Boston Realty Associate, an affiliate of Academic Village Foundation, will renovate the property to create approximately 90 beds for WSC students
WESTFIELD, MA, September 22, 2009 - Westfield State College Foundation Chairperson Mary Larrivee announced at its monthly board meeting the Foundation has signed a contract with Boston Realty Associates, Inc. to purchase Westfield State College's 27 Washington Street property.
The Foundation purchased the 36,000 square foot building in 2006 as part of the college's desire to return to its historic downtown roots by establishing graduate 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.
"This sale is an opportunity to move the Foundation's original project forward in a way the benefits multiple interests," said Larrivee. "Students will have new options for housing, the building will be returned to the tax roles, and the campus-community connection will continue to be strengthened."
The private developer will renovate the space to create approximately 90 beds for students, which will be offered as a housing option to students. The goal is to open the building for Fall 2010.
Student Enrollment Steadily Increasing
Westfield State enrollment has steadily increased over the last 10 years outpacing the amount of on-campus housing options currently available. WSC has been actively seeking more housing, both on-campus and in-town.
Westfield State is working with officials from the Massachusetts State College Building Authority to build another residence hall in response to its increasing enrollment. The college anticipates having a new residence hall completed by 2015.
WSC has also been working with the Massachusetts Division of Capital Asset Management (DCAM) to create additional student housing within the downtown Westfield Business Improvement District.
"In today's tough economy it is more important than ever that colleges and universities can sustain and accommodate increased enrollment. Academic Village understands and has the expertise to provide student housing solutions that create positive outcomes for students, their schools and their communities," said Juan M. Cofield, President of Boston Realty Associates and Vice Chair of Academic Village Foundation.
Academic Village Foundation, a not-for-profit corporation, was founded to provide a solution for the housing challenge typically experienced in more populated and/or urban areas such as eastern Massachusetts. The challenge is principally exacerbated by students (both undergraduate and graduate) not housed by their college or university who live in residential neighborhoods. Its mission is to obtain fee simple purchases or lease properties and simultaneously sublease to multiple higher educational institutions or for any non-profit purpose for a term(s) to coincide with, or exceed the terms of the bonds.
Downtown Westfield Development
In 2008, the Westfield State College Foundation facilitated a study to develop a vision for downtown Westfield that restores the college's residential presence, allows for academic and creative and performing arts space and incorporates retail and business opportunities. The study was privately funded by a group of area business owners who invested $100,000 toward research and development. No money was contributed to the development proposal from the College, the Westfield State Foundation or the City of Westfield.
"As we move through the inspection process, I am optimistic that the outcome will result in a first step toward accommodating increased enrollment and furthering the college's investment in downtown Westfield," said Evan S. Dobelle, president, Westfield State College. "To date, we have opened our art gallery in the Rinnova Building on Elm Street, expanded our Owl Bucks program, which generates an average of $20,000 per month for local businesses and actively sought opportunities for our students, faculty and staff to provide community service when and where it is needed."
To support its off-campus residents, the college announced in July that its new on-campus college bookstore provider Barnes & Noble College Booksellers will establish a satellite store in downtown Westfield slated to open in fall 2010. The new store will provide books and materials for both students and the broader community and will include a Starbucks Café.
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