PROVIDENCE – Most recently used for residential parking, a small property on Benefit Street recently sold for $1 million, making it the largest-ever sale for an empty lot of land in the history of the East Side of Providence, according to Residential Properties Ltd.
Residential Properties, the real estate firm that represented the seller in the deal, said two townhouse units are now being planned on the 182 Benefit St. property.
The property has most recently been used for private parking for the Rufus Waterman House at 219 Benefit St. The 0.18-acre property, right next to a historic armory building known as the State Arsenal, currently includes 3,800 square feet of paved asphalt.
“Historic Benefit Street is the location of this city-view lot zoned I-2, which can accommodate a multi-unit residential building,” said Residential Properties in an announcement of the property sale. “The current concept for use of the lot is two townhouse units in a rowhouse style, enjoying views of the Providence cityscape.”
The property is located near the bottom of College Hill, just above North Main and Canal streets along the Providence River.
The lot was last valued by Providence assessors in 2021 to be worth $387,200.
The Benefit Street property was sold by Benefits Holding Co. LLC to 182 Benefit Street LLC, according to a copy of the warranty deed, a public record made available online by the city.
The limited liability company that now owns the property is registered to Joseph Ackaway, co-founder of the Johnston-based RI 1031 Exchange Co., which acts as a qualified intermediary helping businesses and individuals to defer taxes on the sale or acquisition of a property.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
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