As with most major US metropolitan areas - Providence is in a time of uncertainty. After five months of stagnant office space demand, March was punctuated by a 20% increase in demand versus the trailing 3 months. Developers and investors alike are unsure of the longevity of this demand.
What’s New?
While increasing, demand for commercial space is still two-thirds of that pre-COVID-19. On the residential front, the city’s elected officials have made it abundantly clear that Providence is in need of a greater supply of housing in the wake of strong demand.
Exciting Projects Transforming Rhode Island
Fortuitous Partners is working on a roughly $300 million development. The proposed Tidewater Landing project in Lawtucket, Rhode Island is the epitome of what COVID-19 has meant for developers: what was once a $284 million project has now skyrocketed to a price tag of $344 million. The mixed-use project that was approved in 2020 includes a soccer stadium as well as office, retail, and residential space.
In partnership with Wingate and RIHousing, Omni has broken ground on an 80 unit affordable housing project in South Providence. Dubbed the Joseph Caffey Apartments, the project is replacing a previously abandoned housing project.
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Rhode Island Digest