Pawtucket Soccer Stadium Developer Refuses to Answer Questions on Project Costs
Thursday, June 02, 2022
None of the players in the proposed Pawtucket soccer stadium plan can define the size and the cost of the components of the project as of Wednesday.
The once-heralded $400 million project is now unraveling.
The developer — Fortuitous Partners of Arizona — is refusing to answer questions about the overall costs of the project. GoLocal asked the developer about the cost of not only the soccer stadium, but all other aspects of the project costs.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAccording to information from Fortuitous, the cost of the stadium has jumped from $83 million to $124 million -- a $41 million increase. The developer is asking the State of Rhode Island to provide an additional $25 million just for the stadium.
The building costs of the 435 housing units and the parking garage have also spiked since they were proposed in 2019, but neither the city nor the developer will disclose those increases.
The City of the Pawtucket, the host community and the cheerleader of the project, tells GoLocal they cannot define the scope of the project’s costs now.
According to Emily Rizzo of the City of Pawtucket, she does not know of the updated costs for all the elements of the project.
“Phase 1 of the project includes a 10,000 seat soccer stadium; riverfront amenities including a riverwalk and public plaza; 435 housing units with 150 space parking garage; 60,000 square feet of commercial space; 57,000 square feet of retail and restaurant space along with public amenities,” said Rizzo, but she could not identify the costs associated with each aspect of the project — how much the housing now costs versus retail construction cost, etc.
She also could not answer the source of funds for Fortuitous investment into the project.
Construction Costs Continue to Rise
While the cost of the stadium is now being discussed, the costs of the other aspects of the project are not.
Building material costs rose 31.3% from early 2020 to early 2022, with the index climbing 10.6% in the past 5 months.
Richard Branch, chief economist at Dodge Construction Network told the construction industry trade magazine ENR in March. “However, prices for construction materials continue their ascent and skilled labor has become even more scarce, meaning construction projects are taking longer to break ground.”
On Wednesday night, the Rhode Island Commerce Corporation Board, chaired by Governor Dan McKee, did not take action on Fortuitous's demand for an additional $25 million in financing for the stadium.
Commerce RI said in a statement, “While the developer has aimed to cut costs, increase their investment and find new revenue sources, there is still a significant gap in the project’s budget. We believe we need to consider this request carefully to ensure that every additional taxpayer dollar is necessary and that the investment continues to be a good deal for Rhode Islanders. We look forward to continuing our dialogue with the city and the project team to explore solutions that will get shovels in the ground and result in a development we can be proud of."
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