Widely considered a town jewel because of its location, the small gas station property adjoins Grinnell’s Beach and sits at the entrance to the Stone Bridge abutment that’s slated for renovation in the next few years.
Nearby is the small park on which the Doughboy Statue is located.
The deal was struck by the Town Council at its meeting late Monday night in executive session, following which only a cryptic council announcement was made publicly by Council President Ed Roderick, that the town “has entered an agreement with the Cutillo Family Realty Trust” to purchase the property.
“Details will remain confidential until the Town closes or the deal is terminated,” said the announcement. No dollar amounts or dates were disclosed.
“If this works out it will be a super find for the town,” said Mr. Roderick Tuesday evening. Discussions with the Family Trust have been going on for “a little more than a month,” Mr. Roderick said.
The property was the subject of a quick and quiet foreclosure auction, held at the station property itself, in early August.
The sole bidder was Stephen Cutillo, who purchased the property for $400,000, recovering it for the family realty trust that had previously owned it for many years prior to 2009.
Minutes after the auction, Mr. Cutillo expressed interest in finding a purchaser for the property his family had just recovered.
“The property is out there, people know that it’s out there, and we’ll deal with whoever comes forward,” he said. “There’s been a lot of people interested.”
Then he added, “We’ve thought the town would be the perfect owner of this.”
Mr. Cutillo, with his brother William Cutillo, are trustees of the Cutillo Family Realty Trust, based in New Hampshire. Their father, who created the trust, in the 1960′s once owned the Stone Bridge Inn across the road from gas station property.
He sold the inn (which has since been torn down), retaining the small lot across the street on which the now shuttered gas station sits.
For tax purposes, town records show the building and property together are valued at $544,400. Taxes are current, said Mr. Cutillo.
A full scale repair and rehabilitation of the Stone Bridge Abutment is scheduled to commence in early 2015 under a $2.3 million grant from the Rhode Island Department of Transportation. Multiple permits and approvals have yet to be obtained.