Anyone with a little vision driving through Providence these days knows that these are exciting times indeed! This week on Real Estate Insight, my guest was Lambri Zerva, principal engineer for Rhode Island Department of Transportation to discus the new 195-95 Relocation project. From a planning and economic development perspective, the 195 relocation will provide many important benefits. Most of these benefits are a result of the 20-33 acres of land adjacent to downtown Providence and on the waterfront that will be freed for parks and private development. The RIDOT expects the 1.6 miles of new roadway and 15 new bridges, to be open to traffic by 2010 (three years later than originally scheduled). By 2013, the remainder of the project - five miles of new service roads and city streets, 20 new acres of urban development, nearly one mile of new river walkways, several acres of new park land, and a new dam - should be completed. The development potential includes 1.6 million square feet of office and retail space, 400,000 square feet of institutional space, 700,000 square feet of multipurpose space, a 300-room hotel, housing for 620 families and parking garages for 5,000 cars. Officials estimate the cost of the project at $525 million, including the cost of the work on the Washington Bridge. Bonds are financing the cost of the project. To learn more about this project, visit the RI Department of Transportation website: http://www.dot.state.ri.us/projects/construction/195intro.htm This Week’s Real Estate Insight: When you change one thing, everything changes, the 195 relocation project will correct a mistake made fifty years ago when highway engineers sent the highway right through the heart of the city. The city will also benefit by reconnecting the historic Jewelry District with Downtown.The "Little Dig" Through Providence
- By Michael McCann
- Posted
Anyone with a little vision driving through Providence these days knows that these are exciting times indeed! This week on Real Estate Insight, my guest was Lambri Zerva, principal engineer for Rhode Island Department of Transportation to discus the new 195-95 Relocation project. From a planning and economic development perspective, the 195 relocation will provide many important benefits. Most of these benefits are a result of the 20-33 acres of land adjacent to downtown Providence and on the waterfront that will be freed for parks and private development. The RIDOT expects the 1.6 miles of new roadway and 15 new bridges, to be open to traffic by 2010 (three years later than originally scheduled). By 2013, the remainder of the project - five miles of new service roads and city streets, 20 new acres of urban development, nearly one mile of new river walkways, several acres of new park land, and a new dam - should be completed. The development potential includes 1.6 million square feet of office and retail space, 400,000 square feet of institutional space, 700,000 square feet of multipurpose space, a 300-room hotel, housing for 620 families and parking garages for 5,000 cars. Officials estimate the cost of the project at $525 million, including the cost of the work on the Washington Bridge. Bonds are financing the cost of the project. To learn more about this project, visit the RI Department of Transportation website: http://www.dot.state.ri.us/projects/construction/195intro.htm This Week’s Real Estate Insight: When you change one thing, everything changes, the 195 relocation project will correct a mistake made fifty years ago when highway engineers sent the highway right through the heart of the city. The city will also benefit by reconnecting the historic Jewelry District with Downtown.
