Hickory Hills School building to be converted into retail space
SBJ Staff
Posted online
Springfield Public Schools has finalized the sale of the former Hickory Hills School building, 3429 E. Chestnut Expressway, to Nixa-based Larino Properties LLC for $4.45 million. Larino Properties plans to build a retail center called Hickory Hills Marketplace on the property, according to an SPS news release.
The property comprises the more than 100,000-square-foot building and 15.5 acres. The deal is expected to close no later than Jan. 31.
The contract stipulates that Larino Properties will pay SPS $2.5 million on or before June 15, with a second payment of $1 million to be made no later than Dec. 31, 2015 and a final payment of $950,000 to be paid no later than Dec. 31, 2017.
SPS will use the initial $2.5 million for its capital projects fund, though specific projects have not been determined.
The district has estimated that once the development is complete, it will generate $250,000-$300,000 a year in property tax revenue for the school district.
The building was constructed in 1951 and used as a school until January, when students moved to the new Hickory Hills School at 4650 E. State Highway YY, the release said.[[In-content Ad]]
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