
PROVIDENCE – Five development companies are interested in building new structures on Parcel 28 in the Interstate 195 Redevelopment District and the first of them made their pitches public in a meeting of the district’s commission Wednesday.
The proposals come from collaborations of local architects and developers, as well as companies located across the country, with national reputations for development.
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The site is a 1.25-acre, trapezoid-shaped lot, located at Chestnut and Clifford streets in the Jewelry District downtown. It last attracted serious development interest several years ago, when a Dallas-based developer proposed a building for student rental apartments, but withdrew its interest after failing to come to terms with the city of Providence on incentives.
Last year, the I-195 commission issued a fresh RFP for the parcel, and the move appeared to attract strong interest.
On Wednesday, the first three developers presented their overviews. The remaining two will present in April. The commission eventually will determine which developer to pursue negotiations with for the purchase.
The following companies presented Wednesday:
- DMG Investments LLC, in partnership with Boston architecture firm Bergmeyer, have proposed a 13-story building with 344 rental apartments of varying sizes, from studios to three-bedrooms meant for families. The residential floors would be set over 23,346 square feet of retail, in a building made of steel and glass. Its site plan revealed an unusual footprint on the lot, with the building diagonally crossing a portion of the site, providing up to 25-foot deep sections for outdoor public space.
The massing illustration for the Exeter development group shows its plans for a multiuse building on Parcel 28./COURTESY I-195 REDEVELOPMENT DISTRICT
- Exeter Property Group, a real estate private equity developer with headquarters in Conshohocken, Pa., has proposed to build a multifamily building with 246 units aimed at millennials who are coming into the city for medical and education industry jobs. Almost 90 percent of the units would be studios or one-bedrooms, according to its overview. The housing floors would be placed over ground-floor retail and amenities, such as a yoga studio.
Unlike some of the other proposals, Exeter did not release detailed renderings, but instead focused its presentation on introducing itself to the Rhode Island development leaders. It is well-financed and has national experience in a variety of architectural styles, said the team leader, partner Bryan Lamb. “We are an experienced, well-capitalized team,” he said.

- Waldorf Capital Management LLC, in collaboration with architect DBVW Architects, Marshall Properties and DiPrete Engineering, is proposing a structure of modern office space, over ground floor retail, called District Crossing. Waldorf, which has redeveloped a former factory building across Chestnut Street into luxury rental lofts, and is constructing new apartments on a space across the street, envisions the commercial building on Parcel 28 as the third phase. It would feature 101,640 square feet of office and retail space over six floors, a small amount of street side retail, and a 232-space garage structure for tenants.
The key appeal, the developer said, is the creation of 20,000-square-foot planes of modern office space, something that many companies want when they consider relocating, but cannot find in older, historical buildings. Zachary Darrow, a principal at Waldorf Capital Management, said the proposed new office space would fill an existing void downtown and help satisfy a key requirement of the I-195 district, to create new jobs.
Residents of the Jewelry District, speaking in a public hearing that followed the presentation, said they took it as a good sign that so many companies have expressed interest in Parcel 28.
“The fact that we have this much interest, to me, is a sign,” said Olin Thompson. “It’s a weathervane.”
Fellow Jewelry District resident Sharon Steele encouraged the development teams to talk specifics with locals — including how much the rentals will cost, what the absorption rate is expected to be and who will buy the condos.
“I want to know about the size of the units. I want to know who the hell is going to live there. I want to hear about units that people will live in. Not everybody in this town is a millennial. Some of us have come back to the city, and we would like to … be in the Jewelry District.”
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
No one should listen to Sharon Steele talk on any subject. Her opinions are always clouded by self interest and a total lack of big thinking. She has the vision of a gnat.
I agree 100%, penn55. She is a NIMBY dolt to the nth degree. The I-195 District belongs to all of us, not just this churlish mouthpiece. She is the perfect example of what is holding Providence and the state back economically.
Penn55@aol.com I could not agree with you more. What kind of language is that when 5 companies are proposing to spend a lot of money and what authority does she have on anything.