NEW: JWU Completes Purchase of Former Club Karma

Tuesday, November 10, 2015

 

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Johnson & Wales University has completed the purchase of the former Club Karma located at 101 Richmond Street in Providence. The university paid $1.6 million for the building and adjacent parking lot. The intended use of this property will be either to accommodate the University's expanding academic programs or for student life services.

“As the university continues to expand its academic programming, we have a growing need to add classrooms, administrative offices and student services. This building is located within walking distance to many of the university’s academic and student services facilities. Its 25-spot parking lot also gives us more needed spaces to accommodate our staff and guests," said Marie Bernardo Sousa, JWU senior vice president of administration.

Earlier this year, club owners, Richmond and Friendship, LLC, came to Johnson & Wales officials to gauge the school's interest in buying the property.

The purchase and sales agreement was completed on October 31, 2015.

Johnson & Wales University

Johnson & Wales University was founded in 1914 and consists of over 16,000 graduate, undergraduate and online students at its four campuses in Providence, North Miami, Florida, Denver, Colorado and Charlotte, North Carolina.

For more information, click here.

 

Related Slideshow: Providence College and University Tax-Exempt Properties

Below is a breakdown of how much revenue Providence will lose as properties recently purchased by four local colleges and universities are gradually phased off the tax rolls, rather than taken off immediately, in accordance with a 2003 set of agreements. The colleges agreed to pay full taxes for five years, then two thirds for the next five years, and one third for the remaining of 15 years. After that, the properties go off the tax rolls permanently. The first slide shows the total revenue decline in five-year increments. The second shows the total revenue loss over the entire 15-year period. The subsequent slides show for each of the colleges and universities lists the properties they own which fall under the agreement and how much each one is paying in total now and will be paying in the future. Data was obtained from the city Internal Auditor.

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Revenue Decline

Annual Tax Revenue Today: $1,908,927

Annual Tax Revenue in 5 Years: $1,354,570

Annual Tax Revenue in 10 Years: $655,292

Annual Tax Revenue in 15 Years: $22,010

Total Annual Decline: $1,886,917

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Total Revenue Loss

Revenue Without the Deals: $28,339,905

Revenue with the Deals: $14,163,338

Difference: $14,470,567

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Brown U. Properties

Properties that Fall Under the Deal

154 Angel

43 Elm Street

43 Elm Street

355 Eddy Street

222 Richmond Street

94 Waterman Street

269-289 Richmond Street

269-289 Richmond Street

269-289 Richmond Street

6 Elbow Street

221 Richmond Street

198 Dyer Street

337 Eddy Street

 

 


 

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Brown University Taxes

Annual Tax Revenue Today: $1,597,929

Annual Tax Revenue in 2029: $5,353

Difference: $1,592,576

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RISD Properties

Properties that Fall Under the Deal: 

189 Canal Street

123 Dyer Avenue

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RISD Taxes

Annual Tax Revenue in 2015: $74,996

Annual Tax Revenue in 2029: $16,657

Difference: $58,339

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PC Properties

Properties that Fall Under the Deal: 

71 Sandringham Ave, 47 Cumberland Street, 60 Devonshire Street, 62 Wardlaw Ave, 67 Sandringham Ave, 1 Sandringham Ave,198 Camden Ave, 194 Camden Ave,101 Dante Street, 6 Cumberland Ave,10 Cumberland Ave, 64 Sandringham Ave, 6 Ventura Ave, 58 Warlaw Street, 26 Cumberland Ave,18 Cumberland Ave, 22 Cumberland Ave, 14 Cumberland Ave, 2 Cumberland Ave, 31 Annie Street, 26 Ventura Street, 43 August Street, 1 Mowry Street, 31 Lucile Street, 309 Huxley Street, 29 Lucile Street, 19 Lucile Street, 32 Annie Street, 2 Lucile Street

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PC Taxes

Annual Tax Revenue Today: $63,931

Annual Tax Revenue in 2029: $0
 

Difference: $44,160

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JWU Properties

Properties that Fall Under the Deal: 

55 Shipyard Street

157 Clifford Street

47 Bassett Street

178 Cliford Street

75 California Street

Garage Parcel

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Johnson and Wales Taxes

Annual Tax Revenue Today: $247,067

Annual Tax Revenue in 2029: $0

Difference: $247,067

 
 

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