Peter Picknelly, the owner and founder of OPAL, promised to maintain the historic and architectural character of the buildings as OPAL converts them into luxury apartments and commercial space.
NORTHAMPTON - The Massachusetts Secretary of the Commonwealth's office has notified OPAL Real Estate that state and federal tax credits have been approved for the renovation of Clarke Schools for Hearing and Speech buildings, clearing the way for the Springfield development company to buy 11 acres of the Round Hill campus.
OPAL announced in November 2011 that it had a purchase and sales agreement with Clarke to buy 11 acres of the stately campus, including 11 buildings.
No selling price was cited, however, and the agreement has been on hold pending the approval of the tax credits, which could save the company 20-30 percent of its construction costs. Clarke has been selling property and buildings on its campus for several years, but the current agreement represents by far the biggest transaction.
Founded in 1867, Clarke helped pioneer education for the deaf. At one time, hundreds of students boarded at Clarke, but it has refocused its mission in recent years, sending trained teachers out into communities to work with deaf students. As a result, it has downsized its campus.
Peter Picknelly, the owner and founder of OPAL, promised to maintain the historic and architectural character of the buildings as OPAL converts them into luxury apartments and commercial space.
Concerned neighbors have lobbied the city’s Historical Commission to include Round Hill in the Elm Street Historic District, which would give the buildings some architectural protection. That plan is still on hold, but the state and federal tax credits carry strict guidelines.
According to Demetrios Panteleakis, OPAL’s managing partner, the company had to submit detailed design plans of both internal and external changes for review by the state. OPAL must comply with those designs before receiving the tax credits, which it can then sell.
“We have to spend every last dime (on construction),” Panteleakis said. “It isn’t like a grant. If you fail to put (the plan) into operation, you can be (held accountable).”
OPAL has sought and obtained tax credits on several of its other projects, Panteleakis said, noting that the standards are very demanding. Now that the credits are in hand, however, the path to the sale is clear.
“That was the last hurdle to overcome,” Panteleakis said.
Clarke president William Corwin said he is excited by the news.
"It's a big step," he said.