$400M Redevelopment Project Planned For Pawtucket Waterfront

PAWTUCKET, RI — A massive economic development project aimed at completely transforming Pawtucket's waterfront district was announced Monday. The estimated-$400 million undertaking is the "opportunity of a lifetime" for the city, Blackstone Valley and the state, Mayor Donald Grebien said the largest project of its kind in the city's history.

"This $400 million investment in one of Pawtucket’s opportunity zones will create jobs and will be a transformative economic development at the gateway into our state," Grebien said. "It's a natural expansion from our beautiful Slater Mill National Park to the city’s underutilized riverfront."

As part of the development, the project will establish a new, professional soccer team that will compete in the United Soccer Leagues Championship. The project's developer, Fortuitous Partners, is expected to create an indoor sports complex alongside the new, mixed-use stadium.

"Today is an exciting first step towards a $400 million investment in Pawtucket’s future," Governor Gina Raimondo said. "This economic development project will establish a professional soccer team from a leading national league here in Rhode Island, revitalize the waterfront and downtown and create more than 3,500 jobs. Most importantly, it will transform this area into a vibrant hub of activity like we haven’t seen in decades."

Alongside the soccer team, the plan, called Tidewater Landing, involves a complete revitalization of the city's waterfront area, including more access to the waterfront via a new, riverwalk park, new pedestrian bridge and other improvements to infrastructure, along with housing, a hotel and office space. The project, in total, is expected to create more than 2,500 indirect and direct construction jobs, along with more than 1,200 ongoing jobs after construction is complete.

"The Blackstone Valley is prime with development opportunities. The Fortuitous Project along with the Pawtucket/Central Falls commuter rail stop are game changers," Mayor Grebien continued. "The Fortuitous Partners’ vision aligns with what the residents of Pawtucket need and deserve. We thank Governor Gina Raimondo, Speaker Mattiello, Senate President Ruggerio, the General Assembly, CommerceRI, the City Council, the Pawtucket Redevelopment Agency, and everyone who assisted in this project that will be a major catalyst for years to come."

The stadium is expected to be financed privately, with public funds going towards infrastrucure and other areas of the project. The total amount of public funding has not yet been determined, and will come during the 120-day due diligence period, Governor Raimondo's office said in a release, though the public investment is expected to cover approximately 20 percent of the total, or $70 to $90 million. According to preliminary estimates, the project is expected to pay for itself within 30 years.

"Tidewater Landing is a phenomenal opportunity for the City and region, and we are incredibly excited to be working with the State of Rhode Island and the City of Pawtucket to make it a reality," said Brett M. Johnson, Fortuitoous Partner's founder. "The initiative will transform the area by maximizing Pawtucket’s many assets to create a vibrant live, work, and play environment ... The combination of a successful USL Championship club and the surrounding mixed-use development will make Tidewater Landing a destination of civic pride for decades to come."