The developer of a mixed-use project slated to go in the former Rumford Chemical Works facility in East Providence says all previous tenants have left the property, and he expects the first wave of new tenants to be able to move in next year.
Rumford Center, a project being developed through a partnership of the Peregrine Group and Kirkbrae Development Corp., is currently undergoing asbestos abatement and preliminary site work, said Colin P. Kane, principal of Peregrine.
By the start of the second quarter of 2008, Kane said, the first wave of residential and commercial tenants should be able to start coming in.
Once completed, the former baking powder plant will house 123 residential units and a mix of retail and commercial tenants on its 8.5 acres, Kane said.
While there are presently no companies locked into an agreement for Rumford Center, Kane said that the “market response has thus far been pretty positive.” The developers have met with six potential commercial tenants and three on the retail side.
Once the physical spaces begin to near completion, Kane anticipates companies will be quick to sign on for the project.
“The space really needs to be available quickly,” Kane said. “Most people want to see and touch the space before they make a long-term commitment.”
Kane said that Peregrine and Kirkbrae envision a mix of companies occupying Rumford Center, including media and graphic design companies, law firms and other professional services. The developers are hoping to attract retail tenants that will add to the appeal of the mixed-use project, such as coffee shops, florists and dry cleaners.
The residential portion of the project will include luxury rental apartments and a small condominium component, which will be contained to existing smaller brick buildings that are too large to house apartments, Kane said.
The development team is marketing the apartments on the strength of their aesthetics, describing each unit as “bright and airy,” with oversized windows, high ceilings, wood floors and “incomparable views.”
The decision to make the residential portion mostly rentals was largely based on market forces. “The condo market, as we’re all aware, is healthy, but not thriving,” he said.
When preliminary site work is completed, Kane said, construction will begin on a building-by-building basis. By the developer’s plans, the project is slated to be completed in two phases. However, there won’t be a long break in between those.
“It will look almost like one continuous construction project from the public side,” Kane said.
The planning and construction work for Rumford Center has been moving in a smooth manner, Kane said. In the 14 months since the partnership took over the property, all 52 commercial tenants have been moved out in preparation for the construction work.
The city has been fair in working with the development team, Kane said, crediting East Providence for a permitting process that is “rigorous, but predictable.”
“It’s a great place to work,” he said.
The project is going to benefit from its location in East Providence, Kane said. The fourth partnership in the city between Kirkbrae and Peregrine, Rumford Center is benefiting from the large purchase of properties in Providence’s Jewelry District by Brown University last year, he said. Located right outside the state capital and just off of Interstate 195, Kane said that the project has the opportunity to attract many of the tenants looking for a new home.
“There are a lot of folks that are being displaced,” he said. “We offer the same proximity to Providence.”
