PROVIDENCE – The iconic Apex pyramid building seen by Rhode Islanders and others driving on Interstate 95 through Pawtucket is being acquired by the city’s redevelopment agency together with surrounding properties for $17.7 million under a settlement approved Tuesday night by community leaders.
The deal follows a prolonged fight by city officials to spur develop at the former furniture store over the past five years, including a failed attempt to acquire the site from Apex Development to use as a future home of the Pawtucket Red Sox.
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The $17.7 million settlement was passed by the Pawtucket City Council in an 8-0 vote during a public meeting on Tuesday, and the deal was approved separately by the Pawtucket Redevelopment Agency, which is issuing bonds to pay for the properties. In addition to the Apex pyramid building at 100 Main St., the city is acquiring 101 Main St., 33 School St., 46 School St. and 10 School St., with plans to continue leasing some of those spaces to existing tenants.
Pawtucket City Council President David P. Moran called it an “extraordinary” step forward for the city, adding that the site will be a “spoke in the wheel” for its economic future. Moran said it was a tough, prolonged legal battle to acquire the site, involving a lawsuit filed this year by Apex Development against the city as it tried to acquire the property through eminent domain, ending in a successful negotiation with the company.
“One minute you thought you had a deal. One minute you didn’t,” said Moran, about the contentious negotiations. “You needed patience, you needed persistence, you needed perseverance and you needed pride. … I know it took a long time. But we all worked together as a team. I do appreciate what Apex did as well. I’m sure they were tough at the negotiating table, but everyone has to negotiate at the table, and they were there as well.”
The settlement was supported by Pawtucket Mayor Donald Grebien, who called it the next chapter in the development of the riverfront area, where the $284 million Tidewater Landing soccer stadium and mixed used development project is planned for construction.
“I want to thank everyone who has worked to get us to where we are with the Apex settlement,” said Grebien, in an emailed statement to Providence Business News on Wednesday. “With last night’s decision and the settlement we have reached, we are taking the next important step in continuing the redevelopment we have made so far in Pawtucket and I look forward to the opportunities this will bring in the future.”
A spokesperson for Grebien said after the City Council last year approved $20 million in financing for the acquisition, the Pawtucket Redevelopment Agency is getting a short-term bond anticipation note through JP Morgan and long-term financing through the state’s Super Tax Increment Financing tool, grants and property sales.
Apex Development said it was happy with the outcome, saying it has “worked tirelessly with the city to achieve this” outcome.
“It has been a very long journey to get to this point, but the Apex Development team continued to negotiate and work with the city and the PRA in good faith, as we knew this was a priority for the city,” said Bill Fischer, a spokesperson for Apex Development. “We wish Mayor Grebien and all city leaders the best of luck as they work to reset the entire surrounding area to create jobs and generate economic activity for the citizens of Pawtucket.”
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com.
