Hickory Hills School building to be converted into retail space

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]]