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.
Chevron Land development corp. is in the process of transforming the former Gulf/Cumberland Farms light products terminal on Veteran’s Memorial Parkway into a mixed-use community. The 26-acre site was previously permitted for residential units, commercial uses, and public waterfront access as “Village on the Waterfront.” Currently Chevron is reconsidering the future development through a “re-envision” process.
Three developments are under construction in early 2018. Long Rock Cove LLC is proceeding with construction of phased development of 62 condominium units, the first of which were occupied in 2017. Condos are 3-bedroom residences in duplex townhouses that average 2,100 square feet. Many have frontage on Long Rock Cove. AR Building Company is currently constructing three of five apartment buildings (228 total units), a clubhouse, and carbarns. Occupancy of the first 45-unit, four story Class A apartment building is anticipated in early 2018. Apartments will average 1,000 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.
Construction is nearing completion for this 82,500 square foot medical office building at Kettle Point, 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.