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Major projects announced for Providence

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We had a flurry of announcements of new developments in Providence last week.

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First up, is one we knew was on the way, but we finally have a ground-breaking date for, mid March!

Waterplace | Capital Center, Parcel 2

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Location: Exchange Street | Capital Center

Use: Residential, retail, restaurant

Cost: $100 million

Two-tower complex set for Providence

February 24, 2005

Intercontinental Real Estate Corp. of Boston will break ground in mid-March on Water Place, a $100 million complex in downtown Providence, with construction of two residential towers, chief executive Peter Palandjian said. The condominiums and apartments, in 19- and 16-story towers, are the first phase of a 307,470-square-foot project that will include retail and office space and 480 underground parking spaces. The project is on land leased for 99 years from the Capital Center Commission, a public-private partnership that oversees development in the downtown district. Water Place is one project being done under the $200 million Intercontinental Real Estate Investment Fund IV LLC. (Thomas C. Palmer Jr.)

From The Boston Globe

See Capital Center Parcel 2

One Ten Westminster

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Location: Westminster and Weybosset Streets | Financial District

Use: Condos, ground floor market & cafe

Cost: $90 million

Next up is a project which took us all by surprise. One Ten Westminster is a 32-story luxury condo tower that will be built in Providence's Financial District, utterly transforming the city's skyline. The 130 new "city homes" will range from 900 to 3,500 square feet and cost between $500k and $2.5 million. The 360 foot tower will be Providence's new 3rd tallest, and the tallest residential structure in Rhode Island. The ground floor market & cafe will tie into the neighbouring Arcade, the nation's oldest indoor shopping mall. It will also feature 650 outdoor cafe seats along Weybosset Street. Work is expected to begin in December and be completed in late 2007.

See Arcade Tower, One Ten Westminster

The "Power Block"

Location: Atwells Avenue and Broadway, along Sabin Street to Emmit Square | Downcity

Use:

Cost: $700 million

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Last but not least comes The "Power Block." This is a number of projects wrapped into one concept. The Procaccianti Group, a Cranston, RI based hotel management company came to a final agreement today with the convention centre authority to buy the state owned Westin Hotel for $95.5 million. As part of that deal they will build a new $150-200 million 200 room hotel tower on a piece of land adjacent to the Westin. This tower may also involve condos and office space and will feature ground floor retail. The Procaccianti Group may even move their corporate headquarters into that tower.

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The next part is at the other end of the Power Block, the $150 million plan to completely rehab the city's Holiday Inn along Route 95 between Downcity and Federal Hill. The Holiday Inn will become a high end Hilton Hotel, a "nationally known" steak house and a Starbucks will be added. A 27 story condo tower will also be attached with approximately 150 units. The back of the Holiday Inn will be renovated to allowing for attaching it to a renovated Dunkin Donuts Centre, and to create better parking for the hotel, the condos, and the Dunkin Donuts Centre in an expanded garage facility.

Across the street on a vacant lot that currently is used for parking, another 27 story condo tower is planned. This may also include office space and will include ground floor retail, the projected cost is $175-200 million.

The final part is a $100-150 million tower that will include loft apartments on a currently undisclosed vacant lot. The Procaccianti Group is still gaining ownership of this location.

The entire block including the 3 hotels, 2 condo towers, the Dunkin Donuts Centre, and the Rhode Island Convention Centre will be integrated into one unit with retail and restaurant space serving conventioneers, hotel guests, and city residents.

See The "Power Block"

All of these projects happened to be announced on my birthday. :D

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These projects are really impressive. Btw, how much population has Providence? Sorry for this not well-informed question.

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Btw, how much population has Providence?

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Around 180k.

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all I can say is WOW :blink:

I especially like the location of the Waterplace Towers.

One ten Westminster ain't too shabby either.

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All these developments DO confound me a little. I have been following the Providence architecture scene for a few years now, and I am still surprised at how we attract so much development, when very few people WORK here. Sure, people LIVE here, but downtown is way more residential than business space. Are all these new residences going to attract businesses to the city/state? Or are we doomed to become a city of commuters? Is that sustainable?

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Are all these new residences going to attract businesses to the city/state? Or are we doomed to become a city of commuters? Is that sustainable?

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I think the residential development will eventually pay off with businesses coming to the city and state. When we have a highly skilled workforce leaving the state every morning to work, businesses will see that, and move here to try to capture those workers. Surely even if one is a few blocks from the train station, a few block walk to work would be enticing over a few block walk to the train station and then an hour on the train. Everyone wants to get up an hour later.

I think some of the people moving here will also be business owners and/or entrepreneurs and will be the ones creating new business here. Providence attracts very creative people, improving the city will attract more and will convince them that this is not only a great place to live, but a great place to do business.

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I'm tracking the Water Place development (as well as other apartment developments in RI). Does anyone have any information on the construction status and/or schedule of this project?

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WaterPlace (Parcel 2) is now supposed to break ground next month. There was a last minute design change when it was decided to make condos rather than apartments. The developer decided they wanted balconies for the condos so the Capital Center Design Review Committee had to take another final look at the building. Ground should be broken next month, with work focusing on the parking garage at first. Steel is expected to start going up in November.

The groundbreaking for One Ten Westminster has been pushed up from Decemeber to November.

Steel should begin rising at GTECH next month.

More info is in the Providence subforum.

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