Translation:The school is that way.
Socchi as "over there" makes no sense. In English, if I'm pointing out direction, "here" means we are standing next to it, "there" or "right there" means it can be clearly seen, and "over there" or "yonder" means it's down the way a bit. Unless I've been lied to, this is the same as the ko-, so-, a- distinction in Japanese.
It's not the Japanese that's being disputed here, but the English translation. If something is closer to the listener than it is to me, as the speaker, I would say it was "by you" or perhaps "there by you." Just using "there" implies (to me, a native English speaker) a distance from both speaker and listener (more like how the Japanese use あっち).