Developer: Providence’s South Street Landing project ‘in home stretch’

The development in the city’s Jewelry District is expected to open to the public in June, lead developer Richard A. Galvin told about 400 business and civic leaders gathered for an economic-outlook breakfast Tuesday in Providence

PROVIDENCE, R.I. — The South Street Landing renovation project in the city’s Jewelry District is “in its home stretch” and will open to the public probably in June, lead developer Richard A. Galvin told about 400 business and civic leaders gathered Tuesday morning.

The 250 to 300 construction workers in the building daily have turned 90,000 square feet into a 270,000-square-foot space, said Galvin, founder and president of CV Properties of Boston and Southport, Connecticut. They’ve built two new floors atop the old power station for Brown University administrative offices.

The rest of the building will house a shared Nursing Education Center for the University of Rhode Island and Rhode Island College, both of which are already outfitting their space, Galvin told attendees of the 17th economic-outlook breakfast hosted by Santander Bank and the Greater Providence Chamber of Commerce. Classes are set to start in the fall.

Earlier this month, a national real estate investment trust, Ventas, announced it had paid $151 million for South Street Landing and nearby Davol Square property. Ventas reports its investments since 2004 have totaled $31 billion in medical and life-science properties affiliated with top U.S. universities.

Of the Ventas acquisition in Providence, Galvin noted: “That is what we want to see happen.”

To a question from Providence chamber President Laurie White about whether this renovation has served as a catalyst for surrounding development, Galvin pointed to the investment needed for the $245-million South Street Landing.

“When investors see that from around the world and see that a complicated project like this can get done, where all parties come together, it really does boost the confidence for the next round of projects,” Galvin said.

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