E.P. development swaps condos for apartments

THE PROJECT will transform the former Chevron Corp. tank farm on Veterans Memorial Parkway, overlooking the Providence River, to a mixed-use development, including housing, retail, office space and a fishing pier. The site will also have a connection to the bike trail.
THE PROJECT will transform the former Chevron Corp. tank farm on Veterans Memorial Parkway, overlooking the Providence River, to a mixed-use development, including housing, retail, office space and a fishing pier. The site will also have a connection to the bike trail.

EAST PROVIDENCE – Village on the Waterfront LLC will initiate its construction phases with retail paired with apartments, rather than condos. The decision was informed by market studies over the past 18 months that show a strong demand for rentals, rather than condos, in the Providence area, according to Managing Member Michael H. Hennessey.
The project will transform the former Chevron Corp. tank farm on Veterans Memorial Parkway, overlooking the Providence River, to a mixed-use development, including housing, retail, office space and a fishing pier. The site will also have a connection to the bike trail.
The original plan for five phases of construction called for 200 apartments and 400 condos, with the condominiums among the first phases. Now, the units will all be constructed as apartments, Hennessey said.
Construction could begin by the end of 2016, he said.
The city of East Providence in 2003 rezoned the property from industrial to mixed use.
Site remediation has included removal of old piping, remnant buildings, soil and retaining walls. The property had 27 tanks as recently as the 1980s and had a refinery operation since the early 1900s, according to Hennessey.
Four phases are now planned for the mixed-use development on the East Providence waterfront. The first phase will be construction of the village square, underground parking, and four mixed-use buildings, with retail topped by 125 apartments. Each phase will include three to four buildings, under the new plan.
In the future, if the condo market strengthens, the apartments could be converted for sale, he said. “We’re following the market,” said Hennessey.

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