PROVIDENCE, R.I. (WPRI) — The R.I. Board of Education on Monday unanimously signed off on a proposed 15-year lease for the state’s two nursing schools to move into a new joint facility that would be built inside the decaying former South Street Power Station in partnership with Brown University.
The $206-million project, unveiled last year by developer Dick Galvin of CV Properties LLC, would redevelop the former power plant along the Providence River and adjoining property into academic space for the state; office space for Brown; student apartments; and a parking garage.
The parking garage and student housing would be in new buildings built on adjacent parking lots.
Taveras Administration Proposes South Street Landing Agreements Requiring Tax-Exempt Institutions to Pay Taxes
Development of former power station viewed as significant opportunity to expand city’s tax base, create jobs, spur economic growth in Knowledge District.
The tax-exempt tenants of the proposed South Street Landing development project will pay taxes to the City of Providence under agreements proposed by the administration of Mayor Angel Taveras.
“South Street Landing is a once-in-a-generation economic development opportunity for our Capital City,” said Mayor Taveras. “The project promises to expand Providence’s tax base and increase tax revenues, create construction jobs and permanent jobs, help jumpstart development in the Knowledge District, improve public access and recreation along our waterfront and assure the preservation of an iconic building in our city.”