PAWTUCKET – More than one year and five extensions after plans were announced to revitalize downtown Pawtucket with a waterfront, mixed-use development anchored by a soccer stadium, project partners still have not ironed out who will pay for what and how much it will cost.
The latest extension gives the state, city and project developer until Jan. 31 to finalize the financial agreement for Tidewater Landing, R.I. Commerce Corp. spokesman Matt Sheaff told Providence Business News on Thursday.
The project, which was awarded to developer Fortuitous Partners nearly a year ago, has been subject to a series of extensions to what was originally a 120-day due diligence period set to end in April 2020. In September, the parties signed an agreement giving Fortuitous Partners exclusive rights to develop the site with a Nov. 17 deadline to finalize the financial details, which was then extended to Dec. 31 due to the complexity of the project, Sheaff said previously.
Asked about the reason for the latest extension, Sheaff in an email on Thursday refuted that the project has been subject to delays and instead pointed to the already signed exclusivity agreement, land leases, site work and other plans as signs of progress. The extension on the financial portion of the agreement will not jeopardize any existing approvals or agreements tied to the project, he said.
Initially proposed as a $400 million project slated for three waterfront parcels in Pawtucket, the developer has since scaled back the proposal to eliminate use of the privately owned Apex site, which has proven difficult to acquire. Proposed office space has also been reduced amid changing market demand from the pandemic.
Whether these changes will affect the total price tag, and in turn the amount the state and city have committed to paying, is unclear. However, the state and city remain committed to funding 20% of the total project cost, a majority of which has already been approved by the General Assembly as part of Pawtucket legislation allowing for tax-increment financing. The rest of the funding will come from private investors.
The 7,500-seat soccer stadium anchoring the project remains unchanged, as do proposed infrastructure improvements, hotel and retail space.
A project master plan and requisite zoning changes are slated to be introduced at a Pawtucket City Council meeting in January, according to Sheaff.
In an emailed statement Thursday, Brett Johnson, principal of Fortuitous Partners, said, “As the difficulties caused by the pandemic hopefully move behind us all in 2021, the reality that shovels will be in the ground this year brings us incredible hope for things to come this year … I’m also looking forward to engaging even more with the people of Pawtucket to make this a community asset that everyone can enjoy.”
In an emailed statement, Mayor Donald R. Grebien called the project a “game-changing development” and noted the “great progress” made on permitting and a master plan.
(This story has been updated to include comment from Pawtucket Mayor Donald R. Grebien.)
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
