East Providence could bring in millions with sale of city-owned properties

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EAST PROVIDENCE — The city could be in for a bit of a windfall if the sale of properties it owns sell at their maximum values, according to a noted area agent.

The East Providence Budget Commission, at its meeting Thursday, Dec. 13, authorized the Planning Department to seek out a real estate agency to oversee the sale of several parcels vacant or about to be vacated from city use.

East Providence native and resident, former City Councilman and long-time realtor Joseph Botelho Jr. recently did an evaluation of the land at the request of The Post. He said after reviewing the properties the city will be selling in some detail, he "would suggest that their sale would generate between $3.9 million and $4.5 million."

The pieces of property are as follows:

  • 1320 Pawtucket Ave, old Union Primary School
  • Vacant parcel, old Tristam Burgess School property, South Broadway-Mason and Fort Streets
  • 260 Dover Ave, former Fuller Library
  • 80 Burnside Ave, school administration building
  • 33 Hoppin Ave, school administration building
  • Two adjacent vacant parcels on Harding Ave
  • Vacant parcel on Bentley Street
  • 35 Bentley Street

Mr. Botelho continued, "The properties differ in many degrees in terms of size, location and use. Some of the old school administration buildings exhibit high degree of functional obsolesce so a completely different use of those properties may be in order.  This may a require a zone change of behalf of the city in

order to accommodate a different use and also increasing the value of the

property."

Mr. Botelho used a formula based on tax assessment figures of similar sized properties sold in the city this year.

"The estimate of value was derived by adding up the assessed value of each

property the City intends to sell, which totaled $4,787,900 and using ratios

of sold residential and commercial properties in East Providence in 2012," he explained. "Over the last year, residential properties have sold at 82% of their

assessment on average and commercial properties have sold at 96% of their

assessments."

Mr. Botelho concluded some of the parcels may hold their value better than others based on their locations (Union Primary) or possible zoning changes (old school administration).

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