PROVIDENCE – Johnson & Wales University has leased One Park Row West, the first building built as part of the Capitol Cove condominium development.
Developer Robert Roth and JWU CFO & Treasurer William F. McArdle signed a lease on March 19, according to the city filing. The financial details were not listed.
The rental is a dramatic reversal of Capitol Cove’s stance in November, two months after its sales office opened. Then, Roth said the company did not intend to rent any of its condos, even in the midst of a souring real estate market.
Capitol Cove had planned to offer occupancy for its first 96 condos, in “Building A,” in January. The JWU lease, which includes parking for 110 cars, includes that entire building, according to the Notice of Lease filing.
JWU is set to take control of the property on August 1. The three-year lease leaves JWU the option to renew for another two years.
The university is expected to use the building for student housing. •
