The I-195 Redevelopment District Commission 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. In early 2018, RESGroup was retained by the Commission to provide third-party review, analysis, and evaluation of responses to Requests for Proposals issued by the Commission to develop parcels of land in the I-195 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.
