PROVIDENCE – The Joseph Cooke House, a historic home at 125 Hope St., was recently purchased for $2.51 million by Brown University as a replacement for its provost’s residence, according to the university.
The purchase represents the city’s most expensive residential property sale of 2023 thus far, said Residential Properties Ltd., which represented both sides of the transaction. Residential Properties sales associate Jim DeRentis brokered the deal.
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Calling it “one of Providence’s most impressive federal landmarks,” Residential Properties said the 5,600-square-foot home was built in 1819 but was restored “from top to bottom” between 2006 and 2009. The property includes 0.27 acres of land.
Brown said the property will begin serving as the university’s new residence for incoming provost Francis J. Doyle III in July, replacing Brown’s prior provost’s residence at 37 Cooke St. in Providence, which most recently served as home to former provost Richard M. Locke. The Cook Street property was sold by the university in November 2020 for more than $1.5 million.
“The 125 Hope St. property represents a significant improvement in location, condition and convening spaces compared to the prior provost’s residence, which lacked yard space and adequate on-site parking,” the university said in a statement.
The five-bedroom home includes five full bathrooms, one half-bathroom, a 20-by-40-foot living room with fireplaces at each end, with two sets of French doors that open up to a covered veranda, according to Residential Properties and the city’s online property tax evaluation database.
The home’s custom kitchen features heated limestone floors, wood cabinetry and stone counters, according to the real estate firm. The two-story home also features a second-floor primary suite, which comes with heated floors, along with a spa-style bath, a private study area with a balcony, and a walk-in closet with custom wood cabinetry.
Before the entrance, the front gate of the home leads guests into a European-inspired garden area, and across from the home, as part of the property, there’s a dedicated heated parking court, Residential Properties said. As part of the parking court area, there sits a carriage house with a three-bay heated garage.
Upstairs inside the carriage house, there’s a second-floor in-law suite, featuring an exposed post-and-beam construction, according to Residential Properties.
Brown said the provost’s residence is meant not only to give the provost a place to stay, but also enable the provost to host events, welcome guests and fulfill other job responsibilities related to fostering community on campus and with external partners.
“Living in the residence is a requirement for the incoming provost and future provosts,” the university said in a statement provided by Brown spokesperson Brian Clark. “Among the core roles of the provost is to inspire connections and build engagement among faculty and others, encouraging the collaborations that contribute to Brown’s excellence and innovation in research and education.”
The property was most recently valued by Providence assessors in fiscal year 2022 as being worth $2.14 million, according to the city’s online property tax evaluation database.
According to the trustees’ deed, a public record of the transaction, the historic property was sold by Nicklas Bengt Erick Oldenburg and Paul David Carter, as trustees of the Nicklas Bengt Erik Oldenburg 2009 Revocable Trust. The tax-exempt nonprofit Brown University Office of General Counsel is the new owner, according to city records.
However, Brown University said it will be voluntarily paying city property taxes for the new provost’s residence.
“The university intends to keep the property on the tax rolls, and tax revenue to the city from 125 Hope St. will increase moving forward,” according to a statement from Brown, released by Clark.
Brown University also said it will not claim a homestead tax exemption available for owner-occupied homes, which was previously claimed for the property prior to Brown’s ownership. In 2022, the property’s tax bill was $20,940, but without the exemption, it would have been $38,072, the university said.
The new provost’s residence is located within Providence’s I-2 educational institutional district. All abutting properties are other university-owned buildings, according to Clark.
Marc Larocque is a PBN contributing writer.
