Two Plans Submitted for McKay School in Beverly

According to the Beverly Citizen, two developers have proposed converting the vacant McKay School in Beverly into residential units – beginning as apartments which may be later be sold as condominiums.

Redevelopment of the McKay School is one of several components of Mayor Bill Scanlon’s plan to pay for the $68 million Beverly High School construction and renovation project that is scheduled to break ground later this year. Any redevelopment plan would need a special permit from the City Council under a recently revised zoning ordinance that governs residential reuse of municipal buildings.

The Beverly Citizen article had a nice breakdown of the plans:

Windover Development LLC
Proposed residential units in former McKay School: 23
Units in newly constructed buildings: 6
New residents: 60 to 65 people
Proposed purchase price: $600,000
Project cost: $7.4 million
Tax revenue after six years: $101,700
Parking spaces: 58
Below market (affordable) units: four

Dakota Partners Inc.
Proposed residential units in former McKay School: 30
Units in newly constructed building: 6
New residents: 58 to 87 people
Proposed purchase price: $1 million
Project cost: $8.37 million
Tax revenue after six years: $136,768
Parking spaces: 72
Below market (affordable) units: four