Historic School Property – Uncertain Future

Low Flood Elevations and Traffic Issues Lessen Property Value

    “The Central School” was built on property at the corner of Sullivan and Hooper well over 100 years ago.  Now, as the last of three school complexes to locate on that corner is scheduled for demolition, the Central Community School Board is considering the next use for the property.
    The School Board hired CSRS, an architectural and engineering firm, to evaluate the property and its potential uses.  The findings presented at a School Board committee meeting last week indicate that the property would not likely sell for top-dollar as a commercial hub, and today has a net value of just over $500,000 for the thirty acres.
    CSRS explained that the planned median on Sullivan Road will limit access to that side of the property, making it less commercially attractive.  They further pointed out that the quick development of the Sullivan and Wax intersection, including the proposed 100,000 square feet of new commercial space in the Shoe Creek development, has also limited the potential of commercial development on the School Board property.
    A large impact on the value of the land itself is that it is located in the 100 year floodplain, requiring over $500,000 of dirt fill work to raise the property to buildable elevations.  In one scenario, if FEMA approves the changes requested by Central to the flood maps, the property would require much less fill work, upping its value to $940,000.  FEMA is expected to make changes to the flood maps in the next eighteen months.
    Discussions are ongoing between the School Board and the City to locate City Hall on a few acres of the property.  The committee is expected to report these findings to the full School Board in March for further consideration.