Latest news with #TidewaterLanding
Boston Globe
25-04-2025
- Business
- Boston Globe
R.I. senator's bill would require two-thirds majority for Commerce Corp. financing, after tight Tidewater stadium vote
Supporters said that action was needed to keep the project moving forward in the face of Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Earlier this month, the developer Advertisement But Zurier, a Providence Democrat, has introduced In his April 20 district newsletter, Zurier explained his rationale, saying the razor-thin margin of that 2022 vote was an outlier. Over the last four years, the board has voted on 203 resolutions, and the Tidewater Landing vote was the only one that didn't receive at least two-thirds of the vote, he said. Advertisement 'This vote stuck out like a sore thumb,' Zurier told the Globe. 'From an institutional standpoint, it's not ideal. It happened on a divided vote, with the governor breaking a tie and two abstentions. It seemed it might be beneficial that they operate by consensus going forward.' He noted that the project's financing has 'generated significant controversy.' He cited reports that the state originally planned to provide the developer with $27 million in capital from a bond that would generate $37 million in financing costs. When the bond was finally sold, Related : 'I think it was at a minimum an extraordinarily inefficient way to complete the financing,' Zurier said. 'Certainly, there were easier alternatives in terms of a General Assembly expenditure or bond.' He said that during a Senate Finance Committee meeting last year, he asked Commerce Corporation Director Elizabeth M. Tanner if the board could adopt an internal rule requiring a third-thirds supermajority for all major votes. He said she did not think the Commerce Corporation had the authority to make such a rule. Zurier said he disagreed with Tanner's conclusion, but that led him to propose the bill to require a two-thirds vote in the future. He said the proposed legislation 'offers a surgically precise solution to the problems raised by that vote.' Advertisement The bill has been referred to the Senate Commerce Committee, which has held it for further study. When asked for comment on the bill, McKee press secretary Olivia DaRocha said, 'The governor will review the bill if it reaches his desk.' Edward Fitzpatrick can be reached at
Yahoo
17-04-2025
- Business
- Yahoo
Housing plans revealed for Tidewater Landing project in Pawtucket
PAWTUCKET, R.I. (WPRI) — The developer behind the construction of the Centreville Bank Stadium has released its plans to bring more housing, including affordable options, to Pawtucket. On Thursday, Fortuitous Partners announced a multi-phase residential and community development along the Seekonk River as the next phase in the Tidewater Landing project. RELATED: Rhode Island FC unveils name of new stadium Fortuitous Partners will be working with real estate developers, Wood Partners and Pennrose, to create the housing and commercial spaces. 'We are incredibly proud to see this vision for the riverfront and Tidewater Landing continue tocome to life,' Fortuitous Partner Managing Partner Dan Kroeber said. 'This next phase of the development will not only support the new Centreville Bank Stadium, but also create a vibrant, connected community where residents, visitors, and fans can live, work, and enjoy everything Pawtucket's riverfront has to offer.' The company said that Wood Partners is expected to lead the development of the riverfront, stadium plaza, and two residential buildings on either side of the river. The building on the east side will have 300 market-rate units, while the building on the west will have 250 units and commercial space. Pennrose will be leading the development of around 72 mixed-income housing units in a midrise building along School Street. According to Fortuitous Partners, that project is currently under review for state and federal tax credit funding through Rhode Island Housing. 'We are excited to be part of the Tidewater Landing project, bringing much-needed high-quality affordable housing to Pawtucket,' Pennrose Regional Vice President Karmen Cheung said. 'Together with the development led by Wood Partners and the new Rhode Island FC stadium, this project will create a vibrant community that enhances the region's growth and quality of life.' MORE: Rhode Island FC earns first US Open Cup win Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
