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IN PROGRESS: 333 Atwells Avenue (Rialto Furniture)

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Cotuit Megalopolis

Cotuit

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I'm not sure that structured parking is not going to be included in the project. I think it just won't be underground, rather 1st floor parking at least partially within the building. Knowing the site, there is no way they could meet their parking requirements with just surface parking.

I think you're probably right on that.

Notice too that it is now going from a rental project to condo. Now THAT says a ton about what is going with the market. Financing is much easier to get right now with condos than rental, and they can get away with much few units.

I always forget that this is rental (and now I guess it's not, so I can stop forgetting to remember that). I guess going from rental to condo is better news for our condo market than I thought. Seeing as I had in my head that it was condos and they were reducing the units.

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Garris Town

Garris

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Huh, interesting, disapointing, and confusing. It feels like a little rewriting of history here, as hadn't all three of the downtown towers been announced before this project was publically introduced? There were also several other announced projects on the boards at that time that have since folded (like the Hilton tower).

Also, if you're going to lower the cost of your condos (probably a good idea give the location there) which, in theory, should open up the market to more people, how does that translate to fewer units?

I have a feeling something else is happening behind the scenes here and the "glut" excuse is being trotted out to explain it...

Other thought?

- Garris

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jencoleslaw Town

jencoleslaw

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Huh, interesting, disapointing, and confusing. It feels like a little rewriting of history here, as hadn't all three of the downtown towers been announced before this project was publically introduced? There were also several other announced projects on the boards at that time that have since folded (like the Hilton tower).

Also, if you're going to lower the cost of your condos (probably a good idea give the location there) which, in theory, should open up the market to more people, how does that translate to fewer units?

I have a feeling something else is happening behind the scenes here and the "glut" excuse is being trotted out to explain it...

Other thought?

- Garris

i heard the parking garage was getting very expensive...and i think that there's going to be a hard sell at the CPC for an 80 car parking lot on Atwells Avenue. One of the things that made this project so attractive was all the invisible parking...

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Cotuit Megalopolis

Cotuit

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I have a feeling something else is happening behind the scenes here and the "glut" excuse is being trotted out to explain it...

Agreed. The so-called glut was well known ahead of the announcement of this project. And this project has gone through no end of redesigns. It started out as apartments, then was scaled back and turned into luxury condos, now it's being scaled back further and the price is being dropped. I think the pricing and level of ammenities is more realistic for Federal Hill. People looking to live on Federal Hill aren't looking for the all-inclusive services like one will find at OneTen or the Westin, they're looking to live in a neighbourhood, not a compound. I'm not liking the parking situation, but this sounds like a more realistic project now.

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Cotuit Megalopolis

Cotuit

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I got really worried when they said they were keeping the Rialto building, then relaxed again when they mentioned they would extend it to the streetfront...

Indeed.

Does anyone know the full story about what happened to Rialto. It seems like they were forced out, there was some talk that they might re-open elsewhere, but that doesn't seem to have happened. They seemed to have a healthy enough business, so it doesn't seem that they had to fold due to not doing well financially. It's kind of sh!tty that they may have been forced out and now the building isn't even coming down. I wonder if they could come back. I'd love to see their sign rehung on a nice new building that meets the street.

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Garris Town

Garris

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I wonder if they could come back. I'd love to see their sign rehung on a nice new building that meets the street.

I actually always thought that what better business to anchor a major residential building in a residential neighborhood than a furniture store?

I bought something there before they closed and was making small talk with one of the sales people. She didn't know at the time if the store was going to reopen, and that person suggested that the store did pretty well. Who knows...

- Garris

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Thom Unincorporated Area

Thom

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New plans should be before the CPC in April at the earliest and May more likely. The project is now three stories, two additional stories on top of the existing building. The store front is brought to the street. The first floor is retail the basement is a parking garage. The surface parking is for customers of the commercial and for the residential guests. The preliminary design is pretty good but needs some refining. The ground floor retail is proposed to be a drug store and a restaurant. Hate surface parking, but they are making an effort to buffer it. So, we will see as the plans are refined.

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Thom Unincorporated Area

Thom

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You're allowed to leave Rhode Island? :shok: Oh, wait, are you in Portland?

No, I couldn't make the Portland trip, but someone from city hall and my staff went. I'm in San Antonio. Back tomorrow for a council meeting.

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jencoleslaw Town

jencoleslaw

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Is this an open meeting? Hopefully someone on here can let us know what's going on

i was wrong. It is on the agenda for Thursday's meeting. And all CPC meetings are open. It may not be a public hearing (meaning there might not be an opportunity to people to speak on the subject) but anyone is invited to come and listen.

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Cotuit Megalopolis

Cotuit

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this is not as cool as it once was

I tend to agree.

This annoyed me:

The original plan called for six-story and eight-story high-rises

6 to 8 floors is far from a high-rise, it's barely a mid-rise.

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Garris Town

Garris

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I'm glad it's actually happening, but it's very disappointing. This was arguably before the most interesting of all the renders that the city released in their development report. Has anyone seen what it is going to look like now?

As I posted in the Belmonte Castle forum, the increased costs of construction are slamming everyone in all cities, not just Providence. This doesn't point to any inherent flaws or weakness in our market in my opinion. It just is disappointing that right when our market is revving up for the biggest building boom in years, construction costs go through the roof (I asked in the other forum why this is happening...).

I thought this was interesting too...

The first floor -- about 18,000 square feet -- will be dedicated to retail. According to a City Plan Commission report, a large chunk of that space would be taken by a Walgreens drug store. Rebecca Pazienza, spokeswoman for the developer, said the company is in talks with Walgreens and several companies, but has not signed a lease with any of them.

I may be remembering incorrectly, but wasn't the Castle of Belmonte going to get a pharmacy too originally? Either way, while I hate the way modern pharmacies interact with the street (what do they have against windows?) Federal Hill really needs one of these to become a "complete" residential neighborhood... However, Rialto Furniture was a great store, and I'm sorry they are gone just to only have their original space used and taken up by something else...

- Garris

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