Plans unveiled for $400m mixed-use development in Rhode Island, US
December 04, 2019 – US state Rhode Island Governor Gina Marie Raimondo and Pawtucket Mayor Donald Grebien have announced plans for a $400m downtown redevelopment project.
The project, named Tidewater Landing, is expected to be the biggest redevelopment project in Pawtucket city history.
The project will transform Pawtucket’s waterfront with 100,000ft² of retail, food and beverage, and other community space; more than 200 housing units; an indoor sports event centre; a 200-room hotel; and a 200,000ft² of commercial office space.
The development will include a 7,500-seat stadium that will house a USL Championship soccer team, which will begin its play in the 2022 season. The stadium will be financed by New York-based developer Fortuitous Partners.
Raimondo said: “This economic development project will establish a professional soccer team from a leading national league here in Rhode Island, revitalize the waterfront and downtown and create more than 3,500 jobs.
“Most importantly, it will transform this area into a vibrant hub of activity like we haven’t seen in decades.”
Additionally, the project will include expanded waterfront access through a riverwalk park, a new pedestrian bridge, and other key infrastructure upgrades.
The development is expected to create more than 2,500 jobs during the construction phase and more than 1,200 jobs, once completed.
Grebien said: “This $400 million investment in one of Pawtucket’s opportunity zones will create jobs and will be a transformative economic development at the gateway into our state.
“The Blackstone Valley is prime with development opportunities. The Fortuitous Project along with the Pawtucket/Central Falls commuter rail stop are game changers.”
The project’s final development sites, phasing, construction costs and schedule are planned to be finalised during an upcoming due diligence period.
Fortuitous Partners founder and partner Brett Johnson said: “The initiative will transform the area by maximizing Pawtucket’s many assets to create a vibrant live, work, and play environment.
“The combination of a successful USL Championship club and the surrounding mixed-use development will make Tidewater Landing a destination of civic pride for decades to come.”