Marc Crisafulli became the chairperson of the I-195 Redevelopment District Commission this year, after serving on the commission since 2019, following his retirement as president of Bally’s Corp.’s Rhode Island operations in September.
Previously, Crisafulli served as senior executive and general counsel for GTECH Corp., now International Game Technology PLC, and worked as managing partner of Hinckley, Allen & Snyder LLP. His new role as chairperson comes as the I-195 Redevelopment District Commission comes as the Fane Organization presents new design plans for its long-awaited luxury tower on district land at 250 Dyer St.
PBN: After recently becoming chair of the I-195 Redevelopment District Commission, you talked about turning the district’s focus to commercial developments. How do you see that playing out and what kind of potential is there for the nearly 7 acres that remain available for development?
CRISAFULLI: There is a lot of potential in the district. Those 7 acres could represent the equivalent of another downtown Providence and I am hopeful we will be able to attract more commercial investments, particularly in the life sciences sector, given the level of investment the state plans to make in growing that sector.
PBN: How much demand do you think there is right now for commercial real estate in Providence and why?
CRISAFULLI: Demand is relatively low for many types of commercial real estate – such as office space, as inventory is plentiful in Providence. Our focus on life science developments will diversify the types of developments in the district. Starting with the lab complex anchored by the Rhode Island State Health Lab, we will be adding much-needed lab space to the area and jobs that cannot be done remotely.
PBN: What kind of impact do you believe the new state health lab will have for the I-195 district and Providence more broadly, in terms of economic effects and cultural impact?
CRISAFULLI: The new state health lab facility is going to be a game changer because it includes private wet lab space that would have not been economically feasible without a public investment. These spaces will attract workers and private-sector businesses that will drive economic activity in the neighborhood and bring more brainpower to Providence.
PBN: What’s your impression about the Fane tower approval process, and how this proposal has changed since it was first unveiled six years ago? What’s your opinion about the strength of this proposal?
CRISAFULLI: At the request of the Fane Organization, the commission is in the process of reviewing a redesigned version of the tower that would cost less to build than the original design.
The process is transparent: all the documents are on our website, and we’ve begun livestreaming our meetings. It should be noted that the Fane Organization has an approved design and can close and move forward by the end of March if they choose to. This has certainly been a long process – and litigation created part of the delay – but we will have a clearly defined path soon.
PBN: How do you feel about the Bank Rhode Island headquarters project moving forward, after the commission recently approved the $3 million purchase and sales agreement and conceptual design approval for the project at the intersection of South Main and Pike streets?
CRISAFULLI: The BankRI project is a great addition to the district. The purchase price is one of the highest to date and we’re thrilled that BankRI doubled down on its commitment to Providence by building its new headquarters here.
Marc Larocque is a PBN contributing writer.
