Bristol Considering Selling Shopping Center

BRISTOL, RI — The Bristol Shopping Center may soon no longer be owned by the town. Last week, town officials announced that they are considering selling the parcel of land on Gooding Avenue to Gooding Realty Corporation for $2.8 million.

The 10.3-acre plaza at the corner of Hope Street and Gooding Avenue has been leased by the corporation since a 99-year lease was signed in 1958. Gooding Realty has since developed the land for commercial use, the town said. Under the agreement, the town was required to renegotiate the rental cost with the corporation.

During negotiations, the corporation asked to purchase the property. Because there are still several decades remaining on the lease, the town is unable to accept public bids for it.

Bristol Town Administrator Steven Contente said he thinks the sale is a good idea.

"I believe this proposal has several long term benefits for the Town," Contente said. "Under private ownership, there should be increased investment, improved appearances, and additional tax revenue generated. There will also be new dedicated public parking for commuters and volunteer firefighters."

Under the tentative sales agreement, Gooding Realty will be required to make improvements to the area which include landscaping, parking lots and buildings.

The corporation currently pays $10,000 per year for the rental. If the sale goes through, the town will collect annual property tax in addition to the initial sale price.

If the land is sold, the proceeds will be put away in a special, restricted fund, where it will accrue interest and be used for certain projects as determined by the Town Council, the announcement said.

"Our vision is that this newly created fund will help support some of Bristol’s long-term capital projects," Town Council Chairman Nathan Calouro said.

The public is invited to attend a public hearing on the sale Oct. 30. The meeting will be held at 7 p.m. at Town Hall and public comments will be accepted. Comments can be submitted in advance through the office of the Town Clerk at 10 Court Street, Bristol, R.I., 02809.