5Q: Peter McNally

 / PBN PHOTO/MICHAEL SALERNO
/ PBN PHOTO/MICHAEL SALERNO

1 What in your professional background has best prepared you for the new role?

During my years as a private-equity real estate portfolio manager my fund was, by design, overweighted to properties in urban neighborhoods. … The investment strategy of acquiring prime properties in better-performing local economies was a unique style in our peer group of funds. This experience allowed me … to evaluate many different cities across the U.S., always with an eye toward trying to understand why companies want to do business in a particular city … and why people want to live in a certain neighborhood.

2 How will you help market the acreage in the district?

We intend to leverage [the] most compelling assets: proximity to universities, access to an educated, sophisticated workforce [and] being part of the life sciences and knowledge-based infrastructure in Providence.

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3One project recently fell through. How will you help facilitate development moving from expression of interest to construction?

It starts with an honest assessment of whether any given proposal aligns with the commission’s vision of an appealing, vibrant urban neighborhood, as well as the proposal’s contribution to high-value jobs. Then, there’s no substitute for a thorough qualification process. … That said, the deal which recently fell through was sponsored by a serious and respected development company. It’s worth mentioning that however disappointing, deals do routinely get dropped on large, master-planned sites … and this won’t be the last one.

4 Now that there is an agreement for a standardized tax-stabilization agreement for large projects, what has been the result?

The importance of the TSA can’t be overstated, as it provides real estate investors with more clarity as well as a basic property taxation structure that should make newly constructed properties economically feasible. Combined with the other [state] programs that will support development on the I-195 land, the passage of the TSA signifies commitment and seriousness on the part of the commission in its role as a seller.

5 What are some of your initial observations about the climate for development in Providence?

Most areas of New England are notoriously difficult in which to entitle and build new buildings, and I’ve found the climate in Rhode Island enthusiastic and overwhelmingly receptive to smart development. •

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