PROVIDENCE – The I-195 Redevelopment District Commission approved its first land sale Monday, signing off on a purchase-and-sales agreement with a Dallas-based developer who has plans to build a $50 million student-apartment building in the Knowledge District.
The developer, a joint venture between Lincoln Property Co. and Phoenix Property Co. called PPC Land Ventures, envisions a six-story rental building with 500 beds in the “suite-style” format popular with students, I-195 Commission Executive Director Jan Brodie said after the panel had approved the deal behind closed doors.
The negotiated purchase price for the 1.25 acre parcel – which takes up most of the block between Clifford, Friendship, Chestnut and Richmond streets – is $2.7 million.
“This is a validation of what the commission has been striving for,” said I-195 Commission Chairman Colin Kane about the deal.
Brodie called it a “coup” for Providence and Rhode Island.
The developer needs to have the building open for Sept. 2017 and, assuming permitting goes smoothly, intends to break ground next August.
Lincoln-Phoenix does not plan to build or provide parking for tenants, Brodie said, and as a result will have to apply for variances from the commission on parking minimums as well as nonconforming use.
Earlier in the evening, the commission adopted, after lengthy debate, a set of permitting procedures for projects that have purchased land.
Plans for the new Lincoln-Phoenix building call for at least 250,000 square feet of new space with 20,000 square feet on the first floor reserved for unidentified commercial use. The property, which abuts a building with multiple nightclubs on Richmond Street, will include a public plaza, walkways and a courtyard.
The project is not affiliated with any specific institution, Brodie said.
However, its proximity to Johnson & Wales University would presumably make it attractive to that school, which is expanding and has talked about additional housing units.
Lincoln-Phoenix estimate the project will create 150 new construction jobs and 10 permanent jobs.
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