[box style=”alert”]Updated: January 12, 2015[/alert]
The Journal’s Kate Bramson reports from the 195 Commission Meeting that the developer of Parcel 28 has entered into an agreement to buy the nightclubs on the corner of Richmond and Friendship Streets. This will give the developers a full block to develop. It appears the developer plans to tear down the building where the nightclubs are and construct a second building.
Bramson also tweeted this rendering from the presentation.
[box style=”alert”]Preliminary renderings and plans of Parcel 28 by The Architectural Team.[/alert]
[alert type=”muted”]Original post[/alert]
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.