The University plan includes student housing, retail, a URI/RIC nursing school, administrative offices for the University, a new parking structure, and additions to the riverwalk. The vacant South Street Power Station would be a redeveloped, student housing built on a parking lot along Point Street, and the parking garage across Point Street.
The following letter from Brown University President Christina Paxson, was forwarded to me by a member of the Brown Community:
I am writing to share news that Brown, together with the University of Rhode Island (URI) and Rhode Island College (RIC), is exploring the possibility of partnering with private developer Commonwealth Venture Properties on a comprehensive redevelopment project in Providence’s Jewelry District.
The centerpiece of the project is a renovation of the former South Street Power Station located at 360 Eddy Street, known as “Dynamo House.” Approximately one-half of this space (about 120,000 square feet) would be leased by Brown University for administrative and educational programs; the other half would be leased by the University of Rhode Island and Rhode Island College to house a shared nursing education program. The proposed project also includes an apartment building suitable for graduate, medical and advanced nursing students; retail space; space for start-ups and other small technology-based companies; and a new parking garage.
This week, a joint resolution was introduced in the General Assembly that, if passed, endorses the project in concept and enables URI and RIC to work over the coming months with the developer on a long-term lease agreement, which would require approval by the State Properties Committee and the General Assembly in the next session. The Brown Corporation has endorsed the concept, directing the administration to enter negotiations with the developer on a long-term lease. Assuming the details of these leases are negotiated successfully, we anticipate that construction and renovation would begin in 2014 and the facility would be ready for occupancy in 2016.