Recently we speculated about the rumor running around town that Johnson & Wales had bought the (not yet complete) Capitol Cove condominiums on Canal Street in Capital Center. Today we have a copy of Johnson & Wales’ lease .
The lease runs for 3 years starting August 1, 2009 and ending July 31, 2012 with an option to extend for 2 years at the end of the lease. It stipulates that the building is to be used to house students enrolled at Johnson & Wales, Johnson & Wales faculty or staff, or “any persons attending any program sponsored from time to time by the Tenant [Johnson & Wales].” In addition to the building located at One Park Row West, the University will be provided with parking for “110 automobiles in a segregated area on adjacent land known as Providence Assessor’s Plat 4 Lots 262 and/or 263.” In English that means surface parking on the area not occupied by the building.
In the Capital Center Special Development District Design and Development Regulations* (As Adopted By The Capital Center Commission On February 13, 2003) the section on the Moshassuck Subdistrict (which includes Capitol Cove) states:
3.3.E Parking and Service
Parking and building servicing shall be internal to the structure. Parking shall be accommodated below grade, or, if above grade, parking and service shall not be visible from the street. Any above street level parking shall be screened from public view and architecturally integrated into the building.
Capitol Cove may well have received relief from this from the Capital Center Commission, however, should that relief carry over from their condo proposal to this new use? Also, the building has structured parking, why should it need surface parking? Seeing as this parking is part of the lease agreement, it would indicate that future development of the remaining parts of parcel 6 can now be considered on hold until at least the middle of 2012.
Looking through the ProJo website, the last reference I can find on Capitol Cove is a story from January 11th on the condo sales slump. In that article developer Robert Roth stated that four units had pre-sold at Capitol Cove and that they expected 4 to 6 units per month to sell once the project was complete. As it turned out, by late March, they’d thrown in the towel and signed a lease with Johnson & Wales.
There’s still more questions to be answered about this development and we will continue to see what we can uncover.
*I can’t find this document posted online right now, but I had it saved on my computer, because I’m a big geek like that.