News: Rhode Island

Tidewater Landing & commuter rail station projects moving forward in Pawtucket - by Donald Grebien

Donald Grebien

Two of the biggest economic development projects in Pawtucket are moving forward and are poised to supercharge commercial development in our city.

Phase I of Tidewater Landing, the largest economic development project in our city’s history, broke ground on August 12th.

First proposed in 2019 by developer Brett Johnson and his team at Fortuitous Partners, Tidewater Landing is a $300 million project that will create a vibrant mixed-use destination along the banks of the Seekonk River including a 10,000-seat football stadium, public waterfront amenities, 435 housing units, 60,000 s/f of commercial space, and 57,000 s/f of retail and restaurant space.

The city of Pawtucket, CommerceRI, and Fortuitous Partners have created a true private-public partnership to get this project done. That included working collaboratively to address unforeseen construction cost increases caused by COVID-19 and global supply chain disruptions. Thanks to the leadership of governor Dan McKee, all parties were able to come together to find a solution to allow Phase I of the project, the building of a beautiful new football stadium to move forward. This new private-public partnership includes an additional $25 million in private equity pledged by Fortuitous Partners.

Shovels are in the ground, and if you drive over the Pawtucket River Bridge on I-95 and look south, you’ll see a completely transformed site on the banks of the Seekonk River where the new stadium will rise and be completed by 2024.

We’re thrilled to see Phase I moving forward and are continuing to work with Fortuitous Partners, CommerceRI, and the state to see the full potential of this transformational project realized over the coming years.

Another transformational project for our city is the new Pawtucket-Central Falls commuter rail station and surrounding transit-oriented development district.

Work on the station, which will include MBTA service to Providence and Boston, as well as tightly integrated RIPTA bus routes to and around downtown Pawtucket and Central Falls, is nearing completion. We are looking forward to a ribbon-cutting ceremony in the next few months.

More than just a train station, the surrounding district has already attracted tens of millions of dollars in investment including historic mill conversions into new housing units, breweries, and commercial office space. The district will also feature several new green spaces to provide recreation, shade, and improved stormwater management.

With these two key projects moving forward, Pawtucket has incredible momentum in our efforts to revitalize downtown and spark economic growth throughout our city.

Donald Grebien is the mayor of the city of Pawtucket, 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