New Providence — Wexford & Pedestrian Bridge Shift City's Focus From Superman and Financial District

New Providence — Wexford & Pedestrian Bridge Shift City's Focus From Superman and Financial District

Walk down the streets of Providence’s “Financial District” at noon most days and the sidewalks are often fairly empty — a few lawyers, homeless people, and a student or two back to Rhode Island School of Design or Johnson & Wales.

Mike Sweeney, one of the founding partners of the law firm Duffy and Sweeney, moved his firm from the Financial District when he purchased the Heritage Building on South Main Street. The building, a Brutalist structure built in 1967, is under a transformative rehab and features a full view of the river.

Sweeney is part of a partnership -- SMS Partners -- that bought the building in June of 2018 for $6.5 million.

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“For 31 years I worked in three of the tallest buildings downtown. Now, the river is exploding — our staff loves the location, the views, the walkability, the new pedestrian bridge — it is transformative,” said Sweeney.

 

Shifting City Center?

Just a decade or so earlier, the Financial District was the mecca of commerce in Providence.

Now, the recent openings in the 195 corridor along the river has shifted the focus of the city down the river.

The successive openings of the River House Apartments, Wexford Innovation Center, the Pedestrian Bridge combined with the bustling vegan restaurant Plant City has transformed the area.

Many of those initiatives came with a big public subsidy — River House, Wexford and the Pedestrian Bridge combine for nearly $80 million in public subsidies.

Noted architectural critic Will Morgan sat down with GoLocal News Editor Kate Nagle on the Pedestrian Bridge on Friday for an interview to discuss the changing Providence.

“It is already happening. There is nothing wrong with it. The city central moving is great. Cities evolve and grow. We need people,” said Morgan.

“The old downtown is still the core — we have to do something with Superman. We are spending all our time chasing big people from out of town,” said Morgan.

"Everyone walking by is smiling," added Morgan, of sitting on the Pedestrian Bridge for the interview. 

 

 

Old Versus New

Stefan Pryor, Secretary of Commerce RI has been a driving force to the creation of the new and emerging district. “We're very pleased that this formerly vacant corridor is truly coming to life -- with new incubator and commercial space, new university activity, new residential vibrancy, and new infrastructure and amenities. This is by no means the end of the story -- in fact, it's a new beginning for the Innovation and Design District,” said Pryor.

Sweeney says that cities prosper on rivers — the motion, the beauty, and the energy.

“We love the new energy, the walkability. The new district will grow and I believe spark the resurrection of the financial district. But, it is critical that something is done with the Superman Building — it looms over everything,” said Sweeney.

 

Business Strategy and City Failures

Joseph Paolino, former Mayor of Providence and one of the biggest Providence developers, says he believes this is a good time to invest in Providence.

“Right now is a good time to nurture development because of the drop in treasury rates. Through the crisis with the market drop in treasury rates, it becomes an opportunity to get financing at a low rate,” said Paolino.

“My company is looking at doing some more development because of that issue. 195 opportunity today is reminiscent of what capital center was 25 years ago. It’s all good for providence,” said Paolino.

Paolino says there are warning signs not in commerce but in management of the city.

"What [GoLocal] has been writing about with the Jump bikes and crime is a bigger problem and I feel being overlooked. The city needs to add two more police schools back to back and have a farm team all trained and ready to go to fill vacant positions on the police department as they come about. We are still approximately 100 short and that’s not good for providence,” said Paolino.

“In regards to the Superman building it’s a symbol of failure by the political and business leadership of our city and state. Our leaders have to stop kicking the can on these problems and to take action,” said Paolino.