A $124 million Pawtucket soccer stadium project looks to be back on track for a 2025 opening, but there are still plenty of questions about the project’s long-term financing.
After work at the construction site had stalled for several weeks, developer Fortuitous Partners LLC recently announced it had raised the last piece of $50 million in private equity it had promised. That has allowed workers to start returning to the site. The city has said it will now issue $27 million in public bonds for the project and the state is also moving ahead with financing support.
But the developer has declined to identify the private investors, leaving unanswered questions about their long-term commitment. And the office of city Mayor Donald R. Grebien, in the past effusive in his support for the project, did not respond to questions from PBN.
In addition to the normally routine closing of the bond sale, the project also carries about $40 million in private debt to be backed by cash flow from stadium activities.
It’s a tenuous plan, but the city and state are now invested with the developer in the project’s success.