Raimondo approves development of $45M Garrahy parking garage

GOV. GINA M. RAIMONDO on Thursday authorized development of the $45 million Garrahy parking garage, a project sought by the developer of a proposed life sciences and mixed use center on the Interstate 195 lands. / PBN PHOTO/MIKE SKORSKI
GOV. GINA M. RAIMONDO on Thursday authorized development of the $45 million Garrahy parking garage, a project sought by the developer of a proposed life sciences and mixed use center on the Interstate 195 lands. / PBN PHOTO/MIKE SKORSKI

PROVIDENCE – Gov. Gina M. Raimondo on Thursday authorized development of the $45 million Garrahy parking garage, a project sought by the developer of a proposed life sciences and mixed use center on the Interstate 195 lands.
The 1,200-space parking garage, to be built over the existing parking lot of the Garrahy Courthouse, would occupy a site adjacent to land sought by Wexford Science & Technology LLC and CV Properties LLC for its innovation center, office complex and mixed-use development.
As a condition of purchasing Parcels 22 and 25, Wexford stipulated that the Rhode Island Convention Center Authority assure that adequate parking spaces will be available for tenants in its project. It expects to need at least 400 spaces for the first phase of its development, according to the purchase and sale agreement.
Raimondo on Thursday signed a bill that will allow the Convention Center Authority to issue up to $45 million in bonds to construct the garage once CV Properties and Wexford have closed on the purchase of the first parcel needed for its new development.
The companies, whose representatives signed a purchase and sale agreement for the two I-195 parcels in January, remain in the due diligence period, according to an I-195 Redevelopment District Commission spokeswoman.

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