News: Front Section
Posted: November 9, 2018
City of Pawtucket breaks ground on $47m train station project
Pawtucket, RI Work is expected to start immediately on construction of a new $47 million train station and transit hub in the Conant Thread district. The hub is expected to act as a catalyst for increased economic development in the 150-acre Conant Thread district.
In her remarks at the groundbreaking, governor Gina Raimondo said, “This is a fantastic day as we further strengthen our transportation system and plant the seed for new development that will rise up around this transportation center. It’s also a sign that Pawtucket and Central Falls are on the map and poised to be major players in the economic revival of the Blackstone Valley and the entire State of Rhode Island.”
Leveraging the investment in the train station and transit hub, the 150-acre Conant Thread district is uniquely positioned to attract students, young professionals, families and empty nesters, who will enjoy the ease of access to Providence, Boston and New York City, while appreciating the restaurants and nightlife, affordability and connectivity of a smaller city. Conant Thread builds off an existing dense urban environment, integrated with sustainable parks, bike paths and riverfront access.
As part of the Providence-Fall River-New Bedford metropolitan area (one of the 40 largest in the United States) and the northeastern U.S. megalopolis, Conant Thread offers desirable real estate with affordable development and rental costs providing great opportunities for new and established businesses and residents.
Construction will begin and continue for three years, reaching substantial completion in late 2021. The time-frame accommodates limited construction time periods along Amtrak’s busy rail corridor, with much of the work only taking place during overnight hours when trains are not running. RIDOT expects that service would begin in summer 2022 after a thorough testing and commissioning period led by the MBTA to ensure smooth operations and passenger safety.
The bus hub component is scheduled to open by the end of 2020. The project also includes construction of a Transit Emphasis Corridor, which will create dedicated bus lanes and bike lanes along Exchange St. and Goff Ave., linking the new transit facility to downtown.
Hear from investors and businesses already locating in the Conant Thread district and learn about funding resources and investment opportunities at a NEREJ Summit, scheduled for November 15, at Isles Brewers Guild, 461 Main St.
For more information, contact Rick Kaplan at the New England Real Estate Journal at rkaplan@nerej.com or call 781-878-4540.
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