Wexford Innovation Center Opens — Big Crowd, Big RI Investment. SEE PHOTOS
Thursday, July 18, 2019
The first major project on the former 195 land opened today and Rhode Island Commerce Secretary Stefan Pryor said “Wexford is the centerpiece” of the development area that has been decades in the making.
GoLocal took a tour of the property — see photos below
The gleaming project is 196,000 square feet and cost in excess of $88 million. The project will receive about $40 million in taxpayer subsidies, $18.8 million in incentives from the 195 Redevelopment Fund, $15 million in Rebuild Rhode Island Tax Credits, a million in sales tax credits and the project has a tax stabilization agreement (TSA) with the City of Providence.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe project opens with only a few hundred employees.
The Cambridge Innovation Center (CIC), Brown University and Johnson & Johnson are anchor tenants in the building located at 225 Dyer Street. The center will also house Venture Café and its District Hall. The complex linchpins other developments in the area including South Street Landing, the pedestrian bridge spanning the Providence River, new housing developments such as River House and Chestnut Commons, and the Garrahy Courthouse parking garage. Additionally, other I-195 parcels are in various stages of the development and review processes.
“For Rhode Island, Providence, Wexford, Brown and all of our partners in the Innovation Center, this is a moment to celebrate,” said Brown University President Christina Paxson in a statement. “Opening the doors to 225 Dyer Street not only advances one step further the Jewelry District’s transformation into a thriving hub for research, education, innovation and commerce, but also serves as a blueprint for the essential public and private partnership that will continue to bring new economic life to the city and state in the years ahead.”
The genesis of Wexford coming to Rhode Island started with the administration of Don Carcieri, but stagnated under Governor Lincoln Chafee.
Governor Gina Raimondo has pushed the project, “Today, what was once nothing but dirt becomes an integral part of our capital city’s Innovation & Design District.”
The three tenants are shared workspace company CIC that’s 62,000 square feet will employ 12 full-time employees.
In addition, Brown University is moving jobs from another location in Providence. According to Brian Clark of Brown, "For Brown, it's 50,000 square feet on Floors 4 and 5. Much of the Brown space is student-facing -- classrooms, work areas, gathering space, etc. In terms of FTEs based in the building upon move-in, approximately 85."
Brown's space will be for:
-- School of Professional Studies executive master's programs
-- Warren Alpert medical school's Gateways to Medicine, Health Care and Research master's program and a soon-to-launch Master of Science in Medical Physics program
-- Division of Pre-College and Summer Undergraduate Programs
And, Johnson & Johnson is moving its 60 to 70 employees, presently located on Ship Street to Wexford.
SEE PHOTOS BELOW
Related Slideshow: A look inside Wexford - July 17, 2019
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