On February 20, 2019, Walsh Park signed a non-binding letter of intent with the Fishers Island School District to acquire a 2.5 acre parcel of land located on the corner of Winthrop and Equestrian Avenues. Walsh Park and the Fishers Island School have been discussing this transaction, off and on, for over 20 years. It was only recently, under Karen Goodwin’s and Christian Arsenault’s leadership, that the school board concluded that a sale to Walsh Park was the highest and best use of the property.
This letter of intent expresses Walsh Park’s desire to purchase the land and is contingent upon Walsh Park’s ability to secure approval from the Town of Southold’s Planning and Zoning Board to construct multi-family dwellings on the property. The letter of intent expires in September 2019. Two independent appraisals were used in the arm’s length negotiations between the School and Walsh Park.
In putting together this transaction, both Walsh Park and the Fishers Island School have carefully considered what we believe to be in the best interest of the entire Fishers Island community. Specifically, this transaction will provide funds to the Fishers Island School that can be used for future capital needs. As well, it will position Walsh Park to continue to address the acute housing shortage faced by members of the year round community. Finally, all costs will be privately funded.
This is the first step in what will be a long process. At present, Walsh Park does not have any specifics regarding the number, size or design of the units to be constructed, or the timing of construction. Our intention is to build housing that is attractive and in keeping with the ambiance of the neighborhood.
Both Walsh Park and the Fishers Island School Board see this as a very exciting development for the School, Walsh Park and the Island. We hope that you agree.
Thank you for your continued support of the Fishers Island School and Walsh Park. We will keep you informed of our progress.