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After sitting idle for 14 years with a broken promise to redevelop the property, the sale of the 117-year-old former Lincoln Elementary School on Pine Street is expected to be completed within a week with plans to convert it into 24 market-rate apartments.
And the city, which sold the property to city businessman David Hebert in 2016 for $10,000, is going to receive a percentage of the proceeds.
Attorney Matthew Thomas, who handles real estate for the city, said Somerset developer Kenneth Mollicone, owner of Hyde Development, is purchasing the Lincoln School from Hebert for $425,000.
In a forbearance agreement between Hebert and Mayor Paul Coogan’s administration, the city will receive 42% of the sale of the property, which totals $178,500.
The sale of the former Lincoln School wasn’t the original deal the administration had hoped to broker between Mollicone and Hebert.
Read the Full Story at the Fall River Herald News
Photo by Colin Furze
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