Executive Council votes to sell State School property

HOLLIS — The development of the former Laconia State School property is now in the hands of Pillsbury Realty Development, following a delayed approval of a purchase-and-sales agreement between the state and the firm.

The 3-0 vote by the Executive Council was taken in a barn on Brookdale Fruit Farm Wednesday morning. Councilors Janet Stevens and Cinde Warmington recused themselves from the vote. Prior to the meeting, Warmington said she had “personal and professional” attachments to one of the other bidders on the project, and Stevens declined to say why she wasn’t voting on the matter.

Pillsbury’s proposal was one of five offers the state received on the land, which covers 217 acres with frontage on both North Main Street and Meredith Center Road in Laconia. The offer came with a $10.5 million payment, but Pillsbury will have two years before the transaction is consummated. Initially, the developer will put down a $500,000 deposit, which will enable the buyer a six-month period for due diligence. Following that window, the buyer will have 18 months to seek the necessary permitting in order to pursue its development plan, which calls for a village model incorporating retail and commercial uses, wellness facilities, thousands of residences, and buildings that could be used for city offices.