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Pawtucket’s Tidewater Landing downsized by COVID19. “No” to Apex.
On September 23rd, Brett Johnson of Tidewater Landing made a presentation to the Pawtucket City Council to provide an update on the development’s progress.
As has been reported, the development has been significantly “downsized”, and the Apex property no longer seems to be part of the project. The coronavirus pandemic is specifically noted as having a major role in these changes.
We requested more detailed information from the Tidewater Landing group to share with our readers. The photo, above, represents what the development will look like after the revisions. Here is the statement of Brett Johnson to the Pawtucket City Council:
Introduction to Council
“I am pleased and excited to be able to update you tonight on the tremendous progress that’s been made in recent months at Tidewater Landing. None of this would be possible without the time, effort and commitment of our great partners at the City, CommerceRI and National Grid. They realize, as I do, that this project is an historic opportunity for Pawtucket, Rhode Island, and the region.
Working together, we’ve overcome many challenges presented by the pandemic while adapting flexibly and wisely to some new realities.
Overall, Tidewater Landing continues to be a project that will completely transform the area and the regional economy with new jobs, places to live for hundreds of families and millions in new tax revenue for the city and state.
While we continue to work on the details of the project’s financing, one thing is unchanged – we remain committed to privately financing the stadium where Rhode Island’s new USL franchise will play.
COVID has created some new realties that we have adapted to, however. In the short term, for instance, we all realize that the traditional office market has been impacted. In response, we’ve modified our original plan for office space while retaining the flexibility to restore that use when the market recovers. At the same time, we now propose to more than double the amount of housing for families. The plan also includes large outdoor event spaces where people will be able to grab a bite to eat before walking across the pedestrian bridge to a game or a concert.
Meanwhile, the marketplace continues to respond with great interest to Tidewater Landing, and the milestones we will work together to meet in the next few months will only make it more attractive to investors. Earlier this month, we established a Rhode Island-based company specifically designed to support opportunity zone financing of Tidewater Landing.
We have a brief presentation and we are prepared to answer questions. Before we begin, I’d like to thank the entire city council, and in particular Councilor John Barry, whose diligence and hard work on behalf of his constituents has made this a better project. I also want to take this opportunity to share my continued excitement about the enormous potential of Tidewater Landing and express my gratitude and appreciation for the ongoing support and commitment from our partners in the city and at CommerceRI. I’d also like to recognize the efforts of our Fortuitous team, including our internal group of talented designers.
Now I’d like to introduce Dan Kroeber, a principal civil engineer with the firm Milone and Macbroom. Dan has served as development project manager for Fortuitous Partners at Tidewater Landing, and he will walk us through tonight’s presentation.
The Presentation
A summary of what stays and what changes was presented:
Changes
• Stadium still privately financed and privately owned.
• Office space initially pared back in response to the pandemic. Retaining flexibility for office uses when the market recovers.
• Increased density and highest and best use for the sites by relocating the indoor event center and hotel to Division.
• Increased multi-family residential housing on Tidewater and Division.
• Maintained waterfront revitalization initiatives including public riverfront amenities, park space and pedestrian bridge
Community Outreach and Engagement
• City/State Approvals: Public hearing process for multiple regulatory reviews (i.e. zoning, masterplan, TIF Plan, Preliminary Site Plan, others) open to public comment
• Direct Contact: Fortuitous has begun contacting parties directly adjacent to the sites to review plans, answer questions and discuss opportunities
• Neighborhood Meetings: Fortuitous intends to host neighborhood meetings to discuss the project
• Other: Fortuitous open to other suggestions on appropriate forums for engaging the community
