Mike Valvasori told the Dundas Star News Wednesday afternoon his conditional offer to purchase the building was accepted by the Hamilton Wentworth District School Board. He is reviewing measures that must be taken to satisfy requirements for housing development next to an active rail line. He must address issues of noise, vibration and safety. But Mr. Valvasori said his plan is to develop within the historic 79-year-old school building, rather than demolishing it.

“We’re very big on keeping the shell, using the existing building as much as possible,” he said. “The bricks, the mortar, the foundation are all structurally sound. It’s a great shell.”

Mr. Valvasori recognizes his proposal will also have to address flood plain issues for the Hamilton Conservation Authority, take into account Spencer Creek and a waterfall on the property, and may require consultation with Fisheries and Oceans Canada. But he has no problem with the City of Hamilton’s recent decision to pursue historic designation under the Ontario Heritage Act.

“We would welcome it. It would help us. There might be some funding for us,” he said.

School board spokesperson Jackie Penman confirmed a conditional offer had been accepted, but said board policy is to keep all property deals confidential. The board put both Dundas District and Central Park schools on the open market after a month-long secret tender process ended with no offers accepted by the board.

The board put a $1.2-million price-tag on Dundas District. Mr. Valvasori would not say how much he offered, noting the price will be public when the deal closes. No offers have been made for Central Park, according to the board.

Both Ms. Penman and Mr. Valvasori said the deal should close in about two months.

“If not complete answers, we want to have a comfort level that we can do it,” Mr. Valvasori said.

Once he finds out what needs to be done to satisfy all regulations for developing the site, Mr. Valvasori said he’ll know how much parking he can have and therefore how many residential units he can build inside the former school.