Downtown hoping 2002 is a year for homecoming

Several significant residential developers are in the works and, in some cases, will be completed this year. Developers and city planners see the residential component as a key to continuing the city’s renaissance.

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Ground was broken late last year on a 330-unit apartment building south of the Providence Place. The Jefferson, as it will be called, will feature studio, one-bedroom and two-bedroom apartments.

Meanwhile, the renovation of the Alice Building into apartments by developer Arnold “Buff” Chace is nearly complete. Chace has already renovated the Smith Building on Eddy Street to create lofts and next on deck is the O’Gorman.

”That’s not all. Chace has four other buildings in the pipeline,” said Peter Armato, president and CEO of The Downcity Partnership, Inc., an advocacy group for Downcity development.

Armato said housing is critical in creating a vibrant atmosphere downtown, both day and night.

Providence Mayor Vincent A. Cianci, Jr. agreed.

”Residential property is going to take off. It’s vital,” said Cianci.

One development that could help that goal is the development of a small hotel at the Lederer Building and Bell Hall at Westminster and Mathewson streets. The development is being led by Energy Management Inc. (EMI) of Boston.

Armato believes the hotel could spark further redevelopment downtown, as nearby landlords hope to feed off the traffic created by the hotel.

EMI is also teaming up with Kim Chace and his wife Elizabeth Chase in buying the old Travelers Aid building on Union Street. The partners hope to level the building and redevelop the site, possibly with a parking garage – something in great demand downtown.

The potential development of Travelers Aid – which is set to move to the YMCA on Broad Street – has city officials excited about the future of the entire block surrounding the building.

”Downtown merchants have said for years that Travelers Aid has been a detriment to the type of development that they would like to see,” said John F. Palmieri, the city’s director of planning and development.

Other projects in the works that could have a positive impact on downtown in 2002 include:

 Starting this month, The Downcity Partnership, Inc. is offering low-interest loans to property owners in Downcity in hopes of sparking further revitalization in the neighborhood. The nonprofit group has a $9-million pool of cash available to Downcity projects.

“We are looking forward to assisting major residential projects and helping provide loans to help promote ground-floor uses in Downcity buildings,” said Armato.

 As part of a $3.4-million roadway project to improve traffic circulation downtown, the city will be opening up several one-way streets to two-way traffic. Affected will be Washington Street, Empire Street, Richmond Street and parts of Weybosset and Dorrance streets.

 The Providence Black Repertory Company, with the help of the City of Providence, is on the verge of buying a building at the corner of Westminster and Clemence streets. Currently, the theater group is leasing space on the fourth floor of 131 Washington St.

The theater has received approximately $750,000 from the city for the project. In all, the theater group has to raise $2.5 million for the purchase and the remodeling of the Westminster Street location.

 Led by The Downcity Partnership, there will be a strong push this year for property owners in Downcity to create a Business Improvement District that would raise money for a variety of uses.

Landowners will have to agree to create the improvement district, which would be funded by fees charged to landowners in the area.

 The city’s new public safety building on Weybosset Hill will be completed in coming months, freeing up the current police and fire headquarters at LaSalle Square for development.

The company building the new public safety building is charged with creating a development plan for the old property.

 The Convention Center Authority is considering a deal to build a 300-room hotel at the site of the Fogarty Building that would be linked to the convention center by a skywalk.