More Apartments Proposed for 195 “Innovation” District
Friday, April 14, 2023
A new 11-story apartment building is being proposed for a parcel of the former Interstate 195 land.
The creation of the 195 “Innovation District" was designed to be a game-changer for Providence and the Rhode Island economy.
It is now potentially morphing once again into simply a swath of residential units, predominantly for students.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe 195 District, which began in the 1990s with the moving of a portion of the interstate highway, was the second phase of transforming Providence. It was to build off the success of relocating the rivers and the creation of Waterplace Park.
It was to be an economic engine. It promised new companies in key growth sectors like technology and biotech, but now decades later the development to date -- and the newest proposals -- have been primarily residential upscale apartments -- with average rents of $2,000 for a one-bedroom apartment.
READ: How Did 195 Innovation District Become a Collection of Apartment Buildings
Latest Proposal
The proposed development unveiled this week by CV Properties on Parcels 14 and 15 along the Providence River would include ground-floor retail and/or restaurant space topped by ten stories of 149 residential units.
It would be located on a parcel of land behind a Brown University building at 200 Dyer Street. And, if constructed, the residential building could be part of a larger development that would include two new commercial buildings -- with lab space on the adjacent property.
And Brown is fully in support of the project.
“As a close neighbor to these 195 parcels, we recognize the opportunity they offer to create better connections between this growing area of Providence and public assets like the park and waterfront, enhance the value of the neighborhood for all who work, live, learn, play and relax in the area, and expand access to housing and jobs for Rhode Islanders,” said Russell Carey, Executive Vice President for Planning and Policy at Brown
“This phased project offers immediate housing benefits and long-term potential to significantly advance the economic development, land use and job creation goals of both the 195 Commission and the City of Providence,” said Richard Galvin, founder and president of CV Properties. “Together with Brown University, we are able to create a more holistic parcel that has flexibility to support this mix of uses. I am grateful to Brown for their partnership and their vision for an improved public experience in the 195 District and nearby neighborhoods.”
Representatives from CV Properties will present plans for the project to the 195 Redevelopment District Commission -- which will consider only the apartment building proposal -- during the commission’s Wednesday, April 19, meeting.
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