- Associated Press - Tuesday, March 22, 2016

CRANSTON, R.I. (AP) - An assessment of the landmark Cranston Street Armory has found that a proposed $100 million investment would do little for its value.

WPRI-TV reports (https://bit.ly/1MkJCW4 ) that state officials tasked the Peregrine Group LLC with investigating the “merits of potential investment in the restoration and redevelopment” of the armory.

The report found the investment would create assets worth roughly $20 to $25 million. It would cost just over $5 million to demolish the structure.

The armory has towered over the city’s West End since 1907. It was home to the Rhode Island National Guard until 1996 and was most recently used by the state fire marshal.

The state owns the property and has budgeted $5.5 million through 2018 for deferred maintenance.


Information from: WPRI-TV, https://www.wpri.com

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