Nine companies are competing to develop a prime 1½-acre site in the I-195 Redevelopment District in Providence, located along the east side of the Providence River between South Main and South Water streets. The site, known as Parcel 5, currently consists of a grassy area across from a mixed-use development that includes a Trader Joe’s grocery store.
The I-195 Redevelopment District Commission will review the proposals from these firms during a meeting on Wednesday. Developers are expected to present their plans for creating pedestrian-friendly mixed-use developments that connect to the riverfront park along South Water Street and the Fox Point neighborhood.
The contenders include EQT Exeter, Transom Real Estate, CranLake LLC, Bluedog Capital Partners, Design Center Partners, 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 comprises 21 workforce housing units and 12 live-work units, along with 10,000 square feet of retail space and a parking garage containing 110 spaces. If all goes according to plan, residents could move in by August 2027. EQT Exeter previously developed a mixed-use project, Emblem 128, in the area.
Transom Real Estate plans to construct a six-story building featuring 220 apartments, 1,200 square feet of gallery space, additional retail space, and a fitness center, all designed with courtyards that open to the park and waterfront.
CranLake LLC’s proposal features two interconnected buildings—“The Wharf Building” and “The Vessel”—which would include 201 residential units, with up to 10% designated for workforce housing, as well as approximately 25,000 square feet of retail and office space.
Bluedog Capital’s concept, named “Vital on the River,” aims to provide 41,700 square feet of commercial space, 57,600 square feet for a hotel, and over 40,000 square feet for condominiums, along with multiple community-focused amenities.
Design Center Partners proposes “The Providence Art & Design Center,” which would house 200 residential units and include a 50,000-square-foot art and design hub. Plans include agreements to develop exhibition space and a food and beverage concept.
The Parcel 5 JV has submitted a plan comprising two buildings separated by a courtyard, featuring 104 residential units and several retail spaces.
Cabot, Cabot & Forbes proposes a six-story building with 259 residential units, including workforce housing, and various community amenities, expecting the building to be ready by March 2028.
Greylock Property Group plans to develop two buildings totaling 160 residential units and additional retail and office space, centered around a courtyard with outdoor dining.
Finally, Toll Brothers suggests a six-story structure offering 227 residential units, retail space, and ample parking.
Developers will present their ideas during the commission meeting scheduled for Wednesday at 5 p.m., which will be held at District Hall on Dyer Street and offer virtual attendance options via Zoom. The competition for Parcel 5 is drawing significant interest compared to a nearby development by Urbanica Inc., which is set to create two buildings with 170 residential units.