A major landmark in Springfield, Massachusetts, the Peter Pan Bus Terminal, will become the new home of Way Finders, an affordable housing nonprofit. The bus company now operates out of Union Station.
Way Finders President Peter Gagliardi laid out the advantages of the site.
"It will allow us to design and build the housing center of the future," he said. "There'll be room for our staff, state-of-the-art space for our work with clients, more than enough parking and the best access to public transportation of any site in the city."
Way Finders will pay $2.75 million for the property and plans to spend another $10 million on renovations.
The sale price is far above the assessed value. But that's not unusual, according to Demetrios Panteleakis, the president of Macmillan Group, a commercial real estate broker.
Panteleakis said there is no correlation between sale prices and market value, and said the Springfield market is very hot right now.