SWAMPSCOTT— The Select Board and Clearview Investment Inc., signed a land use agreement in their next step to convert former Hadley School into a luxury hotel.

At a Select Board meeting Wednesday, Nov. 6, the two entities began the next phase of the renovation as they begin negotiating the LDA (Limited Development Areas) and inspecting the property as plans unfold to transform the site.

Last February, Clearview Investment won the RFP as they were chosen as the developer to bring new life to the property.

In September 2023, the town initially published a request to change the property into a luxury hotel, at which several interested parties began tossing their hat into the ring. The three finalists were the Noannet Group, the Drew Company, and Clearview Investment Management Inc.

Each company was given the chance to pitch their ideas for the site before both the public and town officials in a meeting last January.

Back in January, Select Board member Peter Spellios highlighted a point of interest in regard to the chain of Delamar Hotels owned by Clearview Investment, citing the fact that their main point of revenue comes from the guests’ rooms, as opposed to the revenue collected from both food and beverage.

The vision Clearview presented before the committee and the community included a site plan with 58 guest rooms and 83 parking spaces, with a multi-functional rooftop space with three suites, a dining bar, and an event space.

Linscott Park was originally slated to be incorporated into the hotel property in some form, as the board previously expressed a joint desire to preserve the trees within the park.

Select Board Chair MaryEllen Fletcher took a moment to reflect on the efforts of the committee to keep the ball rolling on a worthwhile endeavor for the community. “It’s been a long process,” Fletcher said. “If anything, I just really want to say that Peter Spellios and Katie Phelan did an outstanding job with everything. I want to thank them for their efforts, they were just great.”