LYNN — KIPP Academy Charter School has closed on its purchase of the J.B. Blood Building on Wheeler Street for $3.5 million, according to the Southern Essex Registry of Deeds.
The deal, which closed late Thursday, is the next step for KIPP to construct a $30 million high school in the 120,000-square-foot building.
School officials expect the project to be completed in time for the start of the 2019-2020 school year.
The 91-year-old building is assessed at $2.3 million. It was sold by the Economic Development & Industrial Corp., the city’s development bank.
The Academy Collegiate High School will feature 30 new classrooms including science labs, special education, art, music and dance rooms and a cafeteria to support 330 students.
Starting next year, KIPP Academy Lynn Elementary and Middle schools will be at the High Rock Street campus, while the high school will be in the Blood Building.
This year, KIPP has 1,338 students, including 365 in grades K-2 at the Blood Building and the rest in grades 5-12 at its main campus in the Highlands. Third and fourth grades are not offered yet.