Mega-Apartment Plan Emerging for Vacant Fruit and Produce Market Land
Wednesday, December 21, 2016
Super developer Carpionato Group is rolling out plans for a development for the Furit and Produce Building land. The property has been vacant for nearly a decade.
SEE THE NEW PROJECT BELOW
As GoLocal reported in May of 2014, to date the property has not been developed.
Following its purchase of the warehouse from the state -- and controversial demolition of the historic property in 2008 -- Carpionato, the Johnston-based commercial real estate firm, had presented plans to turn the former fruit market into a mixed used office, retail and hotel development, which have not materialized. The city granted Carpionato preliminary approval for a surface parking lot at the location in 2013.
The Rhode Island Department of Transportation, which had acquired the Fruit and Produce building in 1998 for $14 million, sold the property to Carpionato in 2005 for $4.3 million with the understanding the property would be rehabilitated.
However, in 2010, the Federal Highway Administration demanded from Rhode island repayment of over $4 million of the $14 million in federal money spent on the purchase, citing the failure in attaining "fair and equitable compensation" for the sale of the property. According to news reports, the state agreed to pay Carpionato $600,000 last summer to buy back a portion of the land for transportation and Amtrak related purposes.
Now a Mega Project
The project would incldue more than 450 apartments, a major parking garage, and would be located at 100 Harris Avenue
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