The City also offers Tax Increment Financing as an option for developers in the Waterfront District and a SBA Green Loan Program for businesses located in the District or whom are thinking of relocation to the Waterfront District.
Village on the Waterfront/Chevron
Chevron Land Development Corp. is in the process of transforming Chevron’s former light products terminal on Veteran’s Memorial Parkway into a mixed-use community called “Village on the Waterfront.” The 26-acre site will have residential units and commercial uses.
The team is currently seeking permits from State and Federal agencies. VOTW also received assistance from the City through developer-backed tax increment financing (TIF).
Kettle Point is being developed by Kettle Point LLC on Veterans Memorial Parkway in the Southern Waterfront District. The 40-acre site will have a total of 290 residential units: 228 for-rent apartment units, which will average one thousand square feet; and 62 for-sale, 3-bedroom residences in duplex townhouses that will average 2,100 square feet. There will be parking provided for the public to access the East Bay Bike Path, public open space, and direct access to the waterfront with a kayak launch. The $78 million project includes $8.75 million in public improvements and the site will be completely remediated.
University Orthopedics has been approved for an 82,500 square foot medical office building in the Waterfront District. The building will be located in the Kettle Point development project on Veterans Memorial Parkway and will consolidate several existing University Orthopedics RI offices. There will be approximately one hundred employees relocating to the building, with plans to add more workers in the future. The services offered will include outpatient doctor’s appointments, physical therapy, hand therapy, orthopedic urgent care, MRI, and outpatient surgery.