Some Spanish Town residents are raising questions about the proposed sale of the 17-lot tract that formerly housed the state Department of Insurance building, which is one of dozens of state-owned properties the Division of Administration is hoping to sell collectively for $47 million to help balance next year’s budget. Residents of the historic neighborhood, who are echoing concerns raised last fall by some legislators when the sale was first proposed, want to know what kind of guarantees will prevent a buyer from developing the lot—which is part of the Capitol Grounds and adjacent to a historic district—into, say, a gas station or high-rise hotel. “The lot is zoned C-5, which means anything could go there,” says real estate broker Darryl Gissel, a longtime Spanish Town property owner and leading preservationist in the area. What’s more, Gissel points out, the state is budgeting some $5 million from the sale of the property. To justify that price, a buyer would need to “develop something with a sizable income stream,” he says. “Suppose you have a hotel or an office building. Where would the parking go?” —Stephanie Riegel Read the full story here.
Today’s poll question: Do you think the state should sell the vacant property on the Capitol Grounds near Spanish Town to a private developer?
