Nine companies are competing to develop a significant remaining parcel in the I-195 Redevelopment District in Providence. This 1½-acre site is located on the east side of the Providence River, nestled between South Main and South Water streets. The firms are set to present their proposals for Parcel 5, which is currently a grassy area across from a mixed-use development featuring a Trader Joe’s grocery store.
The I-195 Redevelopment District Commission will review these proposals Wednesday. The commission had encouraged developers to create pedestrian-friendly mixed-use plans that would link to the riverfront park along South Water Street and the nearby Fox Point neighborhood.
The contestants include EQT Exeter, Transom Real Estate, CranLake LLC, Bluedog Capital Partners, Design Center Partners, The Parcel 5 JV, Cabot, Cabot & Forbes, Greylock Property Group, and Toll Brothers.
EQT Exeter has proposed a six-story building with 210 residential units, which include 21 units designated for workforce housing and 12 live-work units. The plan also encompasses 10,000 square feet of retail space and a parking garage with 110 spaces. If the timeline holds, residents could begin moving in by August 2027. EQT Exeter has previously developed a mixed-use project in the area known as Emblem 128.
Transom Real Estate is planning a six-story structure with 220 apartments, gallery space, pop-up retail, a restaurant, and a fitness center, all designed to foster connections to the park and waterfront.
CranLake LLC’s concept features two buildings, called “The Wharf Building” and “The Vessel,” connected by an accessible corridor. The proposal includes 201 residential units, with up to 10% allocated for workforce housing, as well as 25,000 square feet for retail and office space, along with 118 structured parking spaces.
Bluedog Capital’s proposal, named “Vital on the River,” consists of commercial and retail spaces, a hotel, and condominiums, reflecting a lifestyle-oriented development.
Design Center Partners presents “The Providence Art & Design Center,” which features 200 residential units with a percentage reserved for workforce housing and a 50,000-square-foot arts center, along with various agreements for culinary and exhibition space.
The Parcel 5 JV is proposing a development featuring 104 residential units, retail space, and ample parking provisions in a courtyard-style design.
Cabot, Cabot & Forbes’ project suggests 259 residential units with a selection for workforce housing, parking spaces, and retail opportunities. The building’s structure will include two rooftop decks to visually divide the massing.
Greylock Property Group envisions two buildings housing 160 residential units with corresponding retail, restaurant, and office spaces, including a rooftop amenity.
Lastly, Toll Brothers has proposed a project featuring 227 residential units, along with parking and retail spaces, also divided by rooftop decks.
The developers are scheduled to present their proposals during the commission’s meeting at 5 p.m. on Wednesday at District Hall. There will be an option for attendees to join virtually via Zoom.
The range of proposals offers a variety of residential unit counts and designs, likely to generate significant interest compared to the adjacent Parcel 2 land, where Urbanica Inc. is developing two buildings with 170 residential units. The competitive landscape for Parcel 5 has attracted notable attention, reinforcing its key role in the district’s future development.