PAWTUCKET – The city and the developer will need more time before finalizing a deal on the $400 million soccer stadium development planned for Pawtucket’s riverfront, the city mayor’s office told Providence Business News on Monday.
The Tidewater Landing project, slated for three separate riverfront properties in Pawtucket, calls for a 7,500-seat soccer stadium, a 200-room hotel, an indoor sports center, retail, residential and infrastructure improvements. The stadium would be home to a professional United Soccer League Championship team.
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The initial 120-day due diligence period between the city of Pawtucket and developer Fortuitous Partners was set to end in early April but parties involved have agreed to an extension, according to Wil Arboleda, a spokesperson for the Pawtucket mayor’s office. The exact length of the extension has not been determined, and will likely depend on the time needed to finalize project details including land acquisition and financing.
While project partners continue to push forward, the new coronavirus crisis has shifted some immediate attention away from the plan, especially on behalf of the R.I. Commerce Corp. which is on the front lines of helping the state and business owners during the pandemic, Arboleda said. However, Arboleda also noted that the Pawtucket City Council has approved the redevelopment plan as well as a letter of intent signing over property rights for the Division Street property to the developer.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
