Plans submitted by Boston-based Intercontinental Developers for two luxury
apartment buildings, an underground parking garage and ground-level retail and
restaurants for a two-acre site in Providence have received preliminary approval.
The Capital Center Commission’s Design Review Committee approved the project late last month. Nick Iselin, development and construction director for Intercontinental, will present the plans to the full commission on Nov. 4 for final approval.
“We feel great, it’s been a productive process,” he said. “We’re excited to get to the finish line.”
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Parcel 2 is bordered by Waterplace Park, Exchange Street and is cut roughly in half by Stillman Street. The property is across from parcel 9, where GTECH is planning a corporate headquarters.
The two apartment buildings represent a total of 250,000 square feet of living space – approximately 275 units – that will be divided into luxury apartments or condominiums, or a mix of both, Iselin said. The underground parking garage will have two full levels under the entire parcel, and one level under the two buildings, with a total of 475 parking spaces.
“We’re looking at a mix of condos and apartments; we haven’t finalized a count yet because that will depend on the use” of the buildings, he said. “We’ll likely decide that in the next month.”
The first phase of the two-phase project also includes 16,000 square feet of retail and restaurant space along the river walk in one building and along Exchange and Stillman streets in the other. One of the signatures of the contemporary project is a wing-shaped roof facing the park and river that should bring attention to a major tenant – possibly a restaurant – in 8,000 square feet of space.
Iselin said he has been in touch with all of the state and city building officials, so they are prepared for the permits that Intercontinental will be seeking, providing they get final approval from the commission.
The second phase of the project calls for a hotel or a mix of hotel and office space, Iselin said, although the developer is still determining which the market would better support.
“We’ve talked to a number of potential developers, but negotiations are on hold until we get permits” for the parcel, he said. “The market at this point, is coming to us.”
As to when Intercontinental expects to name which hotel will sign on, Iselin said, “Certainly before the end of 2005. We’d like to find a developer (for the second phase) as soon as possible and have construction concurrent with the first phase.”
Intercontinental would build the parking garage first, giving developers plenty of time to “catch up” to construction. Garage construction is slated to begin in March. Iselin said there are currently a number of national and local hotel chains interested in the project.
