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Providence Mayor, Other Dignitaries On Hand
To Recognize Start Of Key Downtown Development
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$250 Million Investment In Moderately-Priced
Homes For Downtown Providence
For Immediate Release PROVIDENCE, NOV 8 – Providence Mayor David Cicilline, City Council Majority Leader Terry Hassett and other local dignitaries were on hand this morning as ground was officially broken on Capital Cove, a prime component of Providence’s Capital Center District development.
The project, phase one of which will build 249 moderately-priced homes, is bordered by the Moshassuck River, Canal Street, the Amtrak tracks to the north, and Smith Street, and Park Row West on the south and west.
It is being developed by Capitol Cove LLC, a Rhode Island company. Architectual firms Elkus/Manfredi Architects and HDS Architects designed the project, and Providence Builders, a subsidiary of Tocci Building Companies, will manage construction.
The Project will create a significant number of new jobs during construction, and provide badly-needed moderately priced housing to downtown Providence. The development team recently reached an accord with Rhode Island unions that will assure their members greater opportunity to benefit from the investment, expected to be nearly $250 million.Developer Robert Roth, president of Capitol Cove, said the project heralds another milestone in reclaiming the city center for the people of Providence.
Capitol Cove is a mixed use residential and commercial anchor for the Capital Center District, and getting it built is central to making the Capital Center District a reality.
“The first phase will comprise 96 low-rise residential units flanking the Moshassuck River to the east. A second building will rise immediately to the north and east of Union Station, and is expected to add another 153 homes. Phases two and three, devoted to residential and commercial space, will follow shortly.
Roth emphasized that the benefits of Capitol Cove to Providence should not be underestimated.
“With Capitol Cove, we are completing the missing piece of the Capital Center, and replacing underdeveloped landscape with appropriately scaled, aesthetically-pleasing architecture designed to complement its neighbors to the east, west and south. Importantly, Capitol Cove will also open up and connect the Moshassuck River with the rest of the Providence riverfront.
“Phase one of Capitol Cove will bring new investment of $60 million to the City, and the remainder of the project will increase to investment level to more than $250 million.
“We expect to create a significant number of jobs for Providence.
“And by building new residential housing in the center of Providence, Capitol Cove will make a continuing contribution to the city’s energy, its livability and its economic well-being.
“Capital Cove is the embodiment of a vision we had for the city. And we are pleased that the City of Providence, the City Council and all those involved with the project share this vision and recognize the importance to Providence and Rhode Island of getting Capitol Cove built.
“Getting to this point required foresight on the part of the City and local officials, some patience, but above all a deep commitment to the future of Providence. Everyone who contributed is deserving of credit for making Capitol Cove a reality,” said Roth.