Peregrine Group LLC and city officials expect to announce Tuesday a proposal for a commercial and residential development on nearly 11 acres of prime waterfront property along the Seekonk River and bounded by Division, Water and School streets.
Kane and his business partner, Samuel Bradner, another principal at Peregrine who is the lead on the project, expect the medical office and residential apartments to cost about $40 million to $45 million to build. Plus, Kane said, they expect the project needs as much as $8 million more in other costs, including parking, walkways and public access to the riverfront.
Project Summary (from the above linked document)
(All information provided is preliminary and subject to change)
Review of the site conditions, neighborhood context and market opportunities allowed the project team to evaluate a series of options that focused on the commercial and retail uses oriented towards the main frontage of the property located on Division and Water streets. This enabled the balance of the property to orient towards the residential component, parking, open space and public access to the waterfront and through the property to the surrounding amenities.
The design objectives included the following:
- Create an urban edge along Division and Water Streets
- Small flexible footprints that can adapt to the changing market Hybrid
- Parking Solution – surface and structure
- Minimize surface parking adjacent to public streets
- Adapt buildings and improvements to site conditions
- Provide access to waterfront
Based on the Based on the criteria stated by the City of Pawtucket and internal density and economic objectives a design solution with only surface parking is not feasible; therefore a parking structure became a core component of the project.
The following table and images represent a summary and final synthesis of the project objectives and design criteria. Given timing to market and broader negotiations, this plan is not meant to be definitive; rather a starting point for the team and the City of Pawtucket to begin a more informed dialogue and detailed conversation around the opportunity.
Preliminary Program Summary
|Commercial||8,000 sq. ft. (medical office)|
|Residential||26,000 sq. ft.|
|Total||34,000 sq. ft.|
|Parking||279 Surface Spaces|
|230 Garage Spaces|