Turks Head Owner Calls 195 Commission's Actions a “Detrimental Effect on Downtown”
GoLocalProv News Team
Turks Head Owner Calls 195 Commission's Actions a “Detrimental Effect on Downtown”
The 195 Commission's decision provides a series of economic incentives for BankRI — a subsidiary of Brookline Bancorp, Inc., located in Boston. The bank made the announcement early on Wednesday about the move.
“This decision will have a detrimental effect on downtown Providence, and on the Turks Head Building. While we can’t dictate what private companies do, it is confusing why the State would enable such damaging consequences – without having a single discussion with or consideration for existing stakeholders in downtown,” said Waldorf Sultan GP, LLC in a statement.
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Turks Head Owners Highly Critical of 195 Commission
The Turks Head, built in 1913, was once Providence’s tallest building until the Superman Building was completed in the early 1930s. Now, with the loss of its largest tenant — BankRI — the iconic building faces challenges.
TD Bank moved out of the building just before the pandemic.
“Such action by the State will surely dissuade others from investing in existing Rhode Island properties. In short, it is completely irresponsible and creates additional burdens downtown that is already experiencing a challenging commercial real estate landscape,” the owners added in their statement.
The Turks Head owners said, “While we are supportive of the development of 195 District and the 195 Commission, no one could have imagined their mission would include expending significant taxpayer money to relocate keystone tenants from existing downtown properties."
The Turks Head owner's comments come just hours after developer Joe Paolino blistered the 195 Commission members and called for their resignations.
This story was first published 10/5/22 5:45 PM