Five Questions With: Tony Thomas

Foundry Associates is nearing completion on the expansion of the Promenade into an adjoining six-story building. The former mill building, which will feature 196 rental units, is preleasing for occupancy beginning in August. In a departure from its first phase, which opened a decade ago, the newer units are slightly smaller, which allowed the development company to price the luxury apartments at lower rates, starting at $1,000 a month. In an interview with Providence Business News, Foundry Associates partner Tony Thomas discussed the latest project, as well as the changes in apartment demand over the past decade.

PBN: The most recent addition to the Promenade apartments is almost completed. What is the makeup of apartments and what are some of the features of the building?
THOMAS:
In the first week of August we hope to open three floors of the building. By the end of the first week of September, we hope to deliver the balance of the building. We’re continuing the Promenade brand. The two buildings are attached by an historic, copper bridge. Both buildings will be able to take advantage of each other’s amenities. In the first phase, we already had a media room, a pool, a fitness center, a business center, a meeting center and concierge services. In the new phase, we will have all of that with the exception of the pool. We’re adding a stadium theatre and a rooftop lounge as well.

PBN: How many units are available in the new addition?
THOMAS
: In the first phase we had 237 units, and I think right now we’re at 99.5 percent occupancy. For the new phase, we’re just starting to lease. We’re in pre-leasing now. We’ll have roughly 100 units available in August for occupancy. We’ve reached about 40 units (through pre-leasing).

PBN: What are the people attracted to, what feedback are you getting?
THOMAS:
The property really sells itself. You have a historic mill that has spectacular city views. It has all the amenities you’d want. We have two fitness centers, an indoor pool, two theaters, one with stadium seating. We have two business centers, two event rooms, an outdoor grilling area, a basketball court, two parking garages, two outdoor courtyards with water features, the list goes on.

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PBN: Who are your tenants? Are they millennials, or empty nesters?
THOMAS:
We’re getting the whole gamut. We are getting empty nesters. We get a very strong representation from the Lifespan and Care New England networks.

PBN: What has been the most challenging aspect of this particular project?
THOMAS:
Reconstructing the building envelope was extraordinarily expensive. The building had sat vacant for almost 34 years. It was in grave disrepair. A lot of it was falling down, structurally. We saved everything. We rebuilt the floor system. [The most challenging aspect then was] environmental and structural challenges, along with an extended real estate recession. That should sum it all up. [But] We’re opening into the second or third strongest market for apartments now, in terms of occupancy. We couldn’t be more excited.

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