PROVIDENCE – Nine companies are competing to develop a significant 1½-acre site in the 195 Redevelopment District, positioned on the east side of the Providence River between South Main and South Water streets. The proposals vary widely, featuring residential units that range from 104 to 259.
The I-195 Redevelopment District Commission is set to hear presentations from the firms on their visions for Parcel 5, currently a grassy area located across Wickenden Street from a mixed-use development that includes a Trader Joe’s grocery store.
The plans submitted for Parcel 5 come in response to a request for proposals issued by the district commission. Developers were encouraged to create pedestrian-friendly, mixed-use developments that connect to the riverfront park along South Water Street and the Fox Point neighborhood.
The companies participating in this initiative include 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 includes a six-story building with 210 residential units, featuring 21 units of workforce housing and 12 live-work units. It also includes 10,000 square feet of retail space and a parking garage on the first and second floors, accommodating 110 vehicles. If approved, residents could move in by August 2027. EQT Exeter has prior experience in the area, having developed Emblem 128, which includes 249 residential units along with ground floor retail.
Transom Real Estate’s plan features a six-story building with 220 apartments, as well as 1,200 square feet dedicated to gallery space, 2,100 square feet for temporary retail, restaurant and bar space, and a fitness center. The design emphasizes courtyards that connect to the nearby park and waterfront.
CranLake LLC proposes a development comprising two structures named “The Wharf Building” and “The Vessel,” linked by a connector. The six-story project would host 201 residential units, with up to 10% allocated for workforce housing, and includes approximately 25,000 square feet for retail and office purposes, along with structured parking for 118 vehicles and provisions for bike parking.
Bluedog Capital LLC’s “Vital on the River” proposal features a mixed-use concept with 41,700 square feet for commercial retail space, 57,600 square feet for hotel accommodations, and condominiums on the upper floors. Plans also include facilities for recreational and professional activities, such as a learning center, restaurant, co-working space, fitness center, and a rooftop deck designed to enhance the lifestyle of residents.
Design Center Partners has introduced “The Providence Art & Design Center,” which envisions 200 residential units—including some for creative workforce housing—and a 50,000-square-foot art and design center. The proposal includes partnerships for an exhibition space and a food and beverage establishment, alongside underground parking.
The Parcel 5 JV features two buildings with a central courtyard and includes 104 residential units, 75 parking spaces in a structured garage, and 8,000 square feet of retail area for a bakery, restaurant, or café.
Cabot, Cabot & Forbes proposes a six-story building with 259 residential units, 13 of which are earmarked as workforce housing. It also features 81 parking spaces and 137 bike spaces. The developer anticipates the building could be ready for occupancy by March 2028.
Greylock Property Group’s plan envisions two buildings offering 160 residential units, along with 13,100 square feet of retail and restaurant space, 6,000 square feet for office use, and a rooftop deck situated between the buildings.
Toll Brothers proposes a six-story complex with 227 residential units, along with 130 parking spaces and 11,650 square feet for retail and restaurant purposes. The development design incorporates two rooftop decks above the retail space.
The developers are expected to present their proposals during the commission’s meeting scheduled for Wednesday at 5 p.m. This meeting will take place at District Hall, located at 225 Dyer St., with an option for virtual attendance available via Zoom.
The proposals for this parcel highlight a range of options from smaller developments of 104 units to larger ones of 259 units, featuring various building designs and uses, reflecting the growing interest in development within the area compared to the adjacent Parcel 2 project by Urbanica Inc., which aims to build two buildings with 170 residential units and commercial space.