For developers wishing to secure a foothold in one of the most desirable cities in the Northeast, this is a rare opportunity to acquire one or both of the sites at a price that will determine through the auction bidding process.
Providence, RI (Vocus) October 6, 2010
An opportunity to acquire two highly-desirable development sites in Providence’s sought-after I-Way redevelopment area, the first a 9,250 square foot site with a renovated four story brick office building, and the second a 32,817 square foot site, will be brought to auction by Fine & Company, LLC, the nation’s boutique real estate auction company.
The auction will be via sealed bid auction format allowing a bidder to bid for one or both of the parcels, with bids due to Fine and Company’s Chicago headquarters at 53 W. Jackson Blvd, by Wednesday, November 10th at 3:00 p.m. Both sites will be open for inspections on October 12th, 21st, 28th and November 4th, with a tour commence at 10:00 am. A Bidder’s Information Packet will be available which will include the purchase and sale agreement for the auction, title report, survey, environmental evaluation and other pertinent information.
Michael A. Fine, principal of Fine and Company, said: “The completion of the I-Way project has created an extraordinarily rare opportunity to own prime freeway oriented development sites in an area that is going to be completely transformed over the next few years. In spite of the general national oversupply of development land, there are clearly some pockets where development pieces are in short supply and very desirable – the new I-Way corridor is clearly one of these pockets. What’s great about these sites is their location, steps from the Providence River, with wonderful water views adjacent to the signature I-Way Arch Bridge with public transportation at the door. These sites are positioned to create flagship development in the area.”
Zoning applicable to the property is currently zoned as W-2.
Owner Cynthia Simmons said, “Simmons also added, “The I-Way is complete, the new roadways are in, trees planted, sidewalks laid, and the once dusty construction site is filled with green grass. The time has come to step aside.”
Parcel 1 (566 S. Main Street)
Rich in historic charm, this distinctive sprinklered building features a restaurant/lounge on street level and three floors of completely renovated offices.
The interior mimics the historic details such as exposed brick walls, arched windows and high exposed beamed ceilings. Two of the floors have been merged as one offering soaring ceilings and is anchored by a modern staircase whose design reminds you of the famed architect Frank Lloyd Wright. This building where history crosses into the modern era is sure to highlight any business!
This notable red brick, 4-story building boasts a plethora of opportunity! Currently developed as a three level office building with an attached lounge with full commercial kitchen, and is being offered completely furnished. The entire building can remain as-is keeping its historic appeal or morphed into a newer identity. Both sites boast captivating views of the Providence River, the city skyline and the I-Way Arch Bridge. The entire site has water, sewer, cable, telephone and electric services access. This parcel is immediately adjacent to a 32,817 square foot warehouse site located at 40 Tockwotten known as Parcel 2.
According to Fine, “For developers wishing to secure a foothold in one of the most desirable cities in the Northeast, this is a rare opportunity to acquire one or both of the sites at a price that will determine through the auction bidding process.”
Parcel 2 (40 Tockwotten Street)
This 32,817 square foot site presently is improved with the skeleton of a former manufacturing and warehouse facility. The site is a blank canvas perfect for a buyer to use their imagination to redevelop this site into just about anything!
A distinct advantage is the parcel’s proximity to I-195. The I-Way Arch Bridge is unobstructed and this site conveniently sits near the new exit ramp allowing for a truly exceptional business location destined for activity.
These parcels are part of a corridor of redevelopment by the Rhode Island Department of Transportation allowing a lucky buyer to be part of an iconic movement into a new era of business growth.
Fine added, “Part of the allure of the location of these development sites are its proximity and views of the Providence River and the landmark I-Way Arch Bridge. The three curved steel beams rising well over 100 feet above the Providence River will surely capture the attention of a commuter adding intrinsic value to this property that is hard to put a price on.”
A detailed Bidder’s Information Packet has been assembled for these parcels, and contains property specific information, the auction and the Terms of Sale. The purchase of the packet is required to bid at the auction and will be available for sale at all on site inspections for $50.00 per parcel or by contacting the Project Manager (312) 278-0600 or firstname.lastname@example.org
Headquartered in Chicago with offices in Dallas and Las Vegas, and conducting business from coast to coast, Fine and Company, LLC specializes in asset-specific marketing and is considered the premier commercial real estate and trophy home auction company in United States.
Please call Fine & Company, LLC at (312) 278-0600 for more information.