COVENTRY – A developer wants to construct about 900 residential units in an undeveloped area of the Centre of New England, a sprawling commercial complex that has been in receivership since 2013.
The developer, Starr Capital LLC, says it has acquired 127 acres in the southeast corner of town – including 4½ acres of retail sites along the Centre of New England Boulevard, which include restaurants, hotels and several big-box retailers such as Walmart, Home Depot and BJ's Wholesale Club.
The land being targeted for housing development is immediately north of the existing stores. The property once housed sand and gravel operations.
Now Starr Capital hopes to construct a two-phase housing project, the first phase of which could add as many as 1,300 residents in Coventry, which has a population of about 36,000.
Eden says the developer is focused on producing housing because the state is facing a shortage and the site’s location near Interstate 95 and Rhode Island T.F. Green International Airport is well-suited for development.
“We’re always looking for good opportunities to deliver housing,” Eden said.
The proposed first phase includes developing 712 residential units, including 362 duplex townhomes and 350 multifamily units, across about 80 acres. The second phase has not been formally proposed yet but is expected to include about 200 units across 40 acres, according to Tim Eden, managing partner with Starr Capital.
[caption id="attachment_475761" align="alignnone" width="472"]
THE THREE PARCELS outlined in yellow are the areas where housing has been proposed by developer Starr Capital LLC, according to plans submitted to the town of Coventry. Below that are the commercial properties of the Centre of New England. / COURTESY DIPRETE ENGINEERING[/caption]
During a public hearing at a Coventry Planning Commission meeting on Aug. 28 on the first phase, several residents expressed concerns over the project’s effect on traffic and stormwater drainage in the area. No vote was taken, and the proposal for the first phase is expected to be heard again at the town’s planning commission meeting on Sept. 25.
A message seeking comment from Town Manager Daniel O. Parrillo was not immediately returned.
If the developer earns approvals from the town and state, Eden said construction would begin in 2025 and take around four years to complete the first phase. He estimated the development would cost around $250 million and the method of financing it has yet to be determined.
Eden says there will likely be affordable housing included in the project, and the developers are proposing 15% of the units as low-moderate income housing.
The site has been affected by wetland conditions and requires an extensive clean-up effort. Also, parts of the property will need approval from the R.I. Department of Environmental Management, Eden says.
The first phase of the development is expected to bring more than 1,300 residents to the site, including around 50 school-aged children, according to project documents submitted to the town. It also calls for the construction of seven four-story multi-family buildings as well as 98 duplex buildings.
Starr Capital says it has also executed definitive agreements with the receivers for Centre of New England to support the construction of several key road and infrastructure improvements on the property.
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
