Victory Place purchased by Rhode Island Hospital

MATT FAIR, left, and Peter Hayes, brokers with Hayes & Sherry, are seen at the site of the former Victory Plating Co. in this file photo from 2013. The 5.3-acre Victory Place site on Eddy Street has been purchased by Rhode Island Hospital. / PBN FILE PHOTO/BRIAN MCDONALD
MATT FAIR, left, and Peter Hayes, brokers with Hayes & Sherry, are seen at the site of the former Victory Plating Co. in this file photo from 2013. The 5.3-acre Victory Place site on Eddy Street has been purchased by Rhode Island Hospital. / PBN FILE PHOTO/BRIAN MCDONALD

PROVIDENCE – The 5.3-acre Victory Place site on Eddy Street has been purchased by Rhode Island Hospital, a transaction sought by the hospital for more than a year.
Rhode Island Hospital, an affiliate of Lifespan Corp., paid $7.75 million for the land. The closing was Friday, said a hospital spokeswoman.
The site, owned since 2011 by Richard Gudoian Jr., a principal of JAG Investment Realty, had previously been promoted by its owners as a potential backup site for a new ballpark sought by the Pawtucket Red Sox. But the team’s owners have consistently stated they are focused on developing the I-195 parcel overlooking the Providence River.
The hospital’s chief executive, in a statement, said no immediate plans have been made for development of the site, but that it will complement the efforts of the hospital to help grow the “knowledge economy” of Providence.
The site is across the street from the Lifespan-owned Coro Complex, and a 900-space parking garage. The complex houses the hospital’s research activities, as well as clinical and administrative space.
“Because of the generosity of Rick Gudoian, Rhode Island Hospital is able to purchase an important piece of land that complements major elements of our research and clinical activity infrastructure,” Lifespan President and CEO Timothy J. Babineau said in a release. “While we have no immediate plans for the land, I assure you it will play an important role in our ongoing efforts to anchor the knowledge economy in Providence. This thriving sector will help our state play an even more prominent role in this region and help attract jobs associated with new biomedical, research and related enterprises.”
Gudoian, also in a prepared statement, said the site was a natural fit for the hospital to control. “It is a natural fit, both in proximity and future use. I am confident the gift will help Rhode Island Hospital and Lifespan continue their important work in serving the health care needs of Rhode Islanders,” he said.

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