EDITORIAL: Brown University Is Gobbling Up Providence
EDITORIAL
EDITORIAL: Brown University Is Gobbling Up Providence
Many in Rhode Island believe that the number one challenge facing the state is the unaffordability of housing. The median price of a single-family home is now $420,000, far outside the reach of most Rhode Islanders.
Housing experts say Rhode Island needs 25,000 housing units now. Governor Dan McKee and legislative leaders poured more than $200 million of the state's budget into building more housing.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTWhile Rhode Island is suffering a housing crisis, Brown University is moving off College Hill and buying housing properties and critical developable vacant land.
One of the properties that Brown purchased was a development subsidized by Rhode Island taxpayers -- now it is controlled by the Ivy League school.
Gobbled up like Pac-Man or Ms. Pac-Woman.
The non-profit Brown University is de facto competing with taxpayers and in some cases not only not paying taxes but is benefiting from subsidies by Rhode Islanders.
In the 1990s Brown and the City of Providence struck a deal. Brown would be given nearly free reign in an institutional zone and the University would be limited from growth into other neighborhoods.
In just the past 18 months, Brown has bought the following:
According to Brown University, "Through a subsidiary named River House Holdings, LLC, Brown University has purchased River House, a 174-unit residential building completed by commercial developers in 2019 and located at 1 Point Street in Providence, and will transition the complex into housing for Brown graduate and medical students." Rhode Islanders spent tens of millions in direct subsidies to build 174 housing units and the city provided an additional tens of millions in benefits via a tax stabilization agreement.
Gobble, gobble.
2) Packet Building -- Providence Office Building Bought by Brown for $6.3 Million
The Packet Building located at 155 South Main Street will be utilized for the Brown School of Public Health.
Brown’s spokesman Brian Clark tells GoLocal, “We acquired this building to support the long-term expansion of the School of Public Health. The property currently has multiple commercial tenants. All existing leases will be honored and for now, the property will remain a commercial building with no change in payments to the city. We do not yet have a timeline for when the School of Public Health will begin occupancy.”
Gobble, gobble.
3) Four Buildings Bought From Financially Distressed Care New England for $16 Million
The parcels are home to four buildings, located at 200 Chestnut St., 70 Elm St., 261 Richmond St. and 300 Richmond St. These building could have been sold to private investors and returned to the tax rolls generating an estimated $10 million annually for the city of Providence.
Gobble, gobble.
4) Part of Deal with Care New England -- Brown Bought Ten Additional Parcels
In a city with little vacant land to construct housing, Brown has taken away ten potential sites for housing.
A long-time Brown supporter turned critic of the University Fraser Lang wrote in GoLocal about Brown's refusal to listen to neighbors regarding its expansion and new dormitories in Fox Point wrote, "Brown needs to ensure that it considers a broad range of opinions from those with a stake in the consequences as it makes critical decisions about expanding. The proposed Brook Street dormitory simply does not fit in the neighborhood. It’s probably too late but, if not, Brown’s architects need to go back to the drawing board."
Lang for more than 10 years was the co-publisher of the Block Island Times.
Brown is racing around the city and buying up prime real estate and competing with taxpayer-funded efforts to alleviate the housing crisis.
Gobble, gobble.