PROVIDENCE, R.I. (WPRI) – The developer turning the old South Street Power Station into a new educational complex still hasn’t finalized financing for the project, a spokesman confirmed Wednesday.
CV Properties LLC, a Connecticut-based developer, struck a deal last year to turn the huge, decaying building along the Providence River into a 265,000-square-foot complex called South Street Landing, which will combine a new state nursing school with administrative space for Brown University. The $220-million project will also include housing for graduate students and a parking garage.
CV spokesman Eric Cote said Wednesday the company is working with a lender to lock down the money required to carry out the project. “We are getting close,” he told WPRI.com. The state and Brown have already agreed to lease the space once it’s built.
Cote said pre-construction mobilization efforts are continuing at the project site, with workers testing the building’s bricks for hazardous materials before work begins on replacing the mortar between them.
The original agreement for the project called for classes to start in either the fall of 2016 or the spring of 2017, and CV Properties has said it remains on schedule for the 2017 target date.
Local leaders participated in a ceremonial groundbreaking for South Street Landing last December, but actual construction did not begin at the time. Brown President Christina Paxson has called it a “highly complex project.”
The South Street Power Station was in use from 1912 until it was decommissioned in the early 1990s. A previous $150-million plan to turn it into a hotel and museum, dubbed Dynamo House, was abandoned in 2008 once the Great Recession took hold.
CV Properties and its president, Dick Galvin, made headlines last month with plans to partner with Wexford Science & Technology in developing a million-square-foot life-sciences complex on the old I-195 land. The proposal is now being vetted by the I-195 Redevelopment District Commission.
Separately, the new owners of the Pawtucket Red Sox have said they want to work with CV to expand its proposal for a parking garage as part of South Street Landing to accommodate fans at the team’s hoped-for new ballpark downtown.
CV Properties’ other local projects have included the GTECH and One Financial Plaza buildings downtown.Ted Nesi (email@example.com) covers politics and the economy for WPRI.com. He hosts Executive Suite and writes the Nesi’s Notes blog. Follow him on Twitter: @tednesiAn earlier version said CV Properties is working with lenders to secure financing for the project; a spokesman later clarified that the company is working with one specific lender.