News: Rhode Island

Development opportunities abound in the City of Warwick - by Frank Picozzi

Frank Picozzi

Under a bright spring sky, elected officials, business leaders, and representatives from Wood Partners and Skydra Development were among those gathered for the groundbreaking of an estimated $65 million development project that will bring 214 class A apartment units to a formerly vacant 6.5 acre parcel just steps away from R.I. International T.F. Green Airport.

Alta Altitude, as the development will be called, is being constructed on the site that was once a collection of modest, single-family homes that were purchased more than a quarter-century ago to accommodate a vision for mixed-use redevelopment. Instead, the property was used for off-site airport parking, until it was purchased by the R.I. Airport Corp. (RIAC) in 2016. RIAC, in turn, sold it to Skydra, with the caveat that it not be utilized for airport parking. Skydra sold the property to Wood Partners, and the two entities have worked cooperatively through the state and local permitting processes to make the dream a reality.

The development, which will consist of two apartment buildings, is in keeping with design regulations outlined in the City Centre Warwick design manual – a document meant to guide all redevelopment within the more than 100 acres that comprise the transit-oriented development district. Alta Altitude will offer work from home suites, a spacious lounge complete with televisions, games, and a fireplace, private resident garages, a dog spa, and work-from-home suites. Tucked away from street view will be a resort-quality swimming pool and a center courtyard complete with lounge areas and several fire pits. And, thanks to a full-size gym, residents won’t have to brave going out on cold winter mornings or into oppressive summer heat to get their workouts in.

The City Centre Warwick concept aims to capitalize on the convergence of air, rail (the intermodal InterLink train station with MBTA commuter access), and I-95 and I-295 in Warwick to transform the area into a vibrant, 24/7, live/work/play neighborhood. A diverse mix of supportive uses, such as restaurants, offices, other amenities, shops and services for residents and nearby hotel guests is part of the vision. Skydra’s owner, Robert Schiavo, is supportive of the dream and told the local newspaper that he hopes the Alta Altitude project “is opening the floodgates to more (development)” and that he’s examining other opportunities within the district for those ancillary uses.

Indeed, momentum along the Post Rd. and Jefferson Blvd. corridors is building. Two extended stay hotels on Post Rd. are in various stages of the permitting process, work is soon beginning to transform the former Sheraton Hotel into workforce housing, a new bank and retail use is planned at the intersection of Post Rd. and Airport Rd., and new townhouses and single-family residential dwellings are part of a nearly-complete development on Kilvert St. off Jefferson Blvd. Another apartment complex with mixed-uses on the first floor is also envisioned directly across from the InterLink station. And, long-awaited repaving on Post Rd., including landscaping improvements, is being performed by the state Department of Transportation and will go a long way in transforming one of Warwick’s busiest thoroughfares into an attractive gateway – the first thing that airport visitors will see.

Development and redevelopment opportunities are plentiful throughout the city. If you’re interested in learning how you can be part of these revitalization efforts, please contact the economic development dept. at (401) 738-2014 or email econ.dir@warwickri.gov.

Frank Picozzi is the mayor of the city of Warwick, R.I.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary