Newport Daily News: Developer offers $1 million for former school
Former Cranston-Calvert Elementary School could create housing space for young technology professionals
- 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.
Courtesy of Newport Daily News