Side of the Rhode: Who’s Hot and Who’s Not? - August 27, 2021

HOT

Life for Superman

Rhode Island's largest and vacant embarrassment is showing a glimmer of life.

There are a lot of questions to answer about the proposal from the developer High Rock, but any vaguely viable proposal needs to be given consideration.

Rhode Island needs more housing.

The proposal by the developer is not cheap for Providence and RI taxpayers -- between state funding, federal tax credits, and Tax Stabilization Agreement -- the ask is upwards of $90 million.

The flipside is the core of downtown - the Financial District - is now dead.

HOT

Scenic Beauty

Can we do this for all of Rhode Island?

The Scenic Aquidneck Coalition has announced the completion of a project to bury power and communication lines along Third Beach Road and Indian Avenue in Middletown, Rhode Island. 

Inspired by the 2017 Second Beach project, the Scenic Third Beach Project removes the rest of the poles on Sachuest Point along Third Beach and up Indian Avenue, promoting "coastal resiliency, restoring the historic landscape and enhancing the area’s scenic appeal."

“Nearly 100 people contributed gifts, large and small, as this effort was entirely supported by private charitable contributions.  Restoring the historic landscape of the Paradise Valley, one of Rhode Island’s most special places, is a legacy project appreciated now and for generations to come," said Valerie Talmage, Executive Director of Preserve Rhode Island.

SEE BEFORE -- AND AFTER PHOTOS -- HERE

The project area, located in Middletown’s south coast, has been known as “Paradise Valley” since the 18th century. The region is nationally recognized for its history, beauty and wildlife. 77 utility poles and associated wires were removed along the 1.2-mile stretch of roadway in this most recent phase.   

The Scenic Third Beach Project is facilitated by the Scenic Aquidneck Coalition, a collaboration of nonprofit partners working on projects that enhance and preserve the visual quality of Aquidneck Island’s natural and cultural resources. 

PHOTO: An "after" photo following the project's completion. See more photos on www.scenicaquidneck.org. Photography: Andrea Hansen

HOT

Warren Gallery Scene

GoLocal's Michael Rose has the beat on the vibrant gallery scene in Warren:

Warren’s proximity to the water and its charming historic Main Street make it an appealing place to spend a summer afternoon. With a population of a little over 11,000 people, it is also a small and working-class locality. In spite of its size, Warren is home to three cooperative-style art galleries that together represent dozens of artists and anchor its downtown with creative energy. Together, IMAGO Gallery, Made in Warren, and The Collaborative are great examples of the unique assets that artist-run galleries can provide to their community.

Before exploring the cooperatives of Warren, it is worth noting that artist-run galleries have been around for a long time. Typically, these venues operate by pooling resources to cover expenses like rent in order to allow members equal exhibition opportunities. The model varies, but usually, artists have to apply to become members, and once members they pay a monthly fee. Often, member artists are also obliged to volunteer a set amount of hours in the space. The whole idea of cooperatives is that of equal sacrifice, hopefully leading to equal reward. The bonus of this model is that it can make art galleries more sustainable than a typical for-profit model, while giving artists resources and flexibility.

IMAGO Gallery, located at 36 Market Street, was founded in 2003 and became a non-profit organization in 2007. The oldest of the cooperative galleries based in Warren, IMAGO is a center for thoughtful rotating exhibitions. Typically, the space plays host to between eight and nine such shows each year. Currently boasting 14 artist members and 4 community members, IMAGO recently added an online store to bolster opportunities for artists to sell their work.

READ MORE HERE

HOT

Rents Are Up and Away

A GoLocal review of the cost of renting an apartment shows significant increases.

In this case rents are "HOT" because they are getting too hot to touch.

Now, the cost of renting an apartment is skyrocketing in Rhode Island, and, especially, in Providence.

Providence rents have increased over 13% in the past 12 months — overall, RI rents are up over 10%, according to Apartment List.

Nationally, the increase in the cost of rentals is driving inflation and even the Federal Reserve is worried that this is the type of inflation that will undermine the economic recovery.

"In a June report, economists at Fannie Mae said they expected the rate of shelter inflation to pick up from around 2% in May to 4.5% over the coming years—and higher still, if house-price growth doesn’t cool off soon," reports the Wall Street Journal.

Leading U.S. commercial real estate group CBRE is projecting rents to continue to skyrocket in Providence.

Throughout the Providence submarket, CBRE Economic Advisors is forecasting 4.8% rent growth in 2022 and 3.4% in 2023.

Projections of rental prices are even more explosive in outbound years — in 2024 and 2025 — annual rental prices in Providence are expected to increase by more than 5% annually.

In 2020, the actual price of the average rent was $1,553 in Providence and that number is now expected to jump to $1,726 by 2023.

As costs continue to rise, inventory is also expected to remain extremely limited — in 2023 the occupancy rate is expected to be 96.4%.

HOT

Full FDA Approval of Pfizer

On Monday morning the Food and Drug Administration (FDA) granted full approval to Pfizer and BioNTech Covid-19 vaccine – becoming the first vaccine in the U.S. to meet the full approval standard.

The final approval is expected to spark governments and employers to require employees to be vaccinated.

FDA said in its statement:

“The FDA’s approval of this vaccine is a milestone as we continue to battle the COVID-19 pandemic. While this and other vaccines have met the FDA’s rigorous, scientific standards for emergency use authorization, as the first FDA-approved COVID-19 vaccine, the public can be very confident that this vaccine meets the high standards for safety, effectiveness, and manufacturing quality the FDA requires of an approved product,” said Acting FDA Commissioner Janet Woodcock, M.D. “While millions of people have already safely received COVID-19 vaccines, we recognize that for some, the FDA approval of a vaccine may now instill additional confidence to get vaccinated. Today’s milestone puts us one step closer to altering the course of this pandemic in the U.S.” 

HOT

Gov. Dan McKee

Decisions seem to take too long, but McKee ultimately referred his Chief of Staff Tony Silva's land controversy to Attorney General Peter Neronha for an investigation.

Good move moving it to a third party for an independent review. 

NOT

Gotta Answer Questions

McKee and Silva however are refusing to answer critical questions about Silva's efforts to gain permitting approval for property he owned in Cumberland. 

The story first reported by the Valley Breeze raises questions about McKee's top staffer's actions.

Then, text messages between Silva and Cumberland Mayor Mutter raise even more concerns.

NOT

Forget "National" Grid, How About the RI Grid?

Once again, Rhode Island businesses and homeowners were hammered by power outages due in part to Henri -- and in part due to an antiquated and highly vulnerable energy infrastructure.

NOT

The U.S. Open

No Serena + no Nadal + no Federer + no Venus = no fun.

All four have bowed out.

NOT

No Vaccination May Lead to No Job

Cam Newton is expected to be the starting QB for the Patriots this season.

Or, maybe, was.

Newton, who appears not to be vaccinated, trip-wired an NFL COVID protocol and got bounced from multiple practices.

And, rookie Mac Jones has reportedly taken full advantage. Stay tuned.