Pawtucket Project Announced - Claims to Be $400M and Needs Up to $90M in Public Support

Pawtucket Project Announced - Claims to Be $400M and Needs Up to $90M in Public Support

Top RI officials announce a major development in Pawtucket to take advantage of President Donald Trump's "opportunity zone" program.

The federal program has been under criticism as it was sold as being intended to help the poor, but critics claim that the program is being manipulated and benefiting the wealthy investors. SEE COVERAGE HERE

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Governor Gina Raimondo and Pawtucket Mayor Donald Grebien today announced what they claim will be the largest economic development project in Pawtucket’s history — a project that requires as much as $90 million in direct RI taxpayer subsidies. The project is titled Tidewater Landing.

The estimated $400 million project will transform Pawtucket’s waterfront with hundreds of thousands of square feet of new development, including a new professional soccer team that will compete in the USL Championship – the second division of professional soccer in the United States, claim officials.

The partner on this project is Fortuitous Partners — an investment firm with offices in Phoenix, Arizona and New York City.

According to the press release — “The public investment is expected to be approximately 20% of project costs (in the range of $70 to $90M total, with an anticipated $60-$80M of that total to be derived from State revenue). Final public investment will be determined based on factors such as site conditions, parking needs, and other project-specific considerations.”

Further, the Raimondo administration states, “The finalized plan will incorporate strong taxpayer protections for both the state of Rhode Island and the city of Pawtucket. Provisions will ensure the public pays for performance according to agreed-upon project milestones, which will be determined in the coming months. All state investments will be made based upon completion of project phases and other project milestones.”

"Today is an exciting first step towards a $400 million investment in Pawtucket’s future," said Governor Gina M. Raimondo. "This economic development project will establish a professional soccer team from a leading national league here in Rhode Island, revitalize the waterfront and downtown and create more than 3,500 jobs. Most importantly, it will transform this area into a vibrant hub of activity like we haven’t seen in decades."

“The Fortuitous Project along with the Pawtucket/Central Falls commuter rail stop are game changers,” said Mayor Donald R. Grebien. “The Fortuitous Partners’ vision aligns with what the residents of Pawtucket need and deserve. We thank Governor Gina Raimondo, Speaker Mattiello, Senate President Ruggerio, the General Assembly, CommerceRI, the City Council, the Pawtucket Redevelopment Agency, and everyone who assisted in this project that will be a major catalyst for years to come.”

The Tidewater Landing Development will include:

• A substantial mixed-use development with more than 200 housing units and 100,000 square feet of retail, food and beverage, and other community space
• An indoor sports event center
• A 200-room hotel
• A 7,500-seat stadium that will house a USL Championship soccer team, expected to begin play in the 2022 season
• 200,000 square feet of commercial office space

This story was first published 12/2/19 12:38 PM