The I-195 Redevelopment District Commission (the “District”) in Providence, RI was created to serve as the responsible authority for the sale, marketing, and oversight of land made available in downtown Providence, Rhode Island, as a result of the relocation of Interstate 195. Upon transfer of the land to the Commission, the District included 26 acres of land with 19 development sites and 19 developable acres in addition to 7 acres of designated parkland. The commission’s mission is to foster economic development on Rhode Island’s 195 land and beyond and generate job creation opportunities that embrace the city’s demographics by creating an environment that encourages high-value users to build well-designed structures that enhance the value of surrounding neighborhoods and augment the sense of place.
RESGroup has had an on-call contract with the District since 2016 to assist with their selection of developers as part of a request for proposals (“RFP”) process for each parcel as it is made available by the District. RESGroup’s ongoing process includes due diligence relating to the market assumptions provided in the developer’s submissions, revising financial models to test the impact of different market assumptions on the financial feasibility of the projects, providing a comparative summary of the proposed projects and market/financial assumptions, and identifying strengths and weaknesses of each proposal. To date, 18 parcels have been sold or are under contract, six parcels (on a total of six acres) remain available and the selection process is underway for one parcel.
Proposals have included residential market rate and affordable (rental and condominium), mixed-use, office, retail, short-term residential rentals, and student housing. RESGroup has analyzed the market for each use, the proformas and financing structure to determine the financing gap (if any), as well as the sources and types of public subsidies that would make these projects feasible. 
