IN THE NEWS

McCool Acquires School Site

By Anne Pickering

Staff Writer DailyLocal.com

WEST CHESTER — One of the largest and choicest parcels of land in the borough — the former Bishop Shanahan High School/Collegium Charter School site — has just been acquired by McCool Properties LLC. The family-owned real estate development company reached an agreement with the Archdiocese of Philadelphia for the building at 521-523 W. Gay St. this week. “We are excited about the development opportunities of this site and corresponding future fiscal, economic and housing benefits for the borough,” the developer said in a statement.

On Thursday, Chris McCool was joined by his father, Ray McCool, and son, Andrew McCool, outside the building to reflect on their latest acquisition and their plans for a residential, possibly townhouse, development.

As one of the highest points in the borough and with zoning that allows buildings up to 35 feet in height, Chris McCool speculated that the homes could have great views.

But the big benefit to the borough will be returning a tax-exempt property back to the tax rolls.

“The key to this purchase is that it is a great example of a tax-exempt property being converted to many taxable parcels,” said Chris McCool.

The borough suffers from having too many tax-exempt properties, from the university to county government buildings and many churches. More than 30 percent of all property in the borough is exempt from local property taxes.

The current assessment for the 62,000-square-foot school that was built in 1956 on the three-acre, block-long lot is about $4.4 million.

Once the development is built, the assessment will change.

The school has been vacant since Collegium left at the end of last year.

Andrew McCool said they had already talked to some of the neighbors who expressed concern over the impact to the neighborhood when Bishop Shanahan occupied the building. There was a large student body and faculty, and much of the street parking was taken.

With the new development, all the parking will be on-site.

Ray McCool said the company was sensitive to former Shanahan alumni and the Archdiocese and would take that into consideration during site development.

While they are currently in the process of evaluating zoning and potential reuse, Chris McCool said, they are “looking forward to sharing site plans with the neighbors and Borough Council.”

To contact staff writer Anne Pickering, send an e-mail to apickering@dailylocal.com.