Newport Daily News: Developer offers $1 million for former school

Former Cranston-Calvert Elementary School could create housing space for young technology professionals

By Sean Flynn | Staff writer

  • Mar 1, 2018
Updated Mar 1, 2018

NEWPORT, R.I. — A developer based in the city is offering to purchase the former Cranston-Calvert School off Broadway and convert it into a 34-unit apartment complex that includes two-bedroom and one-bedroom apartments.

BCM Realty Partners LLC has offered the city the “gross sum” of $1 million for the property, City Manager Joseph J. Nicholson Jr. told the City Council Wednesday night.

“The pricing is in line with a fair market value appraisal that I commissioned to determine the range of value, as is,” he said.

A gross sales price was cited because hazardous waste remediation may be necessary at the school, to remove asbestos for example, and the city may provide a certain credit to the developer for that work, he said.

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Courtesy of Newport Daily News

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