ProJo reports that the East Providence Mayor and City Council are WICKED excited about the prospect of a $167 million condo, marina, commercial development on that city’s waterfront.
“Are you kidding me,” said an excited Mayor Joseph S. Larisa Jr. “This is the single greatest private economic development project in the history of East Providence. At the end, we will have an absolutely, tremendous project that frankly, no one else is willing to do. [The Chevron Corp. and Village on the Waterfront group led by Providence Realty Investment LCC] know the recession will end at some point soon, hopefully, and they want to be poised to have a project up-and-running that will be great for the city and, of course, great for them.”
“This is the best thing that has ever happened for the city,” Councilman Bruce DiTraglia said.
BEST THING EVER! I don’t want to burst anyone’s bubbles, the leaders of East Providence are certainly aware of the number of proposals that have gone nowhere on the East Providence waterfront, and certainly, they are aware that the economy… well it kinda sucks right now.
On the other hand, the developer is Chevron, yes that Chevron. If anyone has money to make a development like this happen, it would probably be an oil company. The site being developed, or more accurately, redeveloped, is the company’s former “light product terminal.”
The East Providence Waterfront Commission’s page describes the development like this:
Chevron has entered into a cooperative agreement with Village on the Waterfront LLC to transform Chevron’s former light products terminal on Veteran’s Memorial Parkway into a mixed-use community called “Village on the Waterfront.” The 26-acre site will have 600 residential units contained in townhomes, condominiums and apartments with 40,000 sf of commercial uses, including a restaurant, shops, office space and a fitness center. Ten percent of the housing units will be affordable housing, as required by Waterfront District regulations.
There will also be a kayak beach and rental store that will be open to the public, along with all open space, trails, and a proposed fishing pier. Waterfront Drive will be extended south through the site, as will a spur to the existing East Bay Bike Path. Construction is expected to begin in 2011: the project will be constructed in five phases over nine years.
The project was approved by the commission last year, the reason it is in the news now is that the city has approved a financial arrangement with the developer including a TIF.
The Village will be built in 4 phases, with the first phase projected to start in 12 to 18 months and to take 12 months to complete. The first phase encompasses mostly infrastructure, site remediation, water, sewer, electric, extending Waterfront Drive, and development of the commercial structures and some residences. East Providence Planning Director Jeanne Boyle told the Journal she expects the project to be complete in 8 to 10 years.