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    June 24, 2022

    Rhode Island's Shaky Real Estate Market

    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.  

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    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.

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    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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