WOONSOCKET – A Boston-based real estate company called The Goldman Group announced that it recently acquired the former Woonsocket Middle School, with plans to redevelop the site into market-rate apartments.
The $1 million purchase of the property was authorized by the City Council in early October.
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The 484,546-square-foot brick building is located at 357 Park Place and was constructed in 1915, according to the city’s property tax database. The property has been vacant since 2010, when the city opened a new school building on Florence Drive.
The three-story Park Place building, which was always owned by the city’s education department, was most recently appraised by city assessors earlier this year, valuing the property and the nearly 3 acres of land it stands on as being worth nearly $14 million, according to the online database.
The Goldman Group said it plans to transform the former middle school into a “luxury mixed-use complex,” consisting of market-rate rental apartments. The company said the apartment development will include a community recreation center with gaming courts, a gym and a “competition-grade” indoor swimming pool, as well as saunas, locker rooms and shower facilities.
Construction will begin in late 2023, according to The Goldman Group, with the apartments ready for rental by mid-2025.
The Goldman Group said in addition to meeting the luxury standards of living, the renovation project aims to preserve, restore and otherwise incorporate elements of the middle school building’s historical character, including its high ceilings, large windows and detailed moldings, woodwork and stonework.
The real estate company did not announce how many residential units will be included in the redevelopment project. But The Goldman Group, which was established earlier this year and is also developing apartments at mill buildings in Brockton, Taunton, Fall River and another at 292 East School St. in Woonsocket, issued a statement expressing gratitude to the city for choosing it to redevelop the site.
“We look forward to our continued work with the city on this exciting project, and to the immense value we believe it will bring to the community,” The Goldman Group said.
Marc Larocque is a PBN contributing writer.
