Brown University acquires 10 Jewelry District parcels from Care New England

BROWN UNIVERSITY has acquired 10 parcels within Providence's Jewelry District from Care New England Health System for an undisclosed amount. / COURTESY BROWN UNIVERSITY
BROWN UNIVERSITY has acquired 10 parcels within Providence's Jewelry District from Care New England Health System for an undisclosed amount. / COURTESY BROWN UNIVERSITY

PROVIDENCE – A day after it announced early plans to construct a new life sciences building, Brown University has acquired 10 parcels that are home to four buildings within the city’s Jewelry District from Care New England Health System, the Ivy League institution announced Wednesday.

Brown said the property portfolio it purchased includes parcels that are in close proximity to the university’s Warren Alpert Medical School, and other adjacent university research buildings and facilities operated by Brown’s hospital partners. The buildings located at 200 Chestnut St., 70 Elm St., 261 Richmond St. and 300 Richmond St. are on the newly acquired parcels by Brown, the university said.

Brown said terms of the deal were agreed on back in March and the purchase closed on Wednesday. Initial conversations between the two sides about the deal began in July 2021, Brown said.

Brown spokesperson Brian Clark told Providence Business News Wednesday that the university acquired the parcels at “fair market value.” He declined to say how much the university spent to purchase the properties.

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The university said Care New England will still continue current research and laboratory operations at both 200 Chestnut St., which houses Women & Infants Hospital’s Kilguss Research Institute, and at 70 Elm St. Both Richmond Street properties, which according to city records are a warehouse and office space under Women & Infants’ name, will be vacated so Brown can develop new usage plans, the university said.

Care New England representatives did not immediately respond Wednesday for comment regarding property specifics.

Brown Executive Vice President for Planning and Policy Russell C. Carey said in a statement the acquisition comes as the university a new plan to grow its research enterprise. He also noted that building the new life sciences facility is “one instrumental priority” as Brown considers space, staffing and infrastructure investments to support research capabilities.

Brown also said the properties are expected to remain tax exempt given that they were used by Care New England, which has nonprofit status.

James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.

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