Riverfront project takes several steps forward

Riverfront project takes several steps forward

PAWTUCKET – The pace of the planning process for the new Tidewater Landing redevelopment project on the city’s riverfront is picking up steam following its developers’ announcement two weeks ago that the due diligence period was wrapping up on the $300 million project.

At a meeting on Sept. 29, the Pawtucket Redevelopment Agency voted to deed its piece of property to the city as part of the project, which features a soccer stadium, hotel and event center, among other amenities. Dan Krober presented a project update prior to the vote.

On Sept. 30, Krober presented another project update to the City Planning Commission and the commission voted on a motion for “consistency with city comprehensive plan,” which is required for a vote on a lease.

On Oct. 1, the City Council’s property subcommittee approved the ground lease agreement between the city and Fortuitous Partners for project properties located on Division Street and Taft Street. Members also approved the acquisition of the PRA property on School Street. The full City Council is set to vote on that lease at its meeting on Oct. 7.

The 50-year lease comes with two 25-year extensions. Rent is $1 per year.

Brett Johnson of Fortuitous has said that the project will now really start moving forward at a rapid clip.

Following the lease approval, representatives will move on to finalization of public financing through negotiations, finalization of a development agreement with the city and state, and then to the first phase of the permitting process.