PROVIDENCE – A Boston-based developer is proposing a multiphase plan for two parcels on former Interstate 195 land that would bring nearly 150 apartment units and commercial space to the area.
CV Properties LLC, a commercial real estate development and investment company, has submitted a proposal for the development of parcels 14 and 15 to the I-195 Redevelopment District Commission. Representatives for the company will present the plans at the next I-195 commission meeting, scheduled for April 19.
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The developer is proposing to anchor the parcels on Dyer Street with an 11-story, 149-unit residential building with a commercial space on the first floor. The proposal also outlines plans for an adjacent parcel of land that is owned by Brown University.
“This phased project offers immediate housing benefits and long-term potential to significantly advance the economic development, land use, and job creation goals of both the 195 Commission and the City of Providence,” Richard Galvin, founder and president of CV Properties, said in a statement. “Together with Brown University, we are able to create a more holistic parcel that has flexibility to support this mix of uses. I am grateful to Brown for their partnership and their vision for an improved public experience in the 195 District and nearby neighborhoods.”
For the first phase of the project, the 159,300-square-foot residential building will include 8,000 square feet of commercial space on the ground floor, which the company said can be used for retail or restaurant use, and 10 floors of residential units, which will include a mix of studios, one-, two- and three-bedroom units. The plan also includes 56 on-site underground parking spaces. CV Properties said it is committing 10% of the housing to workforce housing.
Other features of the project include gardens and landscaping, and a green roof. The construction of the residential complex would create 375 construction jobs and nearly 30 permanent jobs, according to CV Properties.
The long-term master plans would incorporate the site owned by Brown, which currently houses a two-story building used for administrative offices and parking, to create more than 500,000 square feet of mixed-use development over time, with over 400,000 square feet of planned commercial office and laboratory uses.
“As a close neighbor to these 195 parcels, we recognize the opportunity they offer to create better connections between this growing area of Providence and public assets like the park and waterfront, enhance the value of the neighborhood for all who work, live, learn, play and relax in the area, and expand access to housing and jobs for Rhode Islanders,” Russell Carey, executive vice president for planning and policy at Brown, said in a statement. “The 195 Commission has been an outstanding advocate for maximizing these spaces to improve the lives of local residents, and we look forward to the opportunity to play an additional role in achieving this important objective.”
CV Properties is proposing to buy the parcels for $600,000. The company said the property will be added to the city’s commercial tax rolls, despite Brown’s ties to the project, and that it will seek a tax stabilization agreement with the city.
In the long run, the project has the potential to create more than 1,500 additional construction jobs and 1,600 high-skill permanent jobs, CV Properties said.
“The multi-phase commercial project would provide important tax revenue to Providence, support city and state development goals for the former I-195 land, and play a powerful role in advancing the economic well-being of the region and its residents,” CV Properties spokesperson Diana Pisciotta said in a statement.
This is not CV Properties’ first development on I-195 land. The company also developed Wexford Science & Technology’s Point225 building and Aloft Providence Downtown.
Claudia Chiappa is a PBN staff writer. You may contact her at Chiappa@PBN.com.
