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Vacant AmEx Building to change hands

Cotuit

By Cotuit
in Providence

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Recchia Town

Recchia

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http://www.projo.com/news/content/projo_20...2.183fcf77.html

Assembly put in a bid for the vacant Amex building to house some state offices or legislative offices. The Governor thinks its a bad idea to buy class A office space though, for a yet unknown purpose.

"The idea that we should be buying a Class A, premium office building in downtown Providence for some unknown use is absolutely ridiculous," said Carcieri, ticking off his objections one after another. Among them:

"That's got a lot more potential for economic development. Bring a real business into the city. That will bring jobs with it and income taxes and corporate taxes, hopefully, and all those things. That's what it should be used for.

"The state doesn't need it. My gosh, we've got plenty of buildings we are looking at converting, rehabbing and so forth" at the state-owned Pastore complex in Cranston, "so I have no idea what they are thinking."

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Cotuit Megalopolis

Cotuit

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"The state doesn't need it. My gosh, we've got plenty of buildings we are looking at converting, rehabbing and so forth" at the state-owned Pastore complex in Cranston, "so I have no idea what they are thinking."

Oh I don't know, maybe they're thinking that state offices should be in the state capital.

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Recchia Town

Recchia

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I hate the Pastore Center, I wish they would close it and make all the state offices downtown, with public transit improvements and incentives for state employees. Then they can do whatever they want down in Cranston, make more prison space maybe I dont know...

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Liamlunchtray Burg

Liamlunchtray

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I hate the Pastore Center, I wish they would close it and make all the state offices downtown, with public transit improvements and incentives for state employees.  Then they can do whatever they want down in Cranston, make more prison space maybe I dont know...

<{POST_SNAPBACK}>

As much as I really dislike Carcieri, I think he's pretty much on point with this. There isn't any need to spend cash on something like this when there are so many vacant buildings that the state owns. Much like the whole State Archives plan for the Armory that got shot down last year. It's insane that we are renting space in a floodplain to house them when we have a gazillion sqft of space sitting vacant just a mile or two away. The city would be much better served by a business in this location than by more state offices.

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Cotuit Megalopolis

Cotuit

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The city would be much better served by a business in this location than by more state offices.

<{POST_SNAPBACK}>

I would agree, but it doesn't appear that there are any businesses beating a path to the front door of the Gateway Center. What would benefit the city is not having a vacant building in the middle of Capital Center. Best case would be to get private business in there, and if there is a private business(es) ready to move in, so be it. But if not, the city would benefit from bringing more state office workers in from the suburbs. These state workers will patronize city businesses, especially the mall and new businesses at Waterplace and GTECH.

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Magellan98 Whistle-Stop

Magellan98

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If the General Assembly gets away with this, it'll be a huge economic blunder. From what I gather, that building was attracting a lot more attention than anyone expected. And now the General Assembly swoops in, making what is probably a bid on the higher end of the bid spectrum, to get this buildingtaking it off the PVD tax roles and off the table for potential redevelopment by private business. While I also think the state should keep its offices in Providence, there is plenty of space along Francis Street to accomplish this. More than anything, what irks me the most, is that these cronies put in this bid, usurping the power of the governor, without any public discourse. Its funny that t takes years and years for the state legislature to agree to take on the Civic Center but only a couple of weeks for them to try and buy the AMEX building. When are the citizens of RI going to learn and stop electing this a$$holes?!

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Mij Whistle-Stop

Mij

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I would agree, but it doesn't appear that there are any businesses beating a path to the front door of the Gateway Center. What would benefit the city is not having a vacant building in the middle of Capital Center. Best case would be to get private business in there, and if there is a private business(es) ready to move in, so be it. But if not, the city would benefit from bringing more state office workers in from the suburbs. These state workers will patronize city businesses, especially the mall and new businesses at Waterplace and GTECH.

With all due respect I completely disagree with you on this. The bid from the state comes only days before the bankruptcy hearings in Boston, if you pick up the latest PBN they have pointed out that there has always been interest in this building, but once the previous ownership group went forward with the bankruptcy, the interest went towards the state seizing this property. The thought process is that the government will give a better deal. I stand with the GOV on this. I think I brought this up in another post but office space is at about 90 - 95% capacity.

