Arnold “Buff” Chace Jr. is the founder and managing partner for Cornish Associates LP, a commercial and residential real estate firm in Providence, which he established in 1986. His company focuses on the redevelopment of historic buildings in the city, mostly with mixed-use properties featuring commercial units on the lower floors and residential above that.
Cornish Associates owns and manages 13 redeveloped historic properties in downtown Providence and is a partner in owning three additional downtown properties. And Chace is also the developer behind the Mashpee Commons, a mixed-use town center, now with more than 100 businesses and 77 residential units, located on Cape Cod in Mashpee, Mass.
PBN: What has 2024 been like for Cornish Associates, in terms of development and rentals?
CHACE: In the past 20-plus years, Cornish led the redevelopment of 13 historic buildings downtown with the aim of creating a neighborhood in the city’s center. By working with city leaders and the community, together, we realized that vision with the establishment of Westminster Lofts.
Presently, the residential units are 98% rented due to people’s desire to live in a walkable community. This year, we are also excited to have opened Grant’s Block Park to the public at the corner of Westminster and Union streets. Parks are gathering spaces to read, have a coffee or to sit for lunch. The regular activity in Grant’s Block is a true sign of a downtown neighborhood.
PBN: What are some of the biggest challenges for you and your firm right now?
CHACE: Although downtown has many tourists and boasts a neighborhood with hundreds of people, as with cities across the U.S., the post-pandemic change from office work to work-at-home culture has had an impact on downtown pedestrian traffic. Our local restaurants and shops have felt the shift.
We are presently working to draw more people downtown through “InDowncity” – the marketing vehicle created to assist our tenants with getting their product and event messages to the public. We encourage people who are interested in coming downtown to follow InDowncity on social media or join the newsletter and learn about happenings like this season’s Holiday Market. We are also working with The Providence Foundation, Providence Tourism Council and Providence Warwick Convention & Visitors Bureau to build foot traffic.
PBN: What will the future of downtown Providence look like, and why?
CHACE: The future of downtown is bright, as the bones of our city are strong. We have an extraordinary foundation of structures and land to build upon and creative-thinking people to envision what is next. The future of downtown is exciting to think about, as it will be shaped and molded by new generational leaders. It will bring reimagined office buildings, an updated and smart transit system, and enough housing to meet the needs of our community.
As a note, I urge the state to replenish the Rhode Island Historic Tax Credit, one of the premier programs on the books, and ReBuildRI to encourage more housing development. Adequate numbers of housing options across the spectrum are critical to the city’s future.
PBN: What are your thoughts on the progress of the residential conversion of the “Superman” building? What's going on with this project?
CHACE: This is the most necessary and important project to complete in our state right now. The “Superman” building, the old Industrial National Trust, is not only the most recognizable building in the Providence skyline, but also a driver of energy – or the lack thereof – on our streets. This building, empty for a decade, sends a clear message to tourists and prospective businesses that we have unfinished business.
I realize the costs have gone up on the proposed project, yet I urge leaders to look at this situation with fresh eyes; if we do nothing, the costs will continue to rise and the negative economic impact on our capital city will increase. If we alternatively invest in the building, it could bring 300 units of housing online and reinvigorate the center of our city.
PBN: What's your opinion on the elected leadership in Providence and Rhode Island and how friendly they are to the real estate industry?
CHACE: Historically, my focus has been on the revitalization and urban renewal of downtown Providence by creating a mixed-use, mixed-income community in our downtown district. With the entire state facing a housing crisis, we need political leaders that view real estate developers as partners – with a willingness to work together to find solutions that spur housing production at every income level.
Our state and municipal leadership must recognize traditional financing models are increasingly strained. There is a need for development incentives, such as replenishing our existing tax credit programs, providing a standardized tax abatement program or separate tax rate for multifamily buildings, and creating special development districts to encourage much-needed projects.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
