The I-195 District Commission charged with overseeing the redevelopment of about 20 acres of land near downtown Providence on Monday hired Peter McNally, who has extensive experience with a global real estate investment company, as the commission's executive director.
McNally succeeds Jan Brodie, who somewhat abruptly announced her departure from the commission last month. He's slated to start in the role September 1.
McNally grew up in nearby Somerset, Massachusetts, and relocated his family within the last year to the East Side of Providence, according to I-195 District Commission spokeswoman Dyana Koelsch. According to his resume, he worked for BlackRock Real Estate from 2004 to 2014, most recently as managing director and head of the company's global client group. McNally previously worked for SSR Realty Advisors and GE Capital Real Estate.
"Peter is a great addition to our team, as we now enter the next phase of generating purposeful development on the 195 land, and leveraging that development to act as a catalyst for statewide economic activity and job growth," 195 Commission Chairman Joseph Azrack said in a statement.
McNally has degrees from Boston University and MIT, according to his resume. According to a I-195 Commission news release, he has spent most of his career as a real estate investor in Boston and New York, and has put together or managed large-scale redevelopment projects in places including San Francisco, Los Angeles, New York, and Chicago,
The relocation of I-195 has left about 20 developable acres next to downtown Providence, although the land has yet to stimulate tangible growth. The Pawtucket Red Sox hope to build a ballpark on part of the property, and Baltimore-based Wexford Science & Technology has also expressed interest in building a life-sciences park there.
McNally said, "My passion is urban development and creating buildings that are modern and functional but also aesthetically pleasing. The overarching goal for the 195 land is to create an environment which attracts high value-add employers and new residents to the city. With that in mind, I view this as an opportunity to help draw in those that benefit from being in close proximity to our colleges and universities and see their future intertwined with Providence's knowledge-based economy. The next step is getting the investors and developers to build these buildings."
With the addition of McNally, Governor Gina Raimondo now has assembled her own leadership team for the I-195 commission. Azrack, who conceived the real estate investment trust, took over for Rumford developer Colin Kane earlier this year as chair of the commission.