Pending Development Deals in RI Top $1 Billion — See Their Status

Hasbro Corporate Headquarters

24-months ago, the talk-of-the-town was where would Hasbro locate their new corporate headquarters in Providence.

But since that flurry of speculation, the company has realized a fluctuating stock price, laid off hundreds of employees, and made a massive acquisition in the United Kingdom. 

In August, Hasbro announced it was buying United Kingdon based-Entertainment One Ltd. (eOne). 

The all-cash transaction valued at approximately £3.3 billion -- or $4 billion -- is a gamechanger in the entertainment and toy industry. eOne owns a cadre of brands including Peppa Pig.

The deal may have a bigger impact on where Hasbro lives in the future. Direct flights to London may be more important than is presently understood -- and rumors swirl that the company is looking to the Boston-area to relocate, maybe Canton.

“The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro’s portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling, which will now include Hasbro’s IP,” said Brian Goldner, Hasbro chairman and chief executive officer.

Cost: Unknown

Status: Unknown

The Hotel Hive (the old, old Providence Journal Building)

Washington, D.C. developer Jim Abdo threatened to mothball his redevelopment of the former Providence Journal Building adjacent to City Hall if he did not get a multi-million dollar tax stabilization agreement.

Abdo, a brash developer is planning to revamp the Hotel and the adjacent building into a boutique hotel and shared office space.

The city council approved his tax stabilization on Tuesday night.

Cost: $39 million

Status: Project has now received more than $5 million in subsidies from the City of Providence and Commerce RI has authorized a $6 million tax incremental financing (TIF) deal.

College Hill Hotel

Smart Hotels, the Ohio-based company, proposed developing a 130 room boutique hotel on the corner of Angell and Brook Streets.

The project got off to a bad start with an inferior design, and the revised project, while improved, was not enough to turn the negative neighborhood reaction around.

The project can return at a lower height which would not require a height variance.

Cost: Never released -- but estimated at $40 million

Status: Dormant if not dead

Aloft Hotel, Wexford Project

The project might need to be rebranded as the "Aloof" Hotel.

Ten months after the Rhode Island Commerce Corporation approved $7.6 million in tax incentives for the proposed $55.2 million Aloft hotel located on former 195 land, the project has not broken ground.

The reason, according to Rhode Island Commerce Secretary Stefan Pryor, is that hotel Investors are “recruiting dollars” for the highly lucrative — and controversial — “Opportunity Zone” designation under the Trump tax cuts of 2017. 

“The Aloft hotel is located in one of our Opportunity Zones — so investors have been working on recruiting dollars within the new ‘OZ’ structure, and my understanding is that they are approaching the finalization of their capital stack, which means that once the financing is done, they can proceed with their project,” Pryor told GoLocal. 

“I would not want to preempt them, but we are very optimistic about the creation of a new hotel in the 195 district — as we call it the innovation and design district,” said Pryor.

In January, CV Properties’ Dick Galvin had indicated that construction on the Aloft hotel would start “later in the summer” of 2019 -- and Commerce officials confirmed to GoLocal that the “Opportunity Zone” capital gains tax relief designation under President Donald Trump’s tax breaks of 2017 had not been part of the original proposal. 

Cost: $55.2 million

Status: Fundraising to take advantage of Opportunity Zone

Carpionato Newport "Northend" Project

The Carpionato project proposed for the abandoned Newport Grand and old city dumpsite was delayed by the Newport City Council in September for 6 months.

Carpionato's proposed new development will include two six-story hotels (182,604 sq. ft.) featuring a total of 260 rooms targeted to business travelers; two six-story apartment buildings (179,876 sq. ft) targeting younger workers and those seeking to downsize; as well as 164,548 square feet of innovative research and office space, as well as medical, retail and restaurant space.

It is anticipated the project will create approximately 250 construction jobs, and approximately 500 full-time permanent jobs upon completion.

“Newport is seeking to create a national model for resilience and innovation that will attract new economy companies, and the people who will work there, and this project is designed to provide the amenities and infrastructure necessary to support that vision and the people working there,” said K. MacArthur Coates, President and CEO of Carpionato Group in July

“Newport North End is not a tourist destination, it will not be designed as such, nor marketed to compete with Thames Street and the vibrant businesses located there. Our goal is to help Newport create the energy and vibe needed to attract these companies in the way cities known for innovation like Seattle and historic Charleston, South Carolina which is a historic waterfront destination very much like Newport, have done,” stated Carpionato Group when they unveiled the plan.

Cost: $200 million

Status: Delayed

Fane Tower

Providence, RI

The 550-foot tall residential tower is the boldest proposal to hit Providence in decades.

Despite efforts by Providence Mayor Jorge Elorza to kill the project, Jason Fane’s 46-story project has cleared a number of major milestones in the past few months.

First, the Rhode Island General Assembly stripped the City of Providence’s regulatory authority over 195 lands

Second, the 195 Commission approved the design for the Tower — a project that is now estimated to be 550 feet high — more than 100 feet taller than the vacant Superman Building.

Third, Fane has tapped Gilbane Co. to develop the plan and potentially build the tower.

Fourth, the company has applied for its Tax Stabilization Agreement with the City of Providence.

Cost: $205 million in construction cost, not including soft costs - architectural, legal, etc.

Status: In process

Estimated Date of Completion: 2024

Pawtucket Tidewater Landing

The proposed Tidewater Landing Development in Pawtucket -- unveiled last week -- will include:

• A substantial mixed-use development with more than 200 housing units and 100,000 square feet of retail, food and beverage, and other community space
• An indoor sports event center
• A 200-room hotel
• A 7,500-seat stadium that will house a USL Championship soccer team, expected to begin play in the 2022 season
• 200,000 square feet of commercial office space

Cost: Estimated $300 Million in private investment and $80 to $90 million in public infrastructure investment by taxpayers. 

Status: Due diligence phase with Commerce RI

Estimated Date of Completion: TBD