News: Rhode Island

Peregrine Group and Kirkbrae Development's Rumford Center earns preservation award

The Rhode Island Historical Preservation & Heritage Commission (RIHPHC) has honored the newly-opened Rumford Center with a State Preservation Project Award. The award recognizes the "particularly high quality rehabilitation" of the 270,000 s/f, nationally-registered historic Rumford Chemical Works mill into a modern mixed-use complex. Designed by Prellwitz Chilinski Associates (PCA Inc), and developed by PK Rumford, a joint venture of the Peregrine Group, LLC, and Kirkbrae Development Corp., Rumford Center reconnected a historic mill to the community it once anchored, conducting brownfield site rehabilitation and converting 10 underused buildings into boutique retail and restaurant space, offices, and 88 loft-style apartments. Current tenants include Sentinel Financial Group, Seven Stars Bakery, and Punch Gym. The new Rumford Center reinvigorates a significant cultural legacy in East Providence. The original Rumford Chemical Works opened in 1856, ultimately growing into a leading global producer of baking powder and the economic lynchpin of the surrounding community. The mill closed in 1968 and fell out of step with East Providence before being purchased for redevelopment. "At Rumford, we saw iconic buildings that had fallen out of step with their surroundings," said Sarah Michelman, the project's architect. "We're thrilled that the RIHPHC recognized our effort to honor their significance while making a positive contribution to East Providence's future through modern mixed-use design."
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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