The Waltham City Council has approved funding for the proposed renovations that would turn the former Banks School into condominiums.
The City Council, during its Monday, Jan. 14 meeting, approved a $3.5 million bond measure to fund turning the former school into a 24- unit complex, according to the Boston Globe. The city plans to sell the units.
The project at 948 Main St. would likely be completed within a year and involve mostly interior renovations, Mayor Jeanette McCarthy told the Globe. City officials plan to put out requests for bids on the project soon.
Some of the units will be sold for below-market rates to help boost the city’s stock of affordable housing, according to the Globe.
The top floor of the building has already been converted to seven units, but the project was halted because of funding issues, McCarthy told the Globe.
The building was declared surplus in 2005 and since 2007, city officials have debated its fate, according to the Globe.