West

Waltham

Renovation funds approved for new elderly residence units

Advertisement

Waltham city councilors gave the green light to Mayor Jeannette McCarthy this month to use $3.5 million in municipal bonds to transform the rest of the former Banks School on South Street into a 24-unit condominium building for the elderly. Since 2007, city officials have discussed what to do with the former school at the intersection of South and Main streets, which was declared surplus property in 2005. McCarthy said the city previously used about $1 million to turn the top floor of the three-story building into seven condominium units, but had to halt the entire renovation project because the city ran out of money. The city plans to finish renovating the other two floors within a year, and will then sell the units at market-rate prices to citizens age 62 or older, hopefully breaking even or profiting on the investment, officials said. City officials hope to give current Waltham residents as much preference as the law allows for purchasing the units.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com