Apartments could rise on I-195 land
PROVIDENCE — A Bostonbased developer has submitted a proposal that would redevelop a section of the former I-195 land in phases to include housing, retail, and restaurant space. CV Properties submitted its proposal to the 1-95 Redevelopment District Commission. The proposal, which was shared with the Globe on April 12, includes plans for a 149-unit residential building to anchor Parcels 14 and 15, which are owned by the state, along Dyer Street. The proposal also outlines the firm’s plans for an adjacent parcel owned by Brown University.
The proposed residential units would be a mix of studios and one-, two-, and three-bedroom apartments. They would not be earmarked for any specific tenants, such as Brown students, according to company spokeswoman Diana C. Pisciotta. It’s unclear if these units would be market value or luxury apartments, but CV said it would commit 10 percent of the residential units to affordable workforce housing.
“This project is still in the proposal phase, so there is not yet a price point,” said Pisciotta in an e-mail.
CV proposed purchasing Parcels 14 and 15 for $600,000. The property would be added to the commercial tax roll even if CV redevelops Brown University’s land, which is tax-exempt. The company said it will seek a tax stabilization agreement from the city.
The company, which has developed several projects in Providence, plans to include outdoor features like gardens and landscaping, which CV’s plans said are “designed to maximize climate resiliency at the elevated site areas.” The top of the building also would include a green roof and amenity deck.
The existing two-story building at 198-200 Dyer St., which is owned by Brown, is used for administrative offices and parking. But CV’s plans look to bundle the building with Parcels 14 and 15 to potentially create more than 500,000 square feet of total development. Of that, Pisciotta said more than 400,000 square feet would be dedicated to office and laboratory uses.
Pisciotta said the project could create more than 1,500 construction jobs and 1,600 “high-skill” permanent jobs while also providing “important tax revenue to Providence, support city and state development goals for the former I-195 land, and play a powerful role in advancing the economic well-being of the region and its residents.”