PRA approves triangle lot lease to First Bristol for hotel plan

PROVIDENCE – The Providence Redevelopment Agency Thursday approved leasing the “triangle lot” in downtown to a Fall River developer who intends to build a hotel there.
Under the 10-year lease, First Bristol Corp. would pay the PRA annual rents starting at $25,000 per year, climbing to $105,000 per year by year 10 and $145,000 in year 15 if a five-year extension is activated.
First Bristol also holds an option to buy the property for at least $1 million.
“Depending on when during the term that option is exercised, [the tenant] may be obligated to pay an additional amount as well,” a memo presented to PRA board members regarding the deal said.
At the end of the lease, the PRA, the city’s real estate development arm, can obligate First Bristol to buy the property for $1 million.
The triangle lot is made up of fill dredged in the realignment of Providence’s downtown rivers, which make building there a potential environmental and engineering challenge.
First Bristol has until March 16, 2015, to conduct due diligence on the land and potentially back out of the deal, with an additional 180 days in available extensions.
First Bristol has developed real estate throughout New England. Its Rhode Island projects include the Hampton Inn & Suites on Weybosset Street in Providence and the Homewood Suites by Hilton in Middletown.

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