Plans for the first new construction project in Warwick’s 70-acre Station District are under way.
City and state officials joined local businessman Joe Piscopio Tuesday, April 23, as he unveiled his plans for a $55 million, 6-acre park at Jefferson Boulevard and Kilvert Street, directly across from the proposed Amtrak train station and rental car facility.
Standing in the dining room of his restaurant on Jefferson Boulevard, Piscopio talked about his "vision" for the project, which includes the construction of luxury apartments, two hotels, retail space and a restaurant.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
"I have been working on this for six years," he said. "For the past 20 years, I have been buying property in the Hillsgrove area, with the vision that I would one day develop it in to something like the Metro Center Plaza – something that I, and the residents of Warwick can be proud of."
Warwick Mayor Scott Avedisian credited Piscopio’s patience in making the proposed development a reality.
"If there was ever a person that defines the old adage slow but steady wins the race, it would be Joe Piscopio," he said. "This project has been his vision for more than six years, and what a vision for the city of Warwick."
It is estimated that the project will generate $1.75 million in annual state taxes and an addition $1 million in municipal taxes. Piscopio anticipates the Metro Center Plaza will create between 200 and 300 permanent full-time jobs, with salaries ranging from $8 to $10 an hour for unskilled workers and between $50,000 and $100,000 for management positions, in addition to the temporary construction jobs created to build the complex.
"This is good news for the city and for the state," Rhode Island Economic Development Corporation Executive Director Tom Schumpert said of the project. "It’s good news because when one community succeeds this way, the entire state benefits."
EDC recently granted Piscopio’s request for a Certificate of Critical Economic Concern pertaining to the hotel portion of the project. Issuance of the certificate is designed to expedite the handling and processing of applications for permits that must be obtained to move the project forward.
According to Piscopio construction on the project is expected to begin by June 1. He anticipates the first phase of the project, one hotel, a restaurant, retail space, and the apartments could be completed in 18 months.
"We are closing on the property within the month," he said. "When the first hotel is up and running then we will begin work on the second one."
Piscopio isn’t deterred by a lack of progress made on the Warwick Inter-modal Station, the heart of the of the Station District which comes with a $160 million price tag and is intended to link T.F. Green State Airport with Amtrak’s Northeast Corridor and an automated people mover. Two bills, which would provide the city with increased revenues from sales taxes and rental surcharges collected in connection with Warwick Station, are currently pending at the state house.
"I think this project can stand on its own," Piscopio said of his proposed development. "But I have no doubt that the (inter-modal) station will be built."
In fact, some attending the press conference thought Piscopio’s plan could jump start other projects, including the Inter-modal Station.
"Hopefully this is the first, but it won’t be the last," said Joseph Larisa, chief of staff for Governor Lincoln Almond. "We are closer than ever on the inter-modal portion of this. We are working diligently on the financing. Let’s now keep this steady and moving forward."
Schumpert said current interest in the project should keep it moving.
"The fact that the private sector is willing to invest $50 million in our state, tells me that this is a state, a location, a place where people want to come," he said.
Avedisian echoed Schumpert’s excitement.
"When completed, the Metro Center Plaza will transform a deteriorated mill building into a vibrant business center available to residents and visitors alike, and will create hundreds of jobs here in Warwick," he said. "It is a pleasure to support a project that has so many advantages for our city."
