Gregory J. Rice is the general manager and vice president of franchise sales for Nexus Property Management, a Pawtucket-based property management and realty investment company. Rice co-founded and built the company's property management franchising model alongside CEO Nick D'Agnillo.
Beyond property management, Rice works as a real estate developer in southern New England. He recently redeveloped the vacant Sacred Heart Church on Olo Street in Woonsocket, converting the historic structure into a 32-unit luxury residential apartment building called America First Apartments.
PBN: You redeveloped a former church and rectory into the 32-unit America First Apartments, finishing that last year. What are your reflections on this project now, looking back at the challenges and success you had with that?
RICE: Looking back, the project was a tremendous accomplishment. Converting a historic church and rectory into 32 modern apartments required creativity, persistence and a great team. With the help of Bentley Builders and ZDS Architects, we were able to take a property that had sat vacant and transform it into much-needed housing that is now fully occupied with market-rate tenants.
The biggest challenge was navigating the regulatory and assessment process. The property received a valuation during construction that I believe significantly overstated its value relative to its condition at the time. After unsuccessful attempts to resolve the matter administratively, the issue is now pending before Superior Court. Despite those challenges, I am proud that the project preserved a landmark, expanded the city's housing stock, created construction jobs and brought new investment into Woonsocket.
PBN: You were recently involved in a record-setting real estate transaction in Woonsocket, selling the former Sacred Heart Church parking lot at 0 Fourth Ave. for $420,000. That's $1.13 million per acre, which was deemed one of the highest per-acre land sales ever in the city. What are your thoughts on that sale?
RICE: The sale confirmed something I have believed for years: There is real value and opportunity in Woonsocket. Investors and developers are increasingly recognizing that well-located urban land remains a scarce commodity, particularly when it is development-ready and free from significant environmental concerns.
The transaction also demonstrated that demand exists when communities create opportunities for investment. I am encouraged that the buyer sees the same potential I do, and I have continued to support the project as it moves through the planning and permitting process. Successful development requires collaboration, and I am optimistic about what this project can contribute to the city.
PBN: Are there any other projects that you have been working on or that you have in mind?
RICE: I strongly considered acquiring and redeveloping St. Mark's Church on Harris Avenue in Woonsocket. Ultimately, I decided not to proceed. As a developer, I can invest my capital in many different communities, and I look for municipalities that view responsible private investment as a partner rather than an adversary.
The reality is that developers pay close attention to how property owners and investors are treated. Every city competes for capital, jobs, housing production and tax base growth. When the regulatory environment becomes unpredictable or unnecessarily hostile, investment naturally flows elsewhere. Until I see meaningful changes in the city's approach toward development and property ownership, I have no plans to make additional major investments in Woonsocket.
The next project I undertake will likely be in a community that demonstrates a stronger commitment to growth, collaboration and economic development. I am hopeful that Woonsocket landlord and real estate broker Donald Martone is elected mayor come November. Don has the right mindset to help rewire the city's mentality toward investors like myself.
PBN: We often hear about a lack of residential housing supply. Given how difficult this seems for many people who want to buy a home in this country and state, what are your insights into how our government should involve itself in the real estate industry?
RICE: Government's primary role should be to remove barriers that unnecessarily increase the cost of housing. Too often, excessive regulations, permitting delays and rising taxes make it harder and more expensive to build homes and apartments.
At the same time, policymakers should look for ways to help working families achieve homeownership. With tariff revenues increasing and domestic manufacturing receiving renewed attention, there may be opportunities for the federal government to direct some of those resources toward down-payment assistance, property tax relief or first-time homebuyer programs.
President Donald Trump has emphasized strengthening American industry and economic competitiveness, and if those policies continue to generate growth and revenue, helping more Americans buy homes would be a worthwhile investment in the country's future. I am also hopeful that the recent installation of Kevin Warsh as Federal Reserve chair will result in meaningful change quickly.
PBN: What is the latest news with the property management industry and with your Pawtucket-based company, Nexus Property Management?
RICE: We are excited to announce the reopening of our Fall River/New Bedford franchise office. Demand for professional property management services throughout southeastern Massachusetts continues to grow, and we receive a substantial number of inquiries from property owners in that market.
What makes this expansion especially rewarding is that the new franchisee is a current employee who understands our systems, culture and commitment to customer service. At Nexus Property Management, our goal is to continue building the premier property management franchise brand in New England and, ultimately, across the country. We believe the combination of local ownership, professional systems and industry expertise positions us well for continued growth.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
