Providence *DO NOT USE*
FM Global Gives Former Johnston Headquarters a $60M Makeover
The former FM Global headquarters at 1301 Atwood Avenue in Johnston is currently undergoing a $60 million renovation.
Brown, RIC and URI Unveil $206M Redevelopment Plan for Providence’s Dynamo House
Brown University, Rhode Island College (RIC), and the University of Rhode Island (URI) have announced plans to repurpose the long-vacant South Street Power Station in Providence into a shared 120,000-square-foot RIC/URI nursing education center, 150,000 square feet of upper-level student housing, 120,000 square feet of office space, as well as restaurants, retail space, and new parking facilities.
Boston Investor Acquires Gateway Center in Downtown Providence for $13.2M
In a $13.2 million deal, Albany Road Real Estate Partners of Boston has purchased the four-story 117,000-square-foot Gateway Center in downtown Providence. According to the Providence Journal, the transaction closed on May 23. Bank Rhode Island financed the acquisition with a $10-million, 10-year loan.
Community Health Center in South Providence Enters Final Phase of Construction
The $45 million development of the Federated Lithographers mill building in the South Providence neighborhood has entered its second and final phase of construction.
Kettle Point Wins Key City Vote; Omni Group Plans $5M Federal Hill Office Project
The East Providence Waterfront Commission has unanimously approved a 407-unit, $75 million residential community planned for Kettle Point, the East Providence Patch reports. Before construction can start, three state agencies including the transportation, environmental management, and the Coastal Resources Management Council are scheduled to review the project.
Gaia Pays $55M for 2 East Providence M-F Complexes
Gaia Real Estate has purchased the Winchester Park and Winchester Wood multifamily communities in East Providence for $55 million or $115,000 per unit. The sale also included 20 acres of undeveloped land, the Providence Business News reports. CB Richard Ellis New England Partners represented the buyer in the transaction and also procured financing.
Providence Station on Track for $5.7M Renovation
The Rhode Island Department of Transportation (RIDOT) is planning a $5.7 million makeover of the Providence railroad station. The facility serves over one million Amtrak and Massachusetts Bay Transportation Authority passengers every year.
During a ceremony held at the facility on April 15th, Governor Lincoln D. Chafee and other State and Federal leaders unveiled details of the renovation project. Plans call for an improved physical appearance of the station, as well as the reconstruction of pedestrian and vehicular access. Construction is expected to begin this summer.
High Rock Seeks Tax Credits for “Superman Building’s” M-F Makeover
High Rock Development of Newton, Mass. is planning to repurpose the 26-story Industrial Trust Tower in downtown Providence from office to residential rental space. According to The Associated Press, the owner of the 350,000-square-foot property intends to build up to 290 apartments on the upper floors, as well as retail and restaurant space on the ground floor.
Bill Fischer, a spokesman for High Rock, told the newspaper that the company is seeking historic tax credits to reposition the art deco-style building, Rhode Island’s tallest skyscraper.
Omni, WinnDevelopment Wrap $21M West End M-F Rehab
Rhode Island lawmakers have joined Omni Development Corporation, WinnDevelopment, Rhode Island Housing and other community organizations to celebrate the opening of 83 new or completely rebuilt affordable rental homes in Providence’s West End.
Called Phoenix Apartments, the $21 million energy-efficient development has been built on the sites of 22 formerly dilapidated and foreclosed multi-family properties. The project spreads along Althea, Waverly, Bellevue, Hanover, Cranston and Waldo streets, including a portion of community space on Cranston Street.
Washington Trust Finances Historic Downtown Office Building, Parking Facilities
Washington Trust’s Commercial Real Estate Group has recently provided commercial mortgage financing to One Financial Center Plaza, LLC, a 12 story office building located at 10 Weybosset Street in downtown Providence.
The multi-tenanted historic building offers 128,000 square feet of space, as well as public lots with 170 parking spaces and an executive lot with 30 spaces.