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Steveston Secondary site sold to Polygon for $41 million
The Richmond School District has officially sold the 13-acre site of the former Steveston Secondary School for at least $41 million.
In a deal announced Tuesday afternoon, local developer Polygon Pacific Homes Ltd. has agreed to purchase an eight-acre section of the site, with the remaining five acres being donated to the City of Richmond as parkland.
The $41 million price tag works out to be a little more than $5 million per acre, a princely sum considering the relatively cool real estate market, which has seen local property prices come down since the height of the market in the spring 2011.
"It's a very exciting time for us, for the future needs for us," said Richmond Board of Education chair Donna Sargent. "It's been a very, very long process but it's certainly worth it when we come to today."
The deal was discussed Monday night during the board's public meeting, with the first of three deposits having already been made. The first deposit was $1 million, with another undisclosed deposit scheduled to be delivered in the next few days.
The final installment will be made on the sale's completion date, on Dec. 17, 2014.
Sargent said the deal came as a result of a lot of hard work, and she commended district staff, including secretary treasurer Mark De Mello and facilities manager Clive Mason, who worked with lawyer Andrew Kadler to represent the district's interests at the negotiating table.
Steveston Secondary was such a vibrant site for half a century, Sargent said, and she's looking forward to new life being breathed into it.
The board, which ultimately approved the deal Monday, selected to work with Polygon because it is confident the developer will work with the community and listen to their voices.
The sale price of $41.125 million may increase if certain undisclosed conditions are met, Sargent said.
But she noted there are no conditions to the deal, and the deal is not conditional on the City of Richmond rezoning the site according to Polygon's wishes.
Steveston became surplus when students and faculty merged with the adjacent Charles London Secondary School in 2007. The new school became Steveston-London Secondary School.