PROVIDENCE – Plans to transform former highway land into a new bank headquarters and mixed-income apartments are coming into focus, with a $3 million purchase and sale agreement approved by the I-195 Redevelopment District Commission.
The Oct. 19 vote sets in motion a nine-month review and permitting process, at the end of which the sale will close if the developer meets the agreed-upon milestones, according to the sale document shared with Providence Business News.
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The $84 million project by D+P Real Estate Inc. and Truth Box Architects calls for new corporate offices for Bank Rhode Island, 95 apartments (some of which will be designated as “workforce housing” units), plus parking and first-floor retail. The swath of Fox Point land along I-195 is one of the first for which the commission set forth specific development requirements, including a $3 million minimum purchase price and a $50,000 annual contribution to help pay for park maintenance in the district. Projects were also required to have at least 25,000 square feet of commercial space.
The agreement between the commission and a to-be-formed limited liability created by Jordan Durham and Peter Gill Case, leaders of D+P and Truth Box, respectively, outlines a series of benchmarks the project team must meet before the sale is considered final.
The developer must put down a $150,000 deposit, which an extra $300,000 required at the end of the due diligence period eight months later. If the developer defaults, the commission can keep the deposits as damages, according to the contract.
Construction must begin by October 2023, with “vertical construction” five months later, and all work finished 30 months after the sale.
The developer’s separate agreement with BankRI is also part of the sale contract, though specific details of that subcontract were not disclosed. BankRI plans to buy the 55,000-square-foot office space section of the project from the developer upon completion.
D+P and Truth Box were chosen as the preferred site developers in September, picked over a competing proposal for a luxury condominium tower.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
