Nine firms are competing to develop a significant parcel of land in the 195 Redevelopment District, specifically a 1½-acre site located along the east side of the Providence River between South Main and South Water streets. The proposals for this site, referred to as Parcel 5, vary in scale, with residential units ranging from 104 to 259.
The I-195 Redevelopment District Commission is set to review these proposals, which are being presented during a meeting scheduled for Wednesday. This parcel currently features grassy land and is situated across Wickenden Street from a mixed-use development that includes a Trader Joe’s grocery store.
The submission of these plans follows a request for proposals from the district commission, which encouraged developers to create pedestrian-friendly and mixed-use projects that enhance connectivity to the riverfront park along South Water Street and the Fox Point neighborhood.
Among the firms competing are EQT Exeter, Transom Real Estate, CranLake LLC, Bluedog Capital Partners, LLC, Design Center Partners, The Parcel 5 JV, Cabot, Cabot & Forbes, Greylock Property Group, and Toll Brothers.
EQT Exeter’s proposal consists of a six-story building featuring 210 residential units, with 21 designated as workforce housing and 12 as live-work units. Additionally, it includes 10,000 square feet of retail space and a parking garage with 110 spaces, with residents potentially moving in by August 2027 if approved.
Transom Real Estate’s six-story development plans to incorporate 220 apartments, gallery space, pop-up retail, a restaurant, a bar, and a fitness center, all designed to create courtyards linked to the park and waterfront.
CranLake LLC intends to build two structures – “The Wharf Building” and “The Vessel” – which would house 201 residential units, up to 10% of which would be reserved for workforce housing, complemented by retail and office space and ample bicycle parking.
Bluedog Capital LLC’s “Vital on the River” vision includes a significant amount of commercial and retail space, hotel accommodations, and residential condos, along with a learning center and other communal spaces.
Design Center Partner’s concept, “The Providence Art & Design Center,” aims to feature 200 residential units and a substantial art and design facility, along with parking for residents.
The Parcel 5 JV’s submission proposes two buildings with a courtyard, a total of 104 residential units, and various retail spaces.
Cabot, Cabot & Forbes has devised a plan for a six-story structure comprising 259 residential units with dedicated workforce housing, numerous parking spots, and retail space.
Greylock Property Group LLC seeks to establish two buildings that together would provide 160 residential units and a mix of retail and restaurant spaces.
Toll Brothers is also proposing a six-story building featuring 227 residential units and retail spaces, designed to contribute to the area’s development.
The proposals are varied, with some firms suggesting single structures while others are proposing multiple buildings, with heights reaching up to six floors and dedicated commercial spaces at ground level.
Developers will present their plans at the commission’s meeting on Wednesday at 5 p.m., which will take place at District Hall on 225 Dyer St., with options for virtual attendance available through Zoom. This parcel is generating more interest compared to the nearby Parcel 2, which Urbanica Inc. plans to develop into two buildings with 170 residential units, having received just three proposals initially. The Parcel 5 JV consists of Parent + Diamond Real Estate Development and Urban Spaces LLC, who previously collaborated on a proposal for Parcel 2 that was not selected.