PROVIDENCE – Nine firms are vying to develop one of the most prominent remaining parcels in the 195 Redevelopment District, a 1½-acre plot on the east side of the Providence River between South Main and South Water streets.
The proposals range from as small as 104 residential units to as big as 259 units, some with one building planned, others with two, and structures as high as six floors, with commercial space on the ground floor.
The I-195 Redevelopment District Commission is expected to hear pitches Wednesday from the firms for their visions of Parcel 5, which is now a grassy plot across Wickenden Street from the mix-used development anchored by a Trader Joe’s grocery store.
The property is attracting more attention than the abutting Parcel 2 land being developed by Urbanica Inc., which is slated to construct two buildings with 170 residential units and commercial space. Parcel 2 initially drew three proposals.
The nine plans submitted for Parcel 5 come in response to the request for proposals issued by the district commission. Developers were encouraged to submit pedestrian-friendly plans with mixed-use developments that connect to the riverfront park along South Water Street and the Fox Point neighborhood.
The firms include EQT Exeter; Transom Real Estate; CranLake LLC; Bluedog Capital Partners, LLC; Design Center Partners; The Parcel 5 JV; Cabot, Cabot & Forbes; Greylock Property Group; and Toll Brothers.
The Parcel 5 JV is a joint venture involving Parent + Diamond Real Estate Development and Urban Spaces LLC, according to the documents submitted to the 195 District Commission. The two companies had worked together on an unsuccessful mixed-use proposal for Parcel 2.
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 as 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.
CranLake LLC’s proposal includes two structures – one called “The Wharf Building” and the other “The Vessel” with a connector in between. Plans for the six-story development include 201 residential units with up to 10% set aside for workforce housing along with approximately 25,000 square feet of retail and office space. There is structured parking with 118 spaces and 15 on-street visitor spots as well as 120 bike parking spaces.
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.”
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.
The Parcel 5 JV’s proposal has two buildings with a courtyard in between them. Plans include 104 residential units, including four reserved as workforce housing, and 75 parking spaces in a structured garage as well as 55 bike spaces. There is also 8,000 square feet of retail space, spots for a bakery, restaurant and coffee or ice cream shop.
Cabot, Cabot & Forbes’ proposal is a six-story development with 259 residential units with at least 13 reserved as privately subsidized workforce housing, 81 parking spaces and 137 bike spaces. If selected, plans show the developer expects the building to be move-in ready in March 2028. The massing is broken up with two rooftop decks on the second floor, giving the building the appearance of having three separate structures. Plans also include 7,800 square feet of retail space.
Greylock Property Group LLC’s proposal is two buildings with 160 residential units, 13,100 square feet of retail and restaurant space, and 6,000 square feet of office space and a rooftop deck. The six-story development is made up of two L-shaped buildings with a courtyard and outdoor dining space in between.
Toll Brothers’ proposal is a six-story development with 227 residential units, 114 bike spaces and 130 parking spaces. There is also 11,650 square feet of retail and restaurant space. Similar to Cabot, Cabot & Forbes’ proposal, the massing is split up with two rooftop decks above the retail space.
Developers are scheduled to present their proposals during the commission’s meeting Wednesday at 5 p.m. The meeting will take place at District Hall at 225 Dyer St., participants can also attend the meeting virtually on Zoom.
(Updated to add information about The Parcel 5 JV, one of the entities that submitted a proposal.)
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
Can we please have some condos? We have more than enough apartments downtown at this point. Let’s get some of these students to invest in our city and stay here after graduation.