Fall River pays off $7.5M lease on former charter school building. What's going there?

FALL RIVER — The Fall River School Department may soon be getting a “new to you” school, after it paid off its more than $7.5 million lease on the former Atlantis Charter School at 2501 S. Main St.

“That will be coming up shortly,” said Mayor Paul Coogan, who is also the chairman of the School Committee.

In its meeting this week, the Fall River Redevelopment Authority was informed that, at the end of July, the School Department cut a check for the balance of the lease.

In May 2023, the RDA purchased the 77,000-square-foot property, a former school and nunnery, for $7.5 million with the express purpose of leasing it to the School Department.

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The city opened about 10 pre-k classrooms in the building. Included in the lease agreement is a lease-to-purchase opportunity.

While the School Department can’t own school property, the city can buy the building from RDA for $1, according to the agreement.

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The lease agreement was originally for five years with the School Department paying RDA more than $138,000 a month, plus 4% to cover mortgage expenses.

Coogan has called the deal with the school a “win-win,” noting that construction of new school buildings can run between $35 million and $40 million. And the building has plenty of room to house more students and teachers.

Coogan said the school district is planning on moving students from the Stone Therapeutic Day School on Maple Street to the South Main Street location.

This article originally appeared on The Herald News: Fall River pays off $7.5M lease on former charter school building. What's going there?