Tidewater Landing project partners extend financing agreement deadline

Updated at 5:23 p.m.

THE FINANCIAL AGREEMENT between project partners for the proposed Tidewater Landing project is set to be finalized by the end of the year. / COURTESY NEW HARBOR GROUP

PAWTUCKET – Details of the public-private partnership that will fund the mixed-use, soccer stadium development proposed for the city’s riverfront are set to be finalized by the end of the year.

The state, city and project developer have agreed to an extension that gives them until Dec. 31 to set details for the financial portion of the Tidewater Landing project, according to Matt Sheaff, R.I. Commerce Corp. spokesman. 

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. 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. However, the complexity of the project necessitated another extension, Sheaff said.

The extension will not impact the timeline or future for the project’s development, Sheaff 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. 

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Whether these changes will affect the total pricetag, 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.

In an emailed statement, Brett Johnson, principal of Fortuitous Partners, said, “Fortuitous … continues to be as excited as ever, as evidenced by signing a 100-year land lease with the city in October. We continue to move ahead on all cylinders, and are excited about the progress we have made.”

The Pawtucket mayor’s office did not immediately return inquiries for comment.

(SUBS last two paragraphs with comment from Johnson.)

Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

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