Procurement News Notice |
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| PNN | 6052 |
| Work Detail | The Park N’Ride in North Kingstown finally has a new prospective owner; real estate firm T.M. Crowley & Associates. The company, which is headquartered in Indianapolis, Ind., but has a satellite office in Lincoln, purchased the approximately 72,000 square foot lot for $2.1 million. Rhode Island Department of Transportation spokesperson Charles St. Martin confirmed the sale to The Standard Times on Tuesday, stating that T.M. Crowley & Associates’ bid was the highest among four submissions at the Aug. 1 auction. The site was originally appraised, he said, at $1.9 million. St. Martin added that RIDOT expects to close on the purchase sometime this fall. The real estate firm did not respond to inquiries about their designs for the former park n’ ride at the intersection of Routes 102 and 2, which served as an important transportation hub for residents commuting to Providence and other points in Rhode Island until its move to the parking garage at Wickford Junction in 2015. The company’s website describes the firm as ‘seasoned experts in multiple facets of real estate development.’ “From third party development to consultation, land planning and management services, we deliver world-class results rooted in decades of collective industry experience,” the website continues. According to RIDOT earlier this year, a cash deposit of $50,000 was required from any potential buyer, and a $414,000 credit will be given on the site in order to relocate subsurface utility lines. The $2.1 million will be dedicated to the construction of a new commuter rail station in Pawtucket. In July, U.S. Sen. Jack Reed announced the award of a $13.1 million TIGER grant to help fund the project. As for the park n’ ride services at Wickford Junction, RIDOT has to date received no complaints after announcing last December that it was moving to Wickford Junction, as well as taking over maintenance and janitorial services at the transit center. The department expects to save approximately $85,000 yearly in janitorial expenses, $182,000 in management fees, $19,000 in maintenance and repairs, and $89,000 in landscaping and seasonal operations. |
| Country | United States , Northern America |
| Industry | Real Estate |
| Entry Date | 15 Oct 2016 |
| Source | http://www.ricentral.com/nk_standard_times/news/local_news/nk-park-n-ride-sold-to-real-estate-firm/article_76f6990c-7175-11e6-85be-433e024c75c8.html |
