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Financing Completed For South Street Landing Project

Published
More than six months after the ceremonial ground-breaking for a multi-use plan that includes remaking the South Street Power Station as a new state...

More than six months after the ceremonial ground-breaking for a multi-use plan that includes remaking the South Street Power Station as a new state nursing center, financing has been completed for the $220 million South Street Landing project, according to the developer, CV Properties.

“We’re very pleased to report that Wexford Science & Technology has become the capital funding source for the South Street Landing project," Richard Galvin, president of CV Properties, said in a statement. "A closing has taken place and the funding is in place to complete the project on schedule."

"This is a logical step for Wexford given their broader interest in investing in Providence through their proposed development with CV Properties for a large life-sciences complex on nearby I-195 land," Galvin continued.

South Street Landing calls for dividing 265,000 square feet of space in vacant South Street Power Station for a combined University of Rhode Island/Rhode Island College nursing education center and administrative offices for Brown University. CV Properties plans to build a separate 220-bed student housing complex in two buildings fronting on Point Street and a 744-space parking garage next to South Street Landing on Eddy Street. (The number of spaces in the garage was mistakenly reported in an earlier version of this story.)

Said Galvin, "With the closing behind us, a ground lease in place with National Grid, and contractor liens from the prior development activities on the property paid, we are excited to advance on the construction of the South Street Landing and the parking garage.”

Eric Cote, a spokesman for CV Properties, said the company has taken ownership of the site and contractors' liens placed against the property from a previous development attempt have been paid as part of a court-supervised settlement.

As far as the site, Cote said via e-mail, "We’re going to provide the media with an update on the overall construction scheduling and sequencing of the three project components in the coming weeks. These include the South Street Landing component, which comprises the Rhode Island Nursing Education Center and Brown University administrative offices, the parking garage and the River House student housing."

Brown University announced its intention to be part of South Street Landing in 2013.

An initial executive summary for South Street Landing called for the development to be permitted, designed and constructed in phases through September 2014 and August 2016. The start of classes at the nursing education center has already been pushed back from 2016 to spring 2017.

Previous development plans for the South Street Power Station fell apart during the recession.

South Street Landing has been touted as a significant economic catalyst for Providence, through both the creation of construction jobs and by launching a new initiative close to the former I-195 land being targeted for development.

This post has been updated.

Financing Completed For South Street Landing Project
Financing Completed For South Street Landing Project