Temporary hold on Smithtown school district property sale

January 17, 2017 by  

Technicalities are delaying the sale of the Smithtown Central School District’s administration building, according to an attorney for the buyer, but the sale is still in the works.

Anthony Guardino, representing the Nashville based Southern Land Co., explained in a recent email that the company requested a 30-day extension on the time allowed for backing out of their agreement to buy the Smithtown site. This back-out time, or due diligence period as it is called, would have ended on January 9, if not for the granting of an extension.

The reason given for requesting the 30-day extension was that Southern Land Co. needs additional time to verify the title to the 13-acre site. The company said the survey for the property, which is located on Smithtown’s New York Avenue, was not received until a few weeks before time limit was set to expire.

According to Guardino, Southern Land Co.’s original plans, to build luxury multi-family rental properties, for the site have not changed. If standard practices are adhered to, then artist renderings of the one- and two-bedroom apartments will be sent to the brochure printers early on with an eye toward renting as many units as possible before completion of the project.

The company anticipates building up to 252 apartments, which breaks the $14.8 million purchase price down to $71,000 per unit for the land.