It takes vision and a whole lot of money to bring a development project as grand and promising as Pawtucket’s Tidewater Landing to fruition. Brown University graduate Brett Johnson, principal of development company Fortuitous Partners, has plenty of the former but, so far, not nearly enough of the latter.
Local excitement over the project is understandable and, in some ways, justified. The proposed $400 million mixed-use proposal, anchored by a soccer stadium, is just what the city and state need following the failed effort to keep the Pawtucket Red Sox from moving to Worcester, Mass., next year.
In her State of the State speech on Jan. 14, Gov. Gina M. Raimondo reiterated the expectations of supporters that the project “will revive [Pawtucket’s] downtown and create thousands of jobs.”
As Mr. Johnson candidly acknowledged in this week’s cover story, however, he still has to come up with nearly all of the needed private investment [an estimated $300 million] to make the project a reality.
He naturally believes he’ll get it and has some strong arguments to attract investors, starting with crucial political support and an approved funding stream for $60-$80 million in needed state revenue.
Less convincing, however, is the notion that soccer will have the same drawing power as other more established sports have had in this country in recent decades. He cited a couple of other mixed-use developments involving soccer planned in the U.S., but none in the Northeast.
That thankfully hasn’t stopped Mr. Johnson from trying, but the hard work – wooing investors – is just beginning.