PROVIDENCE – Two state entities and the City of Providence are partnering to redevelop 19.2 acres of prime real estate in the city’s Jewelry District that economic development officials hope will serve as a hub for high-wage job growth.

The land – owned by the R.I. Department of Transportation – abuts the waterfront and will be available for development due to the Iway project’s relocation of Interstate 195 in Providence.

Now, the DOT, the R.I. Economic Development Corporation and the city have agreed to hire a consultant with urban waterfront experience on a national level to advise them on how to maximize the land’s value. The agreement will be formally announced tomorrow at an event that is to include Gov. Donald L. Carcieri.

A request for proposals (RFP) will be issued in about 10 days and a report is expected to be completed within six months, according to Saul Kaplan, the RIEDC’s executive director.

“This is perhaps the biggest economic development opportunity the state has seen in a number of years,” Kaplan told PBN today. “It’s 20 urban acres on the top of [Narragansett Bay]. You don’t find that anywhere on the Eastern seaboard.”

Kaplan said the redevelopment “can dramatically increase our capacity for office and commercial space, which is what we want.” Residential uses may also be part of the mix, he said.

He acknowledged that a prolonged downturn in the economy could affect how the property is redeveloped, saying that is one of the issues the consultant will be asked to address.

“We’re going to study alternative approaches to marketing the parcels, individually or collectively. The DOT will ultimately put them in the marketplace. The partnership will be advising them,” Kaplan said.

Another question to be answered is how to handle parcels that were originally taken by eminent domain, when the highway was built, such as the former Shooters nightclub property that is part of the 19.2-acre parcel. Kaplan said the DOT has been studying that issue and will have to offer some, but not all, of the parcels back to the original owners.

The RIEDC’s Economic Growth Plan for 2008 – entitled“Creating Higher Wage Job Opportunities for All Rhode Islanders” – identified increasing the availability of office and commercial space as critical to future economic growth in the state. It described this 19.2-acre waterfront parcel as critical to creating “a new hub of high-wage job growth” in the state and also mentioned the partnership that will be formally announced tomorrow.

“The partners have agreed … to produce a redevelopment and marketing plan that will properly sequence the disposition of the parcels, increase their economic and tax values and enhance the public use and enjoyment of the surrounding areas,” the report said.