Contact: Molly Watson, M: 413-454-3926, mwatson@everestpr.com
Westfield State Foundation enters into purchase and sale agreement for 27 Washington Street property
Westfield, Mass., June 6, 2011 – The Westfield State Foundation has entered into a purchase and sale agreement with University Housing LLC for the purchase of its 27 Washington Street property located in downtown Westfield, Massachusetts.
University Housing LLC is managed by Springfield-based Opal Real Estate Group, a comprehensive real estate company founded by Peter A. Picknelly, president of Peter Pan Bus Lines, Inc. Opal plans to convert the building to approximately 100 beds in apartment-style housing.
The development of the property will be executed by Opal Real Estate Group’s team of experts who are experienced in real estate development, construction and project management, as well as property management. Demetrios Panteleakis, managing partner of Opal Real Estate Group, explains that the goal of his project team is “to preserve a Historic Landmark for the community, while providing a modern resource for the University in support of Westfield’s downtown economic development.” For more information on Opal Real Estate Group, visit their website at opal-re.com. The website will provide ongoing updates on the project and its progress.
The projected close date for the transfer of the property is fall 2011. The development of the Washington Street property is a continuation of Westfield State University’s support and cooperation with the City of Westfield’s efforts to rehabilitate existing structures in downtown Westfield. The University’s goal is to expand its residential presence, allow for academic and cultural space and incorporate retail and business opportunities, while at the same time support downtown development.
Bidders were invited to submit proposals for any re-use of the property, including residential, retail, office, commercial or institutional use. Preferred re-use of the property is for off-campus student housing. According to a student housing report, Westfield State has demand for approximately 134 student beds off-campus beyond the 216 that are housed at Lansdowne Place.
Bidders were also able to propose any non-student housing re-use that responds to market opportunities in downtown Westfield and the region. Successful examples of converted and rehabilitated buildings in the area similar to 27 Washington Street include the General Sheppard Apartments, The Mill at Crane Pond, and the Offices at Torrington Mill, all in Westfield; and the Classical Condominiums in Springfield, Massachusetts.
The Foundation purchased the 35,000 square foot building in 2006 as part of the University’s desire to return to its historic downtown roots by potentially establishing student housing and classrooms at that location. The property was the original training School site for the college when it was founded in 1838 as Westfield Normal School. It is located on the western edge of downtown Westfield, one block west of Elm Street, the City’s main commercial thoroughfare.
About the Westfield State Foundation, Inc.
The Westfield State Foundation fuels the University’s efforts to change lives. Classified As a tax-exempt 501 (c)(3) organization by the IRS, the Foundation effectively raises Funds and carefully manages charitable gifts for the support of the University. Working with the University and other partners, the Foundation operates under the leadership of a board that is made up of respected community professionals and alumni, whose purpose is to support the University through active fundraising and advocacy. To learn more about the Foundation, or to donate, please visit www.westfieldalumni.org.
