Project Expected to Generate an Additional 100 Million in Revenues to the State over the Next 20 Years
The I-195 Redevelopment District Commission and the Rhode Island Commerce Corporation, in collaboration with Wexford Science and Technology, today announced signed letters of intent to lease space in the Phase 1 Innovation Building to be developed in Providence's Innovation and Design District, also known as the I-195 land. The Cambridge Innovation Center (CIC) (66,000 square feet) and Brown University's School of Professional Studies (50,000 square feet) will be the anchor tenants in the planned nearly 191,000-square-foot Innovation Building.
The I-195 Redevelopment District Commission has voted to authorize $18.5 million in incentives from the 195 Fund to support the $158 million project. Phase 1 of the Wexford project is expected to break ground in the second quarter of 2017 and will directly and indirectly generate over 1,000 construction jobs and over 1,000 permanent jobs. According to an economic impact analysis by the firm Appleseed, this project is expected to generate an additional $100 million in revenues to the state over the next 20 years.