Home Economy I-195 panel offers Parcel 42 to Hasbro for $1

I-195 panel offers Parcel 42 to Hasbro for $1

By

Christopher Allen

-

11/06/2024

thumbnail_Hasbro-Parcel-42-Rendering34 — THE I-195 REDEVELOPMENT DISTRICT COMMISSION on Wednesday approved a resolution to offer exclusive rights to Hasbro Inc. to buy Parcel 42 for $1. The image is a rendering produced by the commission to demonstrate what could be built on the property. / COURTESY I-195 COMMISSION.

PROVIDENCE – The I-195 Redevelopment District Commission decided Wednesday night to offer a key 1-acre plot on the west side of the Providence River to Hasbro Inc. for $1 as state officials seek to persuade the Pawtucket-based toymaker from relocating its headquarters to Massachusetts. The offer, which also included the potential to negotiate “on such

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1 COMMENT

JOHN EULER 11/07/2024 At 4:47 pm

Do whatcha gotta do.
This is the type of business that Providence needs to attrack and/or invest in!

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PROVIDENCE – The I-195 Redevelopment District Commission decided Wednesday night to offer a key 1-acre plot on the west side of the Providence River to Hasbro Inc. for $1 as state officials seek to persuade the Pawtucket-based toymaker from relocating its headquarters to Massachusetts. The offer, which also included the potential to negotiate "on such other terms as the district and Hasbro might determine," will be in effect for six months, but it could be extended for two additional six-month periods, said Marc Crisafulli, chairman of the I-195 Redevelopment District Commission. The commission vote gives the company the exclusive rights to build a new corporate headquarters on Parcel 42, the site along Dyer Street that for six years was under a purchase agreement with the Fane Organization, which planned to build a 550-foot, $300 million luxury tower that would have become the tallest building in the city. No Hasbro representatives were in attendance at the meeting, but Crisafulli said the commission will be meeting with company executives in the coming days to discuss the proposal, which he said could be "tailor-made" to suit their needs. "Hasbro has been a Rhode Island company for 100 years," he said. "We want them to see how serious we are." The 195 Redevelopment District Commission has already released a rendering of a 300,000-square-foot building that could be potentially constructed on the site, which abuts the District Park and overlooks the river and the pedestrian bridge. Hasbro represents the type of commercial real estate use that officials have eagerly sought but struggled to find for the 195 district, a swath of land just south of downtown Providence that had been opened for redevelopment after the relocation of Interstate 195. While some of the 195 parcels have been acquired for commercial uses, many have been sold for housing developments. Last month, it was revealed that Hasbro CEO Chris Cocks and Mass. Economic Development Secretary Yvonne Hao had been discussing a potential move to Massachusetts for six months. The company employs about 1,000 people locally and has been headquartered at its Newport Avenue location in Pawtucket since the 1960s. Hasbro has moved out of a downtown Providence building it had leased for years, and it confirmed on Oct. 24 that it plans to cut fewer than 100 jobs, with roughly half based in Rhode Island. Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.