Shining Rock School plans expansion
Jan. 3—Shining Rock school is getting set to expand its building in 2022.
Shining Rock Classical Academy (SRCA) is currently in the development stage known as Phase II, which is set to add a new wing of classrooms, bathrooms and other usable space to the existing building on Russ Avenue.
Head of School Joshua Morgan said Phase II has always been a part of the master plan for SRCA, but an enrollment increase prompted an early start. SRCA's average daily attendance (ADM) went from 392 to 531 from 2020 to 2021.
"When our enrollment exceeded expectations for 2021, the need became apparent that we needed to consider this sooner than later," said Morgan.
In August, the SRCA board of directors began discussing moving forward with Phase II with formal action to begin work with the construction company soon following.
The currently floated design plans call for a new science room with sinks and science tables, multiple regular classrooms, another student bathroom, and administrative offices to be added to the new wing.
One big hurdle will be how SRCA will pay for Phase II construction. Having just opened their new building this year, SRCA has multiple debts they are currently paying off. One goal is to consolidate those debts.
"When we began the process of Phase I, the long-range plan was to seek a long-term financing option to consolidate the SRCA debt," said Morgan.
The board chose to seek a bond to consolidate the debt, and SRCA is currently going through the due diligence process for securing this bond.
"At this time, all of the required state public hearings have been announced and held, and we are tentatively approved to seek a bond up to $33 million," said Morgan.
Morgan made it clear, however, that the board has set a bond budget closer to $26-28 million to avoid over-extending their resources. The budget for the actual construction of Phase II will land somewhere in the $9 million range.
"The reason that we don't have a specific number for the bond target is because the only known costs at this point is the Phase I construction," said Morgan.
The board is currently in a back-and-forth design process with the designer/builder trying to decide what amenities work best for the growing school. The designer/builder is BC Construction Group (BCCG), which was previously chosen to complete Phase I construction of the school after a bidding process.
"Phase II construction needs to meet both present and future needs for SRCA and Haywood County," said Morgan.
The design options have been discussed at SRCA board meetings, giving each board member a chance to provide input on how each option will affect the students and staff. The board members will return their ideas to the builder, who then will provide a new estimate.
One enigma in the design process is the ever-increasing cost of building materials coupled with the supply chain crisis.
"The continued supply chain issues are making estimating costs for the GMP (guaranteed maximum price) increasingly difficult for our contractors," said Morgan, "In addition, we would prefer to bring the bond to market in the first quarter of 2022 so as to avoid any potential volatility in [interest] rates."
Morgan and the board are working to get to an acceptable GMP for Phase II, which also includes grounds projects like adding additional parking.
"This is where everything reaches a pressure point in the decision-making process and also gets into the time constraints," said Morgan.
The board plans to decide on a final design plan for Phase II in January.
