Developer eyes hometown advantage

'I fear that we are going to have gridlock here.'

The Procaccianti Group is counting on upscale amenities and a hometown advantage to build 192 high-end rental apartments on a property in western Cranston that has confounded multifamily-development plans before. More

To continue reading this article, please do one of the following.



DEVELOPMENT

Developer eyes hometown advantage

'I fear that we are going to have gridlock here.'

COURTESY TPG HOME AGAIN? The Lodges at Phenix Glen would feature high-end rental appartments.
Posted 5/14/12

The Procaccianti Group is counting on upscale amenities and a hometown advantage to build 192 high-end rental apartments on a property in western Cranston that has confounded multifamily-development plans before.

The Lodges at Phenix Glen proposal now before city officials would be the first project of its kind built in Cranston in decades and bring the type of luxury-style apartments Procaccianti manages in downtown Providence to the site of a former sand-and-gravel pit just west of Interstate 295.

“What we learned from [The Residences apartment tower in Providence] is the right product – providing the security and concierge service and making it desirable - will command the right rent,” said Procaccianti Vice President Michael Voccola about The Lodges. “We want to take that to the suburbs. This doesn’t exist in Cranston.”

With its national headquarters on Reservoir Avenue five minutes from the proposed Lodges site, Procaccianti first floated its plan to neighbors a year ago in anticipation of a complicated permitting battle.

The Lodges would be made up of three four-story, 64-unit apartment buildings, plus a 5,846-square-foot community clubhouse building and 7,200-square-foot retail-office building at the complex’s Phenix Avenue entrance.

Procaccianti estimates the project will cost $30 million to build and result in a one-year boost of $1.57 million in state sales tax and a $1.6 million bump in local taxes and fees while generating 234 local jobs during construction.

When the cost of providing municipal and school services to the new residents is factored in, the developer predicts the project will have a net benefit to the city of $118,000 per year.

Next Page
Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement