Pawtucket Buys Apex for $17.7 Million, Environmental Costs Still to Be Resolved

Pawtucket Buys Apex for $17.7 Million, Environmental Costs Still to Be Resolved

The long-time battle over the future of the Apex property in Pawtucket is now far more clear. The City of Pawtucket has purchased the property for just under $17.7 million.

Pawtucket Mayor Don Grebien cites the acquisition as a major victory for the city.

“I want to thank everyone who has worked to get us to where we are with the Apex settlement yesterday evening which was approved by the Pawtucket City Council in a unanimous vote following extensive and productive mediation discussions over the past few months. I want to thank the Council and Redevelopment Agency for their work to prioritize the redevelopment of our riverfront. With last night's decision and the settlement we have reached, we are taking the next important step in continuing the redevelopment we have made so far in Pawtucket and I look forward to the opportunities this will bring in the future,” said Grebien.

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What is not totally resolved is the cost of the clean-up of the environmental contamination. In 2017, GoLocal reported that the owners of the Apex site in Pawtucket and the previous owners are battling in Superior Court over indemnification provisions from more than $6.4 million in environmental clean-up costs tied to the land then-being eyed for a new PawSox stadium.

"The City's environmental consultants and attorneys will be reviewing all of the RI DEM files and have purchased, through the settlement, additional due diligence by the seller's environmental consultants. That being said, we will be securing insurance to protect the City and PRA in the unlikely event that there may be more unknown environmental issues that have not been noted," said Emily Rizzo of there City of Pawtucket.

“The acquisition of 100 Main Street, 101 Main Street, 46 Main Street, 33 Main Street, and 10 School Street were all included in the settlement and the total for the settlement is $17,693,500 with a short term BAN with JP Morgan through the Pawtucket Redevelopment Agency (PRA) and long-term financing through Super TIF tool, grants, or sale,” said Rizzo.

“As a reminder, last year the Council approved a resolution for the PRA to finance up to $20,000,000 for the acquisition of the Apex site for redevelopment.”

Bill Fischer the spokesperson for Apex Development said in a statement, “We appreciate last night's vote by the city council and the PRA to bring this transaction to a successful conclusion for all parties. It has been a very long journey to get to this point, but the Apex Development team continued to negotiate and work with the city and the PRA in good faith as we knew this was a priority for the city.”

“We wish Mayor Grebien and all city leaders the best of luck as they work to reset the entire surrounding area to create jobs and generate economic activity for the citizens of Pawtucket. Apex Development has worked tirelessly with the city to achieve this outcome,” added Fischer.

This story was first published 12/15/21 3:20 PM