Steps closer to redevelopment within City Centre Warwick

Scott Avedisian, Mayor of Warwick

A long anticipated, ambitious plan to redevelop property within City Centre Warwick, a transit-oriented development, for mixed uses is one step closer to fruition now that the Rhode Island Commerce Corporation board of directors has approved key economic incentives for the project.

D’Ambra Warwick Hotel LLC has received approval for up to $3.5 million through the state’s tax-increment financing program; roughly $1.4 million in Rebuild Rhode Island tax credits, which allows for up to 20 percent – in some instances, 30 percent – of redeemable tax credits of project costs; and up to $350,000 in sale and use tax exemptions on eligible construction and build-out costs.

The project, estimated at roughly $23.8 million, would see the construction of a new, 120-room Hyatt Place Hotel, on property that was once used for asphalt processing by D’Ambra Construction Company. The hotel would have a direct connection to the InterLink intermodal station, with an MTBA commuter rail line, and to T.F. Green Airport, via an elevated skywalk – offering unparalleled convenience for the business travelers that the hotel expects to attract.  Future development on the property is slated to include office/retail space and structured parking.

This is the latest in several catalytic developments related to City Centre Warwick in the past year. Last fall, a proposal, spearheaded by the planning department, for a zone change to expand the City Centre Warwick Intermodal District from 95 acres to 110, was approved, allowing the city and developers the opportunity to further capitalize on the tremendous infrastructure investment and locational advantage of the area.

Earlier this year, the city council approved legislation allowing for 15-year Tax Stabilization Agreements within City Centre Warwick for qualified projects. The measure, which complements state law, would apply to new developments of $5 million or more and will further incentivize redevelopment and investment within the area.

Site clearing work has also begun on the $2.2 million Coronado Road Pedestrian Safety Project, a cooperative effort between the state Department of Transportation and the city to implement pedestrian enhancements along the Coronado Rd. corridor, transforming the thoroughfare into an attractive, welcoming gateway from Post Road into City Centre Warwick/Jefferson Blvd.

City Centre Warwick offers unique development opportunities within a half-mile radius of the airport, intermodal station, and the Rte. 95 and 295 corridors in the heart of southern New England. Please contact Karen Jedson, director of tourism, culture, and development, at karen.jedson@warwickri.com.

Scott Avedisian is the mayor of Warwick and the chairman of the RIPTA board of directors.