Wexford/CV proposal rendering. Eddy Street bottom, Ship Street left, Dorrance Street right. Click image to enlarge.
Baltimore-based Wexford Science and Technology and real estate developer CV Properties have signed a purchase and sale agreement for two parcels of land and plan to develop a three-phase project on the vacant former highway land with research and development space, offices, hotel and residential space and other attractions.
Phasing is not really allowed by the 195 regulations, one is not allowed to land-bank. Something like this can’t really be built any other way than in phases though, so I guess we’re just ignoring that for reality. Also, I better not see any ‘temporary’ surface lots anywhere between phases.
Completed development plan
Wexford Science & Technology and CV Properties LLC presented their plans for a mixed-use residential, hotel, office, and laboratory development on 195 parcels 22 and 25 to the 195 Commission earlier this week. Some of what they shared with the Commission below:
[alert type=”muted”]A meeting of the I-195 Redevelopment District Commission will be held at Rhode Island Commerce Corporation, 315 Iron Horse Way, Providence, Rhode Island, on Monday, June 15, 2015, beginning at 5pm, for the following purposes[/alert]
I. Public Session
- Welcoming Remarks by Chairperson Joseph Azrack.
- Approval of the Minutes of the Commission Public Session Meeting Held on May 18, 2015.
- Executive Director’s Report.
- Discussion and Consent to Reschedule Date of December’s Commission meeting.
- Presentation by CV Properties and Wexford Science and Technology of their proposed mixed use development on Parcels 22 and 25.
- Discussion and approval of I-195 Tax Stabilization strategy.
II. Executive Session
To consider and act upon such matters as may be considered at a meeting closed to the public pursuant to Rhode Island General Laws, Section 42-46-5(a) (the Open Meetings Law), specifically matters permitted to be so considered under subsection (5) (acquisition and disposition of public property).
- Discussion Regarding Status of Proposals to Acquire and Develop District Property.
III. Public Session
- Vote to Adjourn.
[alert type=”muted”]Agenda [/alert]
Life-sciences complex proposed for Parcels 22 and 25. Image from Google Maps.
Two private developers – Wexford Science & Technology LLC and CV Properties LLC – submitted a proposal last week to the I-195 Redevelopment District Commission seeking approval for a million-square-foot-plus multi-use project on parcel 22 and parcel 25 of the vacant former highway land, WPRI.com confirmed Wednesday.
“It is a major life sciences complex that includes lab space, academic research space, a hotel with meeting space and residential and retail components,” Eric Cote, a spokesman for CV Properties, told WPRI.com.
“It is a very large proposed complex,” he said. “The size that it may ultimately be will depend on our discussions with the 195 Commission, so it could change, but it’s currently envisioned as a project in excess of 1 million square feet.