College purchases 10 acres on lake

The Board of Trustees voted unanimously to purchase a 10-acre property on the far side of Lake Waban for $3.8 million on Sept. 10.

Described by President Kim Bottomly as a "pie-shaped parcel of land [that] lies north of the point where Pond Road nearly touches the lake—dominating the landscape across the lake from the College and many of our views," the property is considered to be an investment opportunity as well as a way of preserving the College's landscape.

"This is not a short-term expense; it is a long-term investment. This investment benefits the College, but more importantly, it moves us towards our long-term institutional goal to renew and preserve Wellesley's beautiful landscape," President Bottomly commented on the purchase.

"The Board's decision will keep what has been designated as a natural habitat from being aggressivelwy developed; we will work to ensure that the lake path remains open and unobstructed; and we will preserve the beautiful landscape that is so important to the entire Wellesley community," she said.

"We highly value our landscape and its view," Andrew Evans, vice president for finance and treasurer, said. "This property is directly across the lake from many of our iconic buildings...[When you] look out at the lake, you want to preserve this particular view. The land is also contiguous with other college land."

The decision to purchase the property was made amidst a period of great financial difficulty for the College. The 2008-2009 Wellesley College Annual Report predicts that the decline in the value of the College's endowment will result in a $20 million deficit in the 2010-2011 year. In response, the administration reduced staff and implemented other cost-saving measures, such as changing the dining service providers and cutting weekend transportation services into Boston.

"The timing was not what we would have preferred, but this is when the opportunity was presented to us. Rather than miss the opportunity, the trustees felt it was in the long-term interests of the College, and made the decision to acquire it," Evans said.

President Bottomly announced the purchase in a message titled "Real Estate Transaction" on "Official Announcements," an online message board the day that the purchase was finalized.

"I wasn't involved in the decision-making (I'm fairly certain that the trustees make all decisions pertaining to the College's estate, purchases, etc.), but from what I've heard, I stand by the decision," College Government President Perry Hodgkins '11 said.

Some students were surprised by the sudden property acquirement, and feel that the administration should have informed them more about the purchase. "The Lake Waban real estate transaction? I haven't heard of it. What happened?" Maliha Rahman '12 asked. "I wish that [the administrators] would do more to involve students in the decision-making process."

Now, however, the administration is asking the campus community for greater participation in plans for the property. "We will be working with the Board of Trustees to determine the best use for the property in the future, and are open to suggestions from the community as we formulate the plans," President Bottomly said.

The owners of the property approached the College with an offer to sell the land in Spring 2010. Since then, the Real Estate Task Force, the College's trustee group responsible for real estate, conducted a due diligence review, which included evaluating the property and negotiating a fair price for it.

The land, currently being leased to the former owners until they are ready to move out, was the last privately held property bordering the lake, apart from the homes owned by the Hunnewell family.