real estate

Woonsocket’s Hospital Trust for sale

THE RHODE ISLAND HOSPITAL TRUST building in Woonsocket is on the market for $625,000 after its owners abandoned plans to develop residential condominiums.
Posted 11/12/10

WOONSOCKET – A vacant downtown building is on the market after its owners abandoned planned residential condominiums there, the building’s real estate agent said Monday.

The ornate Rhode Island Hospital Trust building across from City Hall could be yours for $625,000. The five-story former bank at 162 Main St. comes with about 35,000 square feet of space, including a grand lobby complete with Corinthian columns and a gilded ceiling. The edifice – a smaller replica of the Hospital Trust building in Providence – also comes with elevators, a night-deposit drop box and the original bank vault.

Garrett Mancieri, the listing agent with Keller Williams Realty, said potential ideas for the building include a boutique hotel, office condos or retail. Built in 1930, the building has stood empty since its last tenant – the R.I. Division of Motor Vehicles – moved out in 2006.

Mancieri said the building’s present owner, Woonsocket Main Street Developers LLC, put the building up for sale last month. One of the owners continues to recover from a stroke last year and recently decided not to pursue the project, Mancieri said.

Woonsocket Main Street Developers purchased the half-acre property in April 2006 for $400,000, according to city records. The city has assessed the property at $401,500.

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