Three years after it began working on a $100 million development on a two-acre parcel in Providence’s Capital Center, developer Eastman Pierce has sold development rights and its interest in the property to Intercontinental Developers, Inc., who are now reworking the ambitious project.
Stamford, Conn.–based Eastman Pierce, who planned to build apartments, condos, a hotel and retail space along Waterplace Park sold the rights to the project as it was and assigned its interest in the property as a lease to the new developer in late February.
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Capital Properties, Inc., owner of Parcel 2, announced the new assignment on Feb. 20. According to Ronald P. Chrzanowski, president of Capital Properties, Inc., the developer planned to have a long-term lease after completion. Parcel 2 is located along Waterplace Park, across from the future location of GTECH’s headquarters.
“We liked the program and the intent (of the old plans), but as we investigated it more, we thought there were some missed opportunities,” said Nick Iselin, director of development and construction for Intercontinental. “It’s going to have a completely different look. Rather than the buildings covering the whole block, we saw some areas that we could open up.”
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