, strange as it is to lose so many buildings.
“Clarke has occupied some of them for a very long time,” he said.
Clarke has long since removed its furniture and other property from the buildings in preparation for the renovation, Corwin said.