The redevelopment of the former Narragansett Brewery property off Route 10 in Cranston – a critical component of the city’s long-term economic development initiatives – has received a shot-in-the-arm.
The Rhode Island Economic Development Corporation has approved a Certificate of Critical Economic Concern for the redevelopment of the 77-acre parcel. The certificate is designed to expedite permit applications filed by the First Hartford Realty Group with state regulatory agencies.
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This spring, Cranston Mayor John O’Leary announced the signing of a purchase and sale agreement on the site.
S&P Realty Trust, a group overseeing the property, reached an agreement with First Hartford Realty Group, of Manchester, Conn., and Joseph R. Paolino, Jr., the former Mayor of Providence. First Hartford develops commercial centers, office complexes and industrial parks. In Rhode Island, the company constructed Textron’s World Headquarters on Westminster Street in Providence.
Earlier this year, the bulk of the 108-year-old brewery property was demolished, leaving only the old trolley barn on nearby Cranston Street.
Narragansett Brewery closed its doors in 1981, by that time, a shell of its former self. The brewery reached the million barrels of beer mark in 1961 and held at that time 66 percent of the region’s beer sales. But the soaring popularity of Budweiser and Michelob pushed the Narragansett Brewery aside, and by 1980 the local brewery had just 17 percent of the market and was quickly falling.
There are few details regarding the redevelopment of the property, but it is expected to be some combination of First Hartford’s specialty – a mix of commercial, retail and office space. Because of its prime location — just minutes from downtown Providence — and the fact that it is so easily accessible to nearby highways, the old brewery site is seen as having a tremendous upside.
Cranston City Council President Kevin McAllister drives by the site each day on his way to work as a lawyer in Providence.
“It’s starting to look like a nice piece of property,” said McAllister. “It’s going to enhance the neighborhoods that abut it. It’s going to provide a big boost in terms of economic development and tax dollars.”
McAllister points out that several tax incentive programs are in place and that because of the renaissance of Rhode Island’s capital city, surrounding areas are poised to significantly capitalize. In fact, last year the General Assembly designated the site an Enterprise Zone. The city also boasts of a Revolving Loan Fund available to budding business owners.
O’Leary worked on many of those tax incentive proposal for the city as a legislator. As mayor, O’Leary sees the former brewery property as a critical component in Cranston’s economic future.
“There are few sites remaining in Rhode Island or even Southeastern New England with as much redevelopment potential as the former Narragansett Brewery site and the expedited permit process can help to spur the opportunity to once again benefit from the full potential of the property,” he said.
During a presentation this spring, the developers of the project projected that the overall cost to redevelop the property would be approximately $70 million. They also suggested that the development would create 1,000 construction jobs and upon completion, will create 1,500 full and part time positions.
In its application to the state for the expedited permitting process, First Hartford indicated that the project will consist of a 600,000-square-foot shopping center and a 200,000-square-foot office complex.
Neil Ellis, president of First Hartford, said the developers will go after a “big-box” retailer, though he did not specify which one. Ellis suggested that the purchase of the property made sense because of its location.
“Our purchase of this property represents a substantial private investment,” he said. “One which we deliberated carefully. We view Cranston as a great community for investment because of its centralized location”
Citing the fact that Tasca Lincoln-Mercury has finalized a deal to move to the city and that Dynamic Marketing will be building a new headquarters in Western Cranston, O’Leary likened the redevelopment of the old brewery site to “new economic engines starting.”
“I believe this is just the beginning of things to come,” said O’Leary.
