The $220 million South Street Landing project is considered transformational for the Jewelry District and will provide far reaching economic benefits that include the creation of hundreds of construction jobs, millions of dollars of contracts for many Rhode Island companies and millions of dollars of new tax revenue for the City of Providence and the State of Rhode Island. The City of Providence will also realize millions dollars in permitting fee revenue.
A closer look at the economic impact of the South Street Landing project demonstrates the project’s far reaching economic contributions. These include:
- Job Creation – 500 construction jobs and 375 indirect jobs will be generated during construction, producing $92 million in income. When completed, the project will directly and indirectly support 540 jobs generating $29 million in annual earnings.
- Leveraging State Investment – For every dollar the state invests in the project, private investors and Brown University will invest more than two, making the state’s $68 million dollar investment 31% of the project’s total $220 million cost.
- Minimized Risk to Taxpayers – The State of Rhode Island has limited its risk in this project by requiring that project developer CV Properties complete construction and secure a Certificate of Occupancy enabling the state to occupy its leased space before the state begins lease payments in FY 2017.
- Generating New Revenue for State and City of Providence – Over $5 million in income and sales tax revenue during construction and $1.1 million annually thereafter for the State of Rhode Island. With no upfront investment by the City of Providence, the project will generate $5.4 million in net new property taxes along with an estimated $2.5 million in fees.
- Training Healthcare Workers of the 21st Century – The project will produce a pipeline of educated healthcare workers to fill the expanding needs of an aging population – particularly in a state where new models of care are being pioneered.
- Saving Taxpayers Money through Collaboration – New facilities are needed to enable both the URI and RIC nursing programs to grow and the projected costs to build and operate separate facilities on each campus would be millions more than the state’s investment in the new shared facility. The savings enabled by building a single, shared Nursing Education Center will help facilitate construction of a facility that will include state-of-the-art simulation learning labs.
- The facility will enhance opportunities for future collaborations with the Alpert Medical School, significantly bolstering the inter-professional education experience for nursing and medical school students. All of these factors will give nurses educated in this shared facility an advantage when competing for the best jobs in nursing.
- Boosting Value of I-195 Parcels – The State’s investment will enhance the value of developing nearby I-195 parcels whose prospective developers will be buoyed by the replacement of an eyesore with the South Street Landing and River House. Evidence of this impact can already be seen in the proposal by CV Properties and Wexford Science & Technology to develop a 1.1 million square foot life sciences complex on parcels 22 and 25 within the former I-195 land.
- Fueling Growth of Medical & Educational Sector in Former Jewelry District – The State’s investment together with Brown’s investment and the dedication of private funds will further fuel the growing number of medical research and education facilities in the former Jewelry District. This area is now home to Brown University’s Laboratories for Molecular Medicine and the Alpert Medical School, nearby Lifespan and Care New England facilities and the Johnson & Wales University Center for Physician Assistant Studies, which is advancing its own collaboration with Brown University’s medical school.
- Extending River Walk – The development will reopen the west bank of the Providence River to the head of Narragansett Bay for the first time in decades through an extended River Walk.
- Neighborhood Revitalization – The currently uninhabited street- front along Eddy and Point streets will be activated by the addition of more than 1,200 students, employees, and residents, fostering economic activity and improving safety and security in the district.
- Protecting and Preserving Historic resources – The South Street Landing project will utilize a significant historic building that will be adapted and reused for the benefit of citizens of Rhode Island