The federal Economic Development Administration has awarded a $2 million grant to East Providence and the R.I. Department of Transportation to help build a new road connecting the city’s waterfront to major local roads and Interstate 195.
The project is viewed as a key part of the city’s effort to attract private investors to redevelop a 500-acre district now littered with vacant industrial sites and oil terminals.
Several redevelopment efforts are already underway, including GeoNova Development Corp.’s transformation of the Ocean State Steel site and Aspen Aerogels’ new plant, plus the already completed Ross Commons condominiums.
But the new, 1.1-mile road is considered “critical,” said James Moran, principal planner for the city, because “from the standpoint of developers, one of their greatest concerns is having direct access to the interstate.”
All the parcels now have some kind of access, Moran said, “but you kind of have to go through side streets and take kind of a convoluted way.” By building two “connector” roads along the waterfront – one from the Washington Bridge to Dexter Road, for the northern part of the district, and another to Warren Avenue, for the southern half – the city can provide quick, direct access and increase the parcels’ marketability, he said.
Ultimately, Moran said, the city’s goal is to have Waterfront Drive – the planned name for the two connectors – run all along the waterfront, with another connector to Newport Avenue. GeoNova is taking care of the section of the road alongside its property, Moran said.
The Warren Avenue connector road is already under construction. The new federal grant, from the U.S. Commerce Department’s Economic Development Administration, will help finance the Dexter Road connector, which is expected to cost $8.6 million, Moran said.
The city hopes to get state funding to cover some of the rest of the cost, Moran said. It is also considering tax increment financing, he said, and could issue bonds, if needed. Although the DOT is involved in the project, Waterfront Drive will be a city road, maintained by the city.
A news release announcing the $2 million grant said the road is expected to create 354 new jobs and generate $74 million in private investment.
