IN PROGRESS: Capitol Cove

[Garris]

Yes i suppose compared to the Westin Condos (which are in the 400s, aren't they?) but I still think they are too high. Good luck sellin' em. I can get a two bedroom condo here in Fairfax County, which is one of the top overpriced markets in the country--still--for less than that.

[AriPVD]

This is what I do all day long, albeit in New York. The "average" rents in Providence are generally too low to justify the all-in development costs. But this type of product is pretty much the only thing that is finanecable these days.

I still don't get why more new or existing downtown housing isn't targeting the low-mid range rental markets... Even in the housing boom rental demand across the spectrum was high (and is much more so now) and my understanding is that apartment developments are much easier and safer by nature to finance than condos.

[Frankie811]

Capitol Cove opens sales office

With occupancy planned for January 2009, Capitol Cove LLC has opened the sales office for its first 96 condominiums and is expecting buyer interest.

[Frankie811]

If you haven't done so lately, there is a nice video clip when you visit the Capitol Cove website.

http://www.capitolcoveri.com/

[PBoyce79]

JWU leases entire Capitol Cove complex http://www.pbn.com/detail/42079.html

[provid]

Interesting

[CtownMikey]

JWU leases entire Capitol Cove complex http://www.pbn.com/detail/42079.html

[brick]

Well, wasn't the company building this holding out on phase 2 to see how phase 1 did? If Jwu has this property for more than a year (which is more than enough time to ride out the recession), then wouldn't phase 2 begin asap?

[Cotuit]

I have a copy of the lease posted here

[Frankie811]

Ch 12 reports that J&W will lease Capitol Cove condos, however they showed a Waterplace tower.

http://www.wpri.com/dpp/news/local_news/lo...ms_20090506_mds

[Frankie811]

I called Ch 12's newsroom to report the error so the above posted link may be down or corrected.

[09/21/38]

Brown will lease the Waterplace Towers.

[CtownMikey]

yup and NYU is going to lease the 903's. great train access

[mental757]

PROJO Editorial: "Editorial: Condo college"

http://www.projo.com/opinion/editorials/co...18.4077c2c.html

[Cotuit]

It will remain on the tax rolls, and thus help pay for the false fire alarms and quelling of exuberant parties that some students are famous for from time to time.

[09/21/38]

This isn't an orginal idea and I don't see what the big deal is. A vacant building will show some life for the next three years and then when the new rt. 195 land becomes available J&W can expand their campus and build a new dorm there per their master plan.

by then the economy will be in recovery and Capital Cove can go back on the market.

I agree it is not an ideal situation but the alternative is a nearly vacant building downtown.

When RISD purchased the old Hospital Trust Building and made it a dorm was there an outcry of there goes the neighborhood?

[Griswald]

/\ I agree that this is not a horrible turn of events. My first reaction to reading the news was, "Oh good, these places won't sit on the market, empty for 5 years - instead there will be an influx of young people on the outskirts of downtown." It may not be what the developers had in mind, in terms of creating a convenient place to live for the Boston commuters who can afford a higher-end urban condo, but anything is better than a vacant building.

[Frankie811]

When condos become dorms: Providence councilman says developer violated tax deal. City Councilman John J. Lombardi says that by leasing the 96 newly built Capitol Cove condominiums on Canal Street as dormitory space to Johnson & Wales University, developer Robert S. Roth has violated the terms of a tax treaty worth an estimated $8.7 million over 20 years.

http://www.projo.com/economy/LOMBARDI_CAPI...26.3db9eff.html

[runawayjim]

When condos become dorms: Providence councilman says developer violated tax deal. City Councilman John J. Lombardi says that by leasing the 96 newly built Capitol Cove condominiums on Canal Street as dormitory space to Johnson & Wales University, developer Robert S. Roth has violated the terms of a tax treaty worth an estimated $8.7 million over 20 years.

http://www.projo.com/economy/LOMBARDI_CAPI...26.3db9eff.html

[Frankie811]

Providence will seek changes to Capitol Cove

[Frankie811]

Wow, how did I miss this one.

David Brussat: Capitol Cove and its just desserts

Capitol Cove reminds me of the produce terminal demolished last year amid regret for its historical if not its aesthetic qualities. Capital Cove

[Frankie811]

Editorial: Condo college

Capital Center had been shaping up as a fancy district of upscale condo dwellers. That will still occur, but maybe a bit more slowly and with more bumps.

http://www.projo.com/opinion/editorials/co...18.4077c2c.html