SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 5, 1997
__________________Capital Properties,Inc.___________________
(Exact name of registrant as specified in its charter)
_____Rhode Island__________0-9380____________05-0386287______
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Hospital Trust Plaza, Suite 920, Providence, RI 02903_
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 401-331-0100
_____________________________N/A____________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events
On March 5, 1997, the Superior Court of the State of Rhode Island
issued its decision in connection with Registrant's lawsuit against the State of
Rhode Island regarding the State's 1987 condemnation of property owned by the
Registrant. The Court will enter a Judgment in favor of the Registrant in the
amount of Six Million One Hundred Thousand Nine Hundred and Forty-nine dollars
($6,100,949.00). A Copy of the press release issued by the Registrant on March
5, 1997 relating to the foregoing is attached hereto as Exhibit 99.
Item 7. Financial Statements and Exhibits Page No.
(c) Exhibits 4
(99) Press Release issued by Capital Properties, Inc. dated March 5, 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAPITAL PROPERTIES, INC.
/s/ Barbara J. Dreyer
By: Barbara J. Dreyer,
President and Treasurer
Date: March 7, 1997
<PAGE>
EXHIBIT 99
Capital Properties, Inc.
One Hospital Trust Plaza
Suite 920
Providence, Rhode Island 02903
Phone (401) 331-0100
PRESS RELEASE
March 5, 1997
Capital Properties, Inc. (Boston Stock Exchange-CPI) Announces Court Decision
On March 5, 1997, the Rhode Island Superior Court issued its decision in the
pending condemnation action by Capital Properties, Inc. against the State of
Rhode Island concerning the property taken from Capital Properties, Inc. to
accommodate the River Relocation Project.
The Court found that the fair market value of the property taken from
Capital Properties, Inc. by the State is $8,700,000. Capital Properties, Inc.
received a payment of $2,599,051 for the property in 1987, leaving a net
principal due and owing of $6,100,949. Interest is also accruing on this amount.
Under a 1987 agreement with the State, Capital Properties, Inc. may be required
to return to the State a portion of this award.
After judgment is entered by the Superior Court, the State will have twenty days
to appeal the judgment to the Rhode Island Supreme Court.
