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Superintendent Gregg Morris said he hopes the development around the new high-school annex will pay for the building.
"We don't plan for a bond issue, but if we cannot generate the revenue, that would be a consideration," Morris said.
The Gahanna-Jefferson school board paid $5.6 million in August to buy the former Kroger plaza on 6.8 acres at Hamilton and Havens Corners roads. The district borrowed the money and will pay for the land over the next 10 years within its existing budget, said Treasurer Julio Valladares.
The district plans to demolish the old Kroger and neighboring stores. A 55,000-square-foot school building would anchor the new development, with an additional 120,000 square feet of retail and office space around it.
But retail businesses are going through a terrible slump now, and the situation could be worse in 2009, said Christopher Boring, a retail consultant with Boulevard Strategies.
"Gahanna is pretty well-served with retail space within the city and just outside the city, with Easton," Boring said. "They need to do a market study that would address the feasibility of retail there."
Retail is struggling in Gahanna's Creekside development along Mill Street, Boring said. A coffee shop and jewelry store have closed.
But Gahanna's development director said the project can work.
Retail turnover is common, Sadicka White said, and Easton Town Center has gone through its share of retail tenants since the mall opened. She said studies show that the Gahanna area will continue to grow and retail should rebound. The property the district is developing is important to the city, she said.
The district hopes the new high-school addition opens as soon as August 2010.
The board hired Bird Houk Collaborative on Wednesday as the project's architect. The contract will pay the Gahanna firm up to $605,000.
Bird Houk worked with Stonehenge Land Co., the developer of Creekside.
But the district chose Bird Houk for the annex because of the firm's work in designing Dublin Jerome High School, said Lynda Buel, member of a citizens committee that reviewed architects' proposals for the site.
The board will soon start negotiations on a lease agreement with Stonehenge for developing the retail and office space, Valladares said.
Stonehenge originally planned to buy the Kroger property for $5.6 million and lease space to the school district. Instead, the school board decided to buy the property and set up lease agreements with Stonehenge. Morris said it was his idea to switch the roles.
The district could sell off portions of the land if negotiations with Stonehenge don't work out, he said.
jwoods@dispatch.com
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