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Baines Hamlet

Baines

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I would agree, but it doesn't appear that there are any businesses beating a path to the front door of the Gateway Center. What would benefit the city is not having a vacant building in the middle of Capital Center. Best case would be to get private business in there, and if there is a private business(es) ready to move in, so be it. But if not, the city would benefit from bringing more state office workers in from the suburbs. These state workers will patronize city businesses, especially the mall and new businesses at Waterplace and GTECH.

I would cast my lot with the pro-sate purchase position...two reasons: 1) keep as much of then stae workforce n Providence, 2) the site is more logical to being part of the capitol hill area than the retail/commercial district of the city...it is not like it will prevent a tower being built.

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Garris Town

Garris

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I would cast my lot with the pro-sate purchase position...two reasons: 1) keep as much of then stae workforce n Providence, 2) the site is more logical to being part of the capitol hill area than the retail/commercial district of the city...it is not like it will prevent a tower being built.

I can't believe that given its location (next to the train station and, soon, lots of housing) no commercial entities were interested in this building. The Providence office market might indeed not be that robust...

If that is indeed the case, it certainly makes sense to bring as many state offices to Providence as possible. It'll help downtown businesses and the mall to have the one or two hundred more people a day working there...

- Garris

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eltron Hamlet

eltron

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The state legislature is truly inept.

While I think it makes sense for state offices to be in that location, I worry about the potential loss of the gigantic tax revenue that building would generate for the city...

It sounds like there are private parties interested in the building, they just want to negotiate a purchase rather than participate in a bankruptcy auction.

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Baines Hamlet

Baines

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I must say, that while having lived in New England aside, I shutter at the absolute negativity that Rhode Islanders have in terms of Providence...so-called business leader at that! It seems that the city, Chamber of Commerce, and others need to work more on the people of the state than those of us outside the state. I guess the old addage "familiarity beeeds contempt " applies here. Perhpas they simply do not know what Providence offers compared to other urban cities?

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ArtInRuins Whistle-Stop

ArtInRuins

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You must be a subscriber to get this story... could you paraphrase?

I agree with this story... PVD has been doing a much better job courting developers for residential real estate, and much less of a job courting new busninesses... is the thinking that once more people live here, business will want to locate here? or will the price of space just get higher, too high for businesses to move in?

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MikeR Hamlet

MikeR

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I was watching Newsmakers on Ch. 12 early Sunday. Gov. Carcieri spoke w/ Jack White on this subject. Carcieri's position is to hold onto the building in the short term, then sell. He pointed out that with the GTech building, the new Marriott hotel going into the Masonic Temple, and the new condos going up at Waterplace, the building would be worth more on the open market after these projects are completed.

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Garris Town

Garris

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I was watching Newsmakers on Ch. 12 early Sunday. Gov. Carcieri spoke w/ Jack White on this subject. Carcieri's position is to hold onto the building in the short term, then sell. He pointed out that with the GTech building, the new Marriott hotel going into the Masonic Temple, and the new condos going up at Waterplace, the building would be worth more on the open market after these projects are completed.

Shockingly, that actually makes a good deal of sense... :blink:

- Garris

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Magellan98 Whistle-Stop

Magellan98

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Shockingly, that actually makes a good deal of sense... :blink:

- Garris

Though Gov. Carcieri may not be the most progressive or urban-minded thinker (e.g Let's move state offices to Cranston). The one thing I can't fault him for is his business prowess and fiscal responsibility. Though he can be annoying at times, I am very glad we have a govenor like him to help keep the goons in the General Assembly in check.

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virgo20 Whistle-Stop

virgo20

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Is there any truth to the rumor that Fidelity Investments is buying this vacant building?

Log on to msn.com and type in any Providence zip code. Click on news front. Yhey are moving into the AMEX building and bringing in hundreds of jobs. :yahoo: I guess I'll be a cheerleader today.

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