EAST PROVIDENCE – The Carpionato Group provided an update for city officials Sept. 1 on its plans to redevelop the massive Narragansett Park Plaza, a dilapidated retail development at 52 Narragansett Park Drive, which includes land in both Pawtucket and East Providence.
The first phase of the project will involve four new buildings fronting Newport Avenue, said Kelly Coates, CEO and president of Carpionato, a Johnston-based real estate and development company. The first building, a Taco Bell set on the corner, has been completed. Construction of an adjacent building will begin soon. Landscaping will be installed as well, he said, with the goal of setting up a more attractive entrance.
“That’s going to raise the property values along the street and will help us as we try to sell and try to get the rest of the project developed,” Coates told the City Council.
The project will include multiple phases. Stop & Shop Supermarket Co. has a lease for the supermarket location in the plaza that is a long-term tenancy. Although the supermarket has since relocated, the lease runs through 2036, Coates said.
Carpionato has invested $3.5 million into the project, securing design and permitting from both Pawtucket and state officials for the initial development, said David Taglianetti, vice president of development for the Carpionato Group.
Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.