PROVIDENCE – An agreement for the purchase and sale of Parcel 6 on the East Side was executed on Tuesday, according to a signed document provided by the I-195 Redevelopment District Commission.
The project is put forward by Link Street LLC, a partnership of Jordan Durham, who is the founder of D+P Real Estate, and Peter Case, an architect who founded Truth Box Architects. The project involves the construction of a mixed-use building on Wickenden Street, which is to include between 49 and 62 apartments as well as a retail grocery of 13,100 square feet. About 9,000 square feet of additional retail will be available as well.
The purchase and sale agreement for Parcel 6 sets out the following:
The purchase price is $1 million. The land will be secured for the developer with a $50,000 initial deposit as escrow. After the 60-day due diligence period, another $100,000 deposit is due.
The balance will be paid at closing.
In addition to the initial deposit, a $25,000 expense deposit to cover the I-195 commission’s legal expenses and professional expenses will be made, intended to cover the expense of third parties that the commission hires to review the project.
The developer will also pay a nonrefundable fee of $25,000.
A letter of intent from the grocery tenant, which is identified in the document as “a nationally recognized grocery store operator” is due by Dec. 31.
Under the agreement, Durham and Case will have six months to secure a building permit and the necessary approvals from the city and state to build their project.
The closing will be scheduled 60 days after that point.
Mary MacDonald is a staff writer for the PBN. Contact her at email@example.com.
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