Did Pawtucket and the state make the right bet in backing the Tidewater Landing soccer stadium project?

ALL FINANCING ASPECTS for the Tidewater Landing stadium in Pawtucket have closed. / COURTESY FORTUITOUS PARTNERS
ALL FINANCING ASPECTS for the Tidewater Landing stadium in Pawtucket have closed. / COURTESY FORTUITOUS PARTNERS

Tidewater Landing soccer stadium developer Fortuitous Partners on Feb. 8 announced that all financing on the United Soccer League team’s future 10,000-plus-seat Pawtucket stadium has closed, including bonds, private debt and equity capital.

The Pawtucket Redevelopment Agency has issued $54.3 million in tax-exempt bonds in collaboration with the city and R.I. Commerce Corp.

Fortuitous and soccer club Rhode Island FC have also raised $50 million in private equity for the project.

The closing of bonds is a major financial step needed to complete the stadium’s ongoing construction by 2025, but the bonding has gotten more expensive.

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The bonding amount issued Feb. 8 by the redevelopment agency increased by 50%, to $54.3 million, since that $36 million bond number was introduced in 2022.

About half of the $10 million in American Rescue Plan Act funds that the city made available for the project has been spent. But financing from other public sources won’t be spent until the 2027 fiscal year, according to the state.

Did Pawtucket and the state make the right bet in backing the Tidewater Landing soccer stadium project?

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1 COMMENT

  1. It does not make much sense for this newspaper to constantly look back to question decisions trying to find fault. That is prima facie evidence of a lack of a progressive outlook on life and is not a prescription for the development of leading edge thinking on any subject.