The I-195 Redevelopment District Commission voted behind closed doors Monday to sign a purchase and sale agreement with a Texas development firm that specializes in privatized student housing to build a $50-million, six-story housing development that will accommodate 500 renters on the west side of the Providence River.
Kane said the commission authorized him to sign the purchase and sale agreement, which will be a binding document requiring the firm to break ground by August 2015. Brodie said the firm expects to open its doors Sept. 1, 2017, ready for people to move into its rental units.
First, yes, it is going to be great to get something built on the 195 Land, and work is projected to begin next summer. With 20,000 square feet of retail space, this project should be able to provide some badly needed retail services to the Jewelry District neighborhood. And having 500 units of housing dropped from the sky has the potential to really have a positive impact on the neighborhood.
However, as the commenters at ProJo said, this deal literally took place behind closed doors. However, people involved in development and real estate all seemed to know this deal was coming, it was just the general public that may be surprised to hear about this this morning. So, if the people most involved in the process, pretty much know what is going on through industry chatter, where’s the need for the secrecy? I know there is a degree of discretion needed to complete a real estate deal, but the Commission really needs to do something about the perception that these Executive Sessions send to the public.