City officials are set to approve selling the Powderhouse Community School to a developer for $2 million so it can be turned into mixed use and senior housing.
At their meeting tonight, aldermen will consider a land disposition agreement to sell the property to MarKa, which is led by Somerville-based developer Sebastian Mariscal. The LDA requires MarKa to maintain mixed use development, including artist space, and senior housing at the site and dedicate 40 percent of the site to open space. Yeah, that's only an asking price, but still...
The city had originally planned to sell the building to Tufts University in 2013, but stopped the deal after learning Tufts did not plan on developing the property for years. Last year, MarKa won a re-bid to purchase the 88,000-square-foot property, which is valued at $7 million. Besides the $2 million sale price, MarKa is required to make more than $750,000 in open space improvements to the area.
In its proposal, MarKa planned to build 40 residential units and 13,275 square feet of commercial space at the site. Of the residential units, MarKa proposed 20 would be unrestricted loft-style units, seven affordable units, eight below market price live-work artists units, and 12 senior units. And the proposed commercial space included 11 or more units, three retail units, two service-oriented units, one restaurant unit, five collaborative campus/ maker units, and one artists’ hall unit.
In its land disposition agreement, the city is requiring MarKa to keep the property mixed-use for 20 years following the closing date, unless given notice by the city otherwise. Likewise, the agreement required 13 units of senior hosing be maintained on the property for 30 years, one unit more than originally proposed.
MarKa would also not be allowed to transfer any portion of the property to a tax-exempt owner without city consent. If the property were to transfer to a non-profit, they may be required to sign the city a payment in lieu of taxes agreement.
The agreement also requires the developer to break ground within three years following the closing date, dedicate 40 percent land to open space, and include a seven-foot wide pedestrian walkway between Holland Street and Broadway. However, it is allowed to move that walkway from its existing location running alongside the school and the TAB building.
The site is permitted for 48 total units, including eight artist’s live/ work units, 15 group housing for seniors, and eight affordable, according to the agreement. And permits requires the site to have no less than 10,000 square feet of front commercial space, at least 48 parking spaces, 118 bike parking spaces, and 27,767 square feet of publicly accessible open space, the agreement said.
