East Providence Waterfront Series

Several other projects succeed under the radar

Geonova property expected to be in play soon

By Mike Rego
Posted 7/23/16

EAST PROVIDENCE — While much of the discussion recently has centered on what's to come at East Providence's waterfront, it's sometimes easy to overlook what has already occurred right at or near …

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East Providence Waterfront Series

Several other projects succeed under the radar

Geonova property expected to be in play soon

Posted

EAST PROVIDENCE — While much of the discussion recently has centered on what's to come at East Providence's waterfront, it's sometimes easy to overlook what has already occurred right at or near the city's coastline especially over the last few years.

The most recognizable structure erected during that span was Tockwotton on the Waterfront, the eldercare facility that moved from Providence in 2013. The $52.3 million, five-story building houses 156 apartments and immediately became a focal point of the city's waterfront landscape at the base of the Warren Avenue near Interstate 195.

Tockwotton proved to be the first tangible sign that the viability of the East Providence coastline was finally emerging from the depths of "The Great Recession" of late 2000 aughts.

"Tockwotton is obviously a huge piece," said acting chairman of East Providence's Waterfront Commission Bill Fazioli. "You see it coming over the highway everyday. That's a wonderful piece, and it's allowed for the extension of Waterfront Drive. So it takes time. It's coming in bits and pieces."

Mr. Fazioli, on the commission since its inception is 2004, said he understood the frustrations of those who expected more development at the waterfront sooner rather than later. However, he said the city's patient, measured approach has and will continue to prove fruitful.

"When I talk to people, it's kind of the like the seaport district in Boston," Mr. Fazioli explained. "Twenty-five years ago, people had no idea that it would be an attractive place to live or develop, but somebody had some imagination. And now 25 years later, it's going to be the home to GE (General Electric). There's going to be some hotels and music venues. There's restaurants there. So it takes time. But I think once others see someone make a footing here, more investors will follow."

More noteworthy pieces

Other significant investors helped lay the foundation in the waterfront district or found their way to the city later. Aspen Aerogels was one of the first major companies to take advantage of East Providence's coastline plan, moving to Dexter Road in 2005 and having expanded its operation a few times, including a $30 manufacturing line upgrade in 2014.

Also, Eaton Corporation, one of the premier aeronautical companies in the world, moved to the city in 2013, retrofitting the former Fram facility on New Road into office and manufacturing space. Additionally, the waterfront district also includes the likes of Igus Corporation and Sky Zone Trampoline Park among others.

"A lot of the progress has been done in the northern part of the city, the industrial area of the city, up in Rumford and Phillipsdale," Mr. Fazioli said. "We have Aspen Aerogels that has 100-plus jobs if not more. They were one of our first commercial tenants, and they've been going gangbusters ever since they've been there. And also Eaton Aeronoticals took over some of the old Fram property and that's over 150 jobs there. That was a company that contemplated leaving Rhode Island, but decided to stay. Aspen came in from Massachusetts, so that's a success. There have been successes, it's just people haven't seen them because they've been mainly in industrial/commercial sections."

Kettle Point, VOTW and beyond...

Aside from the planned Kettle Point and Village on the Waterfront mixed development projects, Ross Commons at Phillipsdale Landing is the only housing complex to be completed to date. That could soon change, however, as the adjacent property off Roger Williams Avenue, commonly referred to Geonova or the former Ocean State Steel site, is emerging from a long legal struggle.

"Geonova was in bankruptcy court. The receiver is now working with someone who is going to develop a portion of that area," Mr. Fazioli said. "That should be announced sometime in the fall. Again, that's only a portion of the project, but from what I understand it's going to be largely residential, which makes sense for that neighborhood. It's a mix of market rate and affordable housing. And when we say affordable people think low income, but it's not. It's housing that frankly people can have a middle class job and afford to rent or pay for the mortgage."

Offering prospective buyers affordable housing with access has always been part of the waterfront commission's objectives, according to the chairman, something he believes both the city and state need to spur greater economic gains.

"Probably some time in 2017 you're going to start seeing more activity there," said of the Rumford waterfront area. "These court cases have complicated things, but now that the judge has appointed the master receiver, I think you'll see things progress fairly soon.

"A big thing is the housing market is finally improving in Rhode Island and nationally, and I think developers are eager once again to pursue housing developments now where opposed to four or five years ago they weren't. There was nobody thinking about housing because of the mortgage situation, and Rhode Island has really suffered because there hasn't been enough residential development. We think that projects like this will spur interest in housing statewide because the state needs this kind of housing if it wants to attract a workforce who is looking for a smaller type living arrangement that is a walkable community, has access to Providence, access to other amenities."

Mr. Fazioli added not only will East Providence benefit from the exposure generated by the construction, but it will also be a boost to the city's coffers immediately.

"These projects will be revenue positive for the city at various stages of completion," he explained. "The city is already realizing substantial revenues from the design reviews and the permits, those type of departmental revenues will be coming in during construction. And then the assessor gets to come out here by December 31 of any given year. A portion of the taxes will be going towards the TIF (Tax Increment Financing), but right from Day One taxes will also be going to the city's general fund."

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MIKE REGO

Mike Rego has worked at East Bay Newspapers since 2001, helping the company launch The Westport Shorelines. He soon after became a Sports Editor, spending the next 10-plus years in that role before taking over as editor of The East Providence Post in February of 2012. To contact Mike about The Post or to submit information, suggest story ideas or photo opportunities, etc. in East Providence, email mrego@eastbaymediagroup.com.