Tim Eden is the founder and managing partner of Starr Capital LLC, which is behind a major housing development on 400 acres of land in Coventry called Centre of New England. Eden has led five large mixed-use development projects “through complex entitlement efforts,” he said, ever since he established Starr Capital in 2003. The company has previously focused on the Greater Washington, D.C., region. A graduate of Harvard Business School, Eden was previously managing director at Meridian Group.
PBN: What’s the Centre of New England in Coventry, how did you get involved with the property and what do you aim to do with it?
EDEN: The Center of New England is a 400-acre planned development in Coventry, R.I., that went into bankruptcy in 2009 after delivering a major roadway, Walmart, BJ’s [Wholesale Club], Home Depot, hotels, restaurants and services. The remaining land has [been] dormant ever since, with 80 acres of open space and 127 acres of undeveloped property formerly used for sand and gravel operations.
We competed for the property through the bankruptcy process in Rhode Island state court and were awarded the transaction in February 2024. Our plan is to develop the properties for residential and commercial uses. This redevelopment will revitalize underutilized land here in Coventry, offering new housing options, creating local jobs and stimulating economic growth through construction opportunities. It will also boost businesses by increasing patronage and providing jobs.
The addition of open space will enhance residents’ quality of life, promoting outdoor activities and contributing to environmental sustainability. By attracting new families and businesses, this project will strengthen the local economy and support the growth of the community.
PBN: What’s the status of the Centre of New England, in terms of what you’re aiming to do with this important site?
EDEN: We received Planning Commission approval from the town of Coventry in September 2024 for 350 multifamily units and 362 townhouse units on 80 acres, with 18% affordable housing units. The remaining property is suited for light industrial and retail.
Rhode Island has a chronic shortage of new residential units, and the retail and industrial sectors remain fully occupied. There will continue to be demand for well-located development sites that are ready for construction. We now can move forward with detailed engineering of the individual sites, with groundbreaking planned for late 2025.
PBN: What’s your response to some of the concerns of residents who expressed worries about traffic and water drainage issues?
EDEN: We recognized early in the process that these were going to be two major issues, and we engaged a traffic engineer to study the surrounding interchanges and plan for additional capacity. That includes traffic lights and other intersection controls.
An important part of our contract with the receivership is the funding of the bridge needed to cross a stream bed that completes CNE Boulevard. This was a casualty of the bankruptcy process and is now under construction. This bridgework will finally connect CNE Boulevard, improving traffic flow and providing easier access both in and out of the area. This will create seamless on-off highway access, bridging what was once a divided industrial park and shopping center, and enhancing convenience for both residents and visitors. It’s an important improvement that will make the entire area more accessible and attractive for businesses and consumers alike.
Our agreements also helped to fund the reconstruction of CNE Boulevard that was never fully paved. That has recently been completed and will greatly improve traffic for current and future development. The property surrounds an 80-acre stream bed area that will be incorporated into the plan as an open-space amenity, although stormwater management is largely accommodated on-site.
PBN: What will be the end result of the Centre of New England, in terms of its population and its impact on the local economy?
EDEN: Our studies show that the property can accommodate over 1,000 residents, many of [whom] may work from home. The project will also generate hundreds of construction and permanent jobs, as well as the economic impact of spending in the area. This multiplier effect accounts for workers that typically spend incomes in the local economy.
Our fiscal impact study is available on the Coventry Planning Department website. The addition of these housing units to the town’s tax roll will provide a much-needed financial boost, helping to alleviate the strain on the debt-burdened school department and town budget.
This increased tax revenue can be a vital resource to support essential services, improve local infrastructure and invest in the quality of education for the community’s children. Additionally, this could help relieve pressure to raise taxes on current residents, as the new revenue will help fill existing budget gaps.
PBN: What other projects are in the works for you, or do you have any general goals for other projects in Rhode Island in the future?
EDEN: We recently acquired an additional 17 acres for retail development adjacent to the Centre of New England and are always reviewing additional investments. We remain highly optimistic about the future of Rhode Island, thanks to its exceptional transportation network, strong demographics and ongoing economic development, including Quonset Business Park, U.S. government facilities and our thriving tourism sector.
Rhode Island’s world-famous culinary scene, with its renowned seafood and farm-to-table dining experiences, only enhances the state’s appeal. We’re proud to contribute to projects that celebrate the unique culture and rich history of this vibrant region, further solidifying Rhode Island as a prime destination to live, work and visit.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @LaRockObama.
