Home News Story 4 firms selected as finalists to develop Parcel 5 in I-195 district

4 firms selected as finalists to develop Parcel 5 in I-195 district

By

Katie Castellani

-

11/07/2024

parcel5 — I-195 REDEVELOPMENT District Commissioners whittled down the nine proposals for Parcel 5 to just four finalists during a meeting Wednesday.

PROVIDENCE – I-195 Redevelopment District commissioners has whittled down the nine proposals for Parcel 5 to just four finalists. The four firms selected Wednesday were EQT Exeter; Transom Real Estate; Design Center Partners; and Bluedog Capital Partners LLC. “I just want to say how genuinely excited we are for the nine proposals that we received,

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PROVIDENCE – I-195 Redevelopment District commissioners has whittled down the nine proposals for Parcel 5 to just four finalists. The four firms selected Wednesday were EQT Exeter; Transom Real Estate; Design Center Partners; and Bluedog Capital Partners LLC. “I just want to say how genuinely excited we are for the nine proposals that we received, the outstanding work that everyone did. It really was a very difficult decision,” said Commission Chairman Marc Crisafulli. Parcel 5, a 1½-acre plot on the east side of the Providence River between South Main and South Water streets, is one of the most prominent parcels left in the 195 Redevelopment District. It’s garnered more attention than the abutting Parcel 2, which drew three proposals, and is being developed by Urbanica Inc. Developers for Parcel 5 were encouraged to submit mixed-use developments that were pedestrian-friendly and connected to the riverfront along South Water Street and the Fox Point neighborhood. EQT Exeter’s proposal is a six-floor building with 210 residential units – including 21 units of workforce housing and 12 live-work units. There is also 10,000 square feet of retail space and a parking garage on the first and second floors with 110 spaces. Residents could move in as soon as August 2027 if the design, approval and construction processes go to plan, according to EQT Exeter documents. This isn’t the developer’s first time working in the district. It built Emblem 128, a mixed-used development on Parcel 28 with 249 residential units and ground floor retail space. Transom Real Estate is proposing a six-story building with 220 apartments, 1,200 square feet of gallery space, 2,100 square feet of pop-up retail along with space for a restaurant and bar and fitness center. Plans show the massing is also designed in a way that creates courtyards that open up to the park, waterfront and Fox Point neighborhood. Design Center Partner’s proposal is titled, “The Providence Art & Design Center,” with 200 residential units – including 5% of creative workforce housing – and a 50,000-square-foot art and design center. According to the plans, developers have an agreement in principle with OPEN Projects to create an exhibition space and with Angel’s Kitchen for a food and beverage concept. There are also at least 70 underground parking spaces included in the plans. Bluedog Capital LLC’s proposal, named “Vital on the River”, includes 41,700 square feet of commercial and retail space, 57,600 square feet for a hotel on the second through fourth floors and 40,700 square feet for condos on the fifth and sixth floors. Plans also include spots for a learning center, rentable space, a restaurant, co-working, a fitness center and a rooftop deck. The developer notes in the plans the proposal is meant to be a lifestyle development where residents can “Live, Work and Prosper.” Next Utile, the district’s design and planning consultant, will submit a memo about the four proposals during the commission’s December meeting, which is scheduled for Dec. 18. The four finalists will then return and make a final presentation and have the opportunity to adjust their designs based on feedback. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.