Memorial Real Estate Group Breathes Life Back Into The Former Memorial Hospital In Pawtucket, RI

PAWTUCKET, R.I., April 18, 2023 /PRNewswire/ -- Memorial Real Estate Group entered into a plan to assume ownership of the former Memorial Hospital and resume its initial goal to rehabilitate the property to provide much needed housing and retail/commercial offerings to the local community including to our veterans. The initial ownership, Lockwood Development Partners, LLC., group had a great vision to convert Memorial Hospital for this purpose, but unfortunately did not have adequate capital to finish the project. 

Memorial Real Estate Group, LLC ("MREG") was formed to assume ownership and worked amicably and constructively with the former ownership group to get the property back on track as soon as possible, including initially utilizing the over three years of planning, re-hiring vendors and resume stalled discussions with the State and City. MREG's first priority was to repair and remediate a portion of the building that was formerly home to more than 200 people in need sponsored by the Amos House, which has been a staple of the Rhode Island nonprofit community since 1976 serving families in need that have suffered from oppression, homelessness and poverty.

We are excited to announce the section of the property dedicated to the Amos House is now ready and in move-in condition, and better than ever – with a full top-down renovation, more rooms, more safety measures throughout the building and a safe and clean environment so its residents can achieve the Amos House mission of helping themselves to pursue greater opportunities with peace of mind and a place to call home.

MREG is well funded and ready to work with both City and State officials to determine the best use of the rest of building that meets the needs of the citizens of Pawtucket. MREG has hired Hospitality Development Group Inc. to develop the project led by Jerrold Krystoff, Chairman and CEO of HDG. Jerrold Krystoff is a seasoned real estate entrepreneur and developer based in Florida and has been participating in various real estate investments and developments since 1979. Some of Mr. Krystoff's projects include the W Fort Lauderdale Hotel & Residences, Fort Lauderdale, FL, Infinity at Brickell, Miami, FL, Europa By The Sea, Lauderdale by the Sea, FL, Lake Buena Vista Factory Stores, Orlando, FL. A detailed proposal with plans, new designs (including promoting green energy) and video materials is ready to be presented to the City. A full Master Plan will be presented as well. 

The representatives of MREG are well aware of the challenges that the building has posed over the years. That is why they have secured the offices of Michael Kelly in Providence to work with local and state officials regarding zoning changes, building use, etc. The Attorney General has also been a part of the sale of this building, and Jerrold is confident that he will be able to keep it within the confines of the original agreement and vision. They are in this for the long haul and want to make this something everyone can be proud of. MREG has already spent over $1 million dollars over the last 6 months and has stabilized the project. 

For more information visit www.memorialrealestategroup.com 

Media Contact: Jerrold Krystoff, 9547643979, [email protected]

SOURCE Memorial Real Estate Group

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