Old school could become new housing

Mayor Jeannette McCarthy sees no more than 35 units. (THE BOSTON GLOBE/file)

With its proximity to a pharmacy, grocery store, and public transportation, the old Banks School is prime real estate for affordable housing for Waltham's elderly, say city officials.

But it's been eyed for that purpose for years, without success. The difference now is the Waltham Housing Trust Fund is driving the project and can offer a longer lease to a developer than the city alone could.

Last week, the fund's members approved a request for proposals on turning the school into housing. It is expected to go before the City Council at tomorrow's meeting. That means developers could be bidding this fall on the property, which sits at the junction of Main, South, and Russell streets.

Although the request is not final, Mayor Jeannette McCarthy, who heads up the almost year-old trust fund, said the city will call for a minimum of about 20 units and a maximum of about 35, with the possibility of a mixed-use development.

"The more affordable housing the better," said McCarthy.

A similar plan fell flat last year because the city was offering a lease of only about 10 years. Now, the city - via the trust - can offer something closer to 75 years, which it was prohibited from doing on its own without the state Legislature's OK.

The change helps tremendously, according to Erica Schwarz, executive director of the Waltham Alliance to Create Housing, a nonprofit community development corporation known by its acronym, WATCH.

Her organization bid last year, but without a long-term lease could not move forward.

"I think we are likely to bid on it again," said Schwarz.

Just under 5 percent of the city's housing inventory is considered affordable by state standards, according to the city's housing division.

With nearly half the city's population considered low-income, about 9,000 units would have to be built to fill the need, said Schwarz.

"The Banks School represents a significant and important step toward meeting that need," she said. "Waltham is a city with very few buildable parcels. . . . Given the limited land resources, it's extremely wise that the city has decided to look at its own properties."

Gary Marchese, the ward councilor for the Banks School neighborhood, said that a year ago he wanted to sell the building but didn't have enough support from his fellow councilors.

Now, he said, he's optimistic about cooperation from the council and believes residents would be proud of a development that's partially affordable and partially market rate units.

He said he is concerned about overdevelopment and believes 20 to 25 units would be plenty. He noted, "Parking is everything in Waltham."

Marchese added that he hopes the final request for proposal is broad enough to attract several bidders willing to give the school a makeover.

"It's a big handsome building," he said. "It deserves to be saved."

Lisa Kocian can be reached at 508-820-4231 or lkocian@globe.com.