Last Wednesday, Oct. 9, the Town of Bristol announced the proposed sale of its public property at 6-40 Gooding Ave. to Gooding Realty Corporation (GRC) for $2.8 million.

Officially known as the Bristol Shopping Center, and commonly referred to as Gooding Plaza, this 10.3-acre commercial property is located at the southeast corner of Hope Street and Gooding Avenue. It does not include the plaza on the north side of Gooding Avenue, currently anchored by Seabra.

According to GRC president Ray DeLeo, in 1958 the land was an open field that had been deeded to the town, which determined that it would make a good site for a shopping center anchored by a First National supermarket. The town requested bids from developers and GRC, which was organized for the purpose of the bid, submitted the winning proposal. They signed a 99-year property lease with the town, with rent terms as the only negotiable options, and developed the land for general business use.

Original GRC principals included Ray’s father, the late Raymond DeLeo, local businessmen William Manchester and John Watson, and Caesar Brito and his son, Joseph Sr. The makeup of the company today includes many of the same names, with Ray DeLeo as president, Lawrence Sullivan as vice president, William Manchester, Jr. as secretary, and Stephen DeLeo, Ray’s brother, as treasurer.

In 2018, 61 years into the lease, the base term ended, leaving a 38-year option. The town conducted an independent appraisal, but their new terms did not make sense for the GRC principals, who, while not liable for taxes on the land itself, do pay taxes on all improvements made to the property since 1959. They decided they wanted to make additional improvements to the property, and as it would only make sense to do so as owners, they proposed purchasing the property outright while they still have nearly four decades remaining on their lease.

According to a statement released by the town, “Under normal circumstances, the Town of Bristol would hold a public offering. However, because there are still 38 years left on the lease agreement, the Town of Bristol was unable to put out a bid for the property. The tentative sales agreement, which was negotiated by members of the Bristol Town Council and town administration, includes several conditions regarding site upgrades, such as landscaping, parking lot and building improvements.”

“The town seems excited by the opportunity,” said Mr. DeLeo. “We have a longstanding relationship. We’re Bristolians, mostly, with a vested interest in this town.

“We’re looking forward to making improvements to the lot and landscaping, as well as the facades of the units.”

In addition, GRC plans to allow the town to continue to use spaces on the west side of the Dunkin Donuts for park-n-ride commuters, as well as overflow parking for the adjacent fire station.

Over the past decade, the Town of Bristol received $10,000 per year in rental income from this lease. With the sale of the property, 6-40 Gooding Ave. would return to the tax rolls and be required to pay annual property taxes based on the assessed value of the land and buildings.

Proceeds from the proposed sale would be placed into a town restricted fund, where it can serve as an endowment, accruing interest which would be allocated toward specific projects by the town council.

“Our vision is that this newly created fund will help support some of Bristol’s long-term capital projects,” said Town Council Chairman Nathan Calouro.

“It’s a win-win,” said Town Solicitor Michael Ursillo. “The town will get taxes on the land; improvements will be made.”

“I think it will benefit the community to have this property in private hands,” said Town Administrator Steven Contente.

The Town of Bristol will be holding a public hearing on Wednesday, Oct. 30, at 7 p.m. in Bristol Town Hall. At this meeting, members of the public will have the opportunity to provide input on the proposed sale of the asset. Individuals who wish to submit comments before the hearing can do so through the Office of the Town Clerk at 10 Court St.