Firms submit plans for life-sciences project on two former I-195 land parcels

TWO COMPANIES have submitted plans for a large-scale, mixed-use life-sciences project on two parcels of the former Interstate 195 land, parcels 22 and 25. / COURTESY THE I-195 REDEVELOPMENT DISTRICT COMMISSION
TWO COMPANIES have submitted plans for a large-scale, mixed-use life-sciences project on two parcels of the former Interstate 195 land, parcels 22 and 25. / COURTESY THE I-195 REDEVELOPMENT DISTRICT COMMISSION

(Updated 2:20 and 4:17 p.m.) PROVIDENCE – Two companies have submitted plans for a large-scale, mixed-use life-sciences project on two parcels of the former Interstate 195 land, initiating what could be the first movement toward an innovation district, government and business officials said.
The one million square-foot project, proposed to the I-195 Redevelopment District Commission last week, is a joint effort of CV Properties LLC and Wexford Science & Technology, a subsidiary of BioMed Realty Company.
Joseph Azrack, commission chairman, confirmed the proposal submission for parcels 22 and 25 on Wednesday.
“The partners are experienced in Providence by virtue of their involvement in the redevelopment of the South Street Landing property and nationally in the development of high quality urban life science developments,” he wrote in an email. “The proposed mixed-use development plan with its focus on research and development facilities to serve local institutions and attract new employers to the city, is consistent with the vision we have for establishing knowledge-based industry on the I-195 land.”
The project also proposes to include residential, retail and hospitality uses, he said.
Gov. Gina M. Raimondo, in a statement, said the preliminary application is promising. “This is an exciting preliminary proposal that could begin the transformation of the I-195 land from vacant lots to a thriving innovation district that highlights the potential of partnering with our outstanding research institutions,” she said.
The commission will discuss the proposal at its next meeting, said a commission spokeswoman.
The project would be constructed in multiple phases, and would include a hotel, as well as residential and retail components. Although not formal partners in the project, both University of Rhode Island and Brown University leaders said they were excited about the possibilities presented by the development.
CV Properties is the developer of South Street Landing, which will provide space for Brown University administrative offices, as well as the URI and Rhode Island College nursing education center.
In her fiscal 2016 budget proposal, Raimondo included a proposed $25 million incentive fund for companies that locate in the I-195 lands. The General Assembly has not yet acted on the governor’s request.

Dick Galvin, president of CV Properties, said in a statement that the company will seek some form of tax credits or incentives to develop the facilities.

The number of jobs that could be created, and the cost of the development also were not disclosed.
The properties identified by the companies, Parcels 22 and 25, are opposite Dyer Street from the location sought by the Pawtucket Red Sox for a downtown ballpark.
Wexford Science & Technology, which has headquarters in Baltimore, is a real estate investment and development company that in 2013 merged with BioMed Realty, according to its website.
BioMed Realty owns or has interests in 15 million square-feet of leased space in cities well known as life sciences centers, including Boston and San Francisco. Wexford has developed university-affiliated research facilities in cities including St. Louis, Philadelphia, Miami and Baltimore.
Galvin said he is excited to be working with Raimondo, who he said “has made it clear that her top priority is creating jobs and jump-starting the economy. She’s also shown creativity in her proposed tax incentives package. We’re still exploring how they may be able to support our proposed development but it’s clear that some form of tax credits and incentives will be essential to make our proposed project a reality.”

He said the combination of leadership and institutional resources that Brown University, University of Rhode Island and others presented gave the companies the “confidence to develop our proposal.”

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URI President David M. Dooley, through a spokeswoman, said the university wants to work with the applicants to define collaborations between URI, Brown University and other research entities, “to bring innovation and development to the state.”
“One of URI’s essential roles as the state’s flagship university is to work with the public and private sectors to create a vibrant and sustainable Rhode Island economy,” he said. “URI stands ready to work with the project applicants, the I-195 commission and the city of Providence.”

Brown University, which like URI has already partnered with DV Properties in the South Street Landing project, will need modern facilities and expanded space in years ahead to support its ongoing investments in teaching and research in the Jewelry District of Providence, according to university spokeswoman Cass Cliatt.
In a statement, Brown University President Christina Paxson said the proximity of the proposed life sciences complex to the Alpert Medical School and Laboratories for Molecular Medicine, as well as two teaching hospitals, creates an opportunity for an expanded partnership.
“Brown has invested more than $200 million in the Jewelry District, and our leadership in becoming the founding partner of South Street Landing was always intended as a catalyst for further growth. It’s gratifying that our contributions to the area’s development are attracting the interest of developers and an investment firm of the caliber of CV Properties and the BioMed Realty subsidiary, Wexford Science & Technology.”

Rhode Island Commerce Secretary Stefan Pryor said the proposal, although preliminary, appears to be promising. “It appears to align very well with our goals for the I-195 corridor,” he said. “We are eager to continue the dialogue with these prospective developers, to evaluate their submission, and to determine how we can work with such partners to build out and energize this key district within our capital city.”

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