Recent construction projects in Providence
As a consequence of the city of Providence, Rhode Island's so-called "Renaissance" that started in the 1970s, free land and economic conditions became favorable to large projects in the late 1990s. Most of the new projects consist of hotel and condominium development in new and existing buildings, but two new office towers are underway as well. As a result, within 3 years Providence would have a new corporate headquarters, and four new buildings over 60 m (200 ft) in height.
While the city has welcomed opportunity for new investment with tax breaks and property deals (notably to Gtech), many local residents take exception to the new additions, worrying that the traditional historic look and older architectural styles of Providence will be spoiled by bland modern International-style edifices. Additional concerns have arisen over equitable tax policies for high income residences.
Blue Cross & Blue Shield of Rhode Island announced April 19, 2007, its intention to consolidate its operations comprising 1100 employees, which had been scattered throughout the city, into one 325,000 sq ft (30,200 m2) 12-story building. The $114 million tower will be built on top of a parking garage currently under construction for Intercontinental's neighboring Waterplace condominiums. The project is being built by Dimeo Construction Co. of Providence, Rhode Island. As of April 20th, 2008, the foundation was completed and steel was rising.
A former parking lot adjacent to the state capitol and Amtrak station is being developed into mid-rise condominiums. The project had been delayed from its original schedule over worries of a slowing housing market. The first phase, comprising 96 units that will primarily be one-story two-bedroom flats, is now scheduled for completion by the end of 2008. The developer will wait until these are sold before committing to a second phase, which would include an additional 153 units. If the second phase is to be built, and if the units would be sold as condos or apartments have not yet been decided. As of April 20, 2008, the skeleton of the first phase was completed.
Dunkin' Donuts Center was purchased by the Rhode Island Convention Center Authority, which planned to invest $62 million into its renovation. In addition to modernizing the appearance of the building, the project will add twenty luxury boxes as well as connect it to the neighboring Rhode Island Convention Center. The state wants to use the combined complex to facilitate larger meetings and conventions.
The Procaccianti Group is also in the preliminary stages of its planning for a 22-story office tower at the current disused fire/police station. Featuring a 522 space parking garage and 496,000 sq ft (46,100 m2) of retail space, the Empire at Broadway will stand as the tallest office tower in Providence. As of December 13, 2006, the Procaccianti Group secured preliminary permission to demolish the existing building.
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