Ever since Boston started sprouting building cranes, people have been wondering, why can't we make it happen here in Providence?
The answers is complex, but it starts with the economy. Without robust job and population growth, why would any new office or residential space need to be added downtown? The fact that so many old buildings are being rehabbed into apartments in the Capital City is a sign of the increased demand for living in an urban core. But no new buildings is a sign of a poorly performing state.
There is a strong argument to be made that the regulations and culture in Providence are powerful disincentives to developers looking to invest. The pending purchase of the first parcel in the former Interstate 195 corridor profiled in this week's cover story is a perfect example. The Dallas-based student-housing developer has requested a delay in the closing, because he has been unable to reach an agreement with the city on the parcel it controls next to the I-195 land he covets. The difficulty of navigating multiple bureaucracies may kill the deal.
Throw in high taxes and – thanks to the hobbling economy – rents that are nowhere near what they can be one hour to the north, and investing in Providence turns from a business proposition to a labor of love. And love does not power building machinery.
No doubt, streamlining regulations and reducing taxes in the state and in each municipality should be a top priority. But job creation is the only salve that promises to heal this wounded economy and get some holes in the ground. •