Providence officials look forward to the completion of the Interstate 195 project in six years, when the existing stretch of elevated highway will be torn down, reuniting downtown and the Jewelry District and opening up acres of prime real estate. Surrounding cities, meanwhile, are hoping for a more immediate benefit from the $320-million project.
More than 80 businesses are in the path of the construction and reluctantly are facing relocation as the state prepares to begin demolishing their buildings later this year. Local commercial real estate brokers say there’s a shortage of available industrial property in the capital city and some of the soon-to-be dislocated businesses are likely to end up in neighboring communities.
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“There’s just not a lot of buildings out there right now,” noted Daniel Cregan of Paramount Properties Group Inc. in Providence, which is working with several of the businesses being forced to relocate. “If they can stay in Providence, they try to, but there’s just not a lot of product out there right now.”
Cregan said there’s an ample supply of office space in Providence, but most of Paramount’s Interstate 195 clients need industrial space.
The companies that will be forced to relocate ahead of the wrecking ball now are housed in more than 20 buildings in Providence. The state Department of Transportation has estimated that of the project’s $320-million price tag includes $25 million to buy the property and another $2.5 million to relocate the building tenants.
Rodman Real Estate of Providence is also helping several of the businesses in the path of construction to find new digs.
“Most of the people we’ve been in contact with are trying to relocate in Providence,” owner Sheldon Rodman said. “Probably some of them will not be able to find the space they need. If the availability of land or space is not there, naturally they’ll look at Cranston or Pawtucket.”
Pawtucket is waiting with open arms, said Herbert Weiss, who heads the city’s economic development efforts.
“Come on down to Pawtucket because we’ll treat you really nice,” he pitched. “We will do what we can to find you the most appropriate space.”
Weiss said a handful of businesses had already contacted his office saying they were being forced to relocate because of the Interstate 195 project. The companies looking in Pawtucket asked that he not identify them by name, Weiss said.
“They are not very pleased with having to relocate, but maybe there might be a silver lining in the clouds because they are going to get great space in Pawtucket,” he said, touting the city’s access to Interstate 95 and other amenities. “One company that is well known nationally is looking to buy a building here.”
Cranston’s economic development director, John Toic, said he’s not actively out trolling for the soon-to-be-displaced Providence businesses, but a half-dozen or so have contacted him to inquire about relocating to Cranston.
“Of the ones that we’ve spoken with, we have several that we feel would work out,” Toic said. “I’m not at liberty to say which ones at this point, but we are working with a few.”
The businesses that have contacted him so far are mainly looking for industrial and warehouse space, he added.
