A vacant former school in the Woonsocket suburb will be redeveloped as apartments after it was sold in October to the Goldman Group, an adaptive-reuse developer out of Boston.
The project is an opportunity to revitalize a Providence County community by offering needed rental options for housing and putting back on the local tax rolls a property that has sat dormant for 12 years. The potential community impact is one of the factors that earned the sale a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The property at 357 Park Place in Woonsocket, Rhode Island, sold for $1 million to the Goldman Group.
The city, which had unsuccessfully marketed the property for 12 years, engaged KW Elite Commercial Realty and principal Michael Alves through a request-for-proposal process to market multiple redevelopment properties across the city.
This 12-month process resulted in multiple offers on the property, and the Goldman Group was selected as the best candidate to bring the property back to life. The building, which was built in 1915, will be redeveloped into a new multifamily apartment building.
Christophe Lowe, the broker associate on the deal, said the sale of the property has several benefits for the city and its residents.
"Firstly, it will add the property back onto the tax roll, generating much-needed revenue for the city. Secondly, the Goldman Group's development plan includes reuse of the former school into a higher-end rental market with over 100 units, increasing supply in a tightly constrained rental market. Finally, the development will incorporate a community-centered sports and fitness center component, providing residents with new recreational opportunities."
About the project: The sale of the former Woonsocket Middle School at 357 Park Place in Woonsocket, Rhode Island, closed on Oct. 28, 2022, for $1 million. The property is 212,900 square feet and is planned for redevelopment as apartments.
What the judges said: "This project has a chance to revitalize a Northern Rhode Island community." — Michael Friedman, director of sales and leasing, Paolino Management.
"Its encouraging to see a developer improve a property to not only their own benefit, but to the benefit of the community and the town as well." — Gregory Arakelian, sales associate and commercial director, Lila Delman Real Estate.
"There is a big demand for residential in the blue-collar areas." — Michael Giuttari, president, MG Commercial Real Estate.
They made it happen: Christopher Lowe, broker associate, KW Elite Commercial Realty.