Committee approves sale terms for 691 Potters Ave to enable 16-unit housing project

Providence — The Committee on City Properties voted Jan. 8 to authorize terms of purchase and sale for the property at 691 Potters Avenue, a parcel staff said the city expects will be developed as multiunit housing.

Nick Ciccatelli, director of real estate, told the committee that 691 Potters Ave. had previously been transferred to the Providence Redevelopment Agency (PRA) and had been used by the Board of Parks Commissioners for parts activity; the parks board agreed the parcel could be declared surplus. Ciccatelli said the parcel was offered through the Board of Contracts and Supply’s public bid process and that the abutting property owner submitted the sole responsive bid.

Ciccatelli said the assessor’s office set the assessed value at $131,200 and the purchase price referenced in the bid and report was $135,000. He said the sale meets the charter requirement that property not be sold for less than 90% of assessed value and that the law department advised that council confirmation was appropriate.

On questions from committee members, Ciccatelli said the parks department had already yielded its interest in the parcel and that the lot is currently empty and developable. He described the proposal as a two-parcel development that would allow increased density; staff said the combined site would support about 16 residential units. Ciccatelli also said the project is expected to be market-rate, privately funded housing rather than a subsidized affordable-housing project.

Committee members asked about parking; staff said there likely would not be on-site parking and that this development would rely on street parking consistent with zoning. Ciccatelli estimated the new construction would generate tax revenue over time — “several million dollars” — compared with the current assessed land value.

By voice vote the committee approved the resolution. Three members were present and two were absent.