One of the great achievements of this generation of Rhode Islanders has been the rejuvenation of downtown Providence. During our combined 27 years as mayor from 1975 to 2002, we gave the highest priority to this objective.
The public investment in Waterplace, river walks, new bridges and streets led to an unprecedented amount of private investment in Providence Place, hotels, restaurants, luxury condos and office buildings. The economic benefits to both the city and the state have been enormous.
Equally important, the Providence “renaissance” fostered a new spirit of hope, pride and optimism in the future of Rhode Island and its capital city. Together, we created a beautiful new riverfront – a place of reflection and peace – in the heart of a busy and crowded city.
We created a wonderful new gathering place for all Rhode Islanders, whether along the water’s edge during a performance of Waterfire on a soft summer evening, or within a bustling and uplifting new mall during a joyful holiday season.
But our efforts to cleanse and reclaim the old river corridors of the city have only just begun. The new Providence — an impressive blend of successful commerce, stunning architecture and revived waterfront settings — does not have to end at Providence Place and Interstate 95.
We believe that a second, potentially larger round of new private investment will take place if the city government makes a series of catalytic investments in Promenade, the 175-acre, former factory zone across the highway from the mall.
A great deal of new and recent investment is already taking place in Promenade. The 903 Residences, a 330-unit condominium community, has been built next to the Woonasquatucket River. The Foundry has created 220 loft-style apartments that overlook the mall.
A few blocks to the west, Baltimore-based Struever Bros. Eccles and Rouse has begun to build a 2.2-million-square-foot community along the river; it features the restoration of the American Locomotive Works mill complex.
The investment in these projects alone totals almost $400 million to date, with more development on the horizon. Struever and The Foundry are poised to invest hundreds of millions more in their properties.
Carpionato Properties plans a major retail and commercial center at the Farmer’s Market site on Harris Avenue. And a new Sheraton Hotel is planned for a location on Promenade Street.
These private investments have taken place without a comparable public investment in Promenade. If government invests, we believe, there will be great rewards. Nowhere else in Rhode Island is there so much land and building space, situated in the center of the market, adjacent to the region’s premier shopping center, with access to interstates 95, 295 and 195.
In the restored mills of Promenade, and in new buildings, we have the opportunity to create a new urban economy. It will attract young, college-educated people who enjoy the energy of the city, as well as young companies that need college-educated labor in order to grow and prosper. Already, more than 500 apartments are occupied at The 903 and The Foundry. Given the right catalysts, private investment will flow even more freely and transform Promenade.
First priority must be given to the Woonasquatucket River. In Capital Center, this river inspires as it flows in Waterplace Park.
Across the highway, however, the Woonasquatucket is almost invisible. River banks are overgrown with vegetation, steel barriers keep people away, bridges across the river are few, the area is not well-lit, water quality is poor, and access to the water is limited. To encourage private investment, and attract more people, the river must be rejuvenated.
We envision a clean, free-flowing river, full public access, river walks throughout, attractive period lighting, access points for recreational boaters – and even those urban flourishes that make cities special, such as an extension of Waterfire and a sculpture garden along the river’s edge.
We believe the best person to undertake this assignment is William Warner, the architect who designed the new riverfront in the Capital Center area. Warner has already done some conceptual designs for us. It is also essential to improve the pedestrian link between Promenade and the mall, so that tens of millions of visitors can conveniently explore the attractions on both sides of the highway.
An excellent source of public funds for such improvements is “tax-incremental financing” (TIF). Essentially, this method uses new property taxes created by new private investment to pay for public improvements within a specified district.
We wish to emphasize that TIF will tap only new taxes in the Promenade district, and only a portion of new taxes, not the city’s existing taxes.
Our hope is that Mayor David N. Cicilline and the Providence City Council will create a tax-incremental financing district in the Promenade neighborhood in 2008. With Capital Center mostly full, it’s time to create new opportunities for first-class commercial development. •
Vincent A. Cianci Jr. and Joseph R. Paolino Jr. are former mayors of the City of Providence. Paolino is currently a partner in The 903 Residences, where Cianci is a resident.
