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FOR IMMEDIATE RELEASE
Positive Developments at the Brewery Parkade
The development of the long awaited Brewery Parkade in Cranston, RI has gained substantial momentum over the past several months. The primary architects of this development- Paolino Properties, of Providence, RI and First Hartford Realty of Manchester CT.- have recently announced commitments from several major tenants.
This project is actually the redevelopment of 77 acres of land formerly the site of the nationally renown Narragansett Brewery. The developers will convert this site into a large-scale retail center and office complex complete with on-site parking facilities, an executive golf course and an urban strolling park.
The development concept became reality with the announcement of the initial anchor tenant, Lowe's Home Improvement Warehouse based in North Carolina. This anchor store will be built on 14 acres in the area of Garfield Avenue, which borders this site. With this announcement, Lowe's has now committed to three Rhode Island stores with others planned in Warwick and Woonsocket. The Cranston store plans to employ 175-200 individuals mostly in full- time positions. Lowe's, which plans to begin construction in this month, operates more than 600 stores in 39 states across America.
The second major anchor tenant as announced in late September 2000, is "Super Stop & Shop" which plans on constructing a 66,000 square foot store also in the Garfield Avenue Development area. The Stop & Shop Supermarket Company will invest $8 million in this new facility, which will produce approximately 250 full and part-time jobs and add over $100,000 in new tax revenues to the city. This "super store" will have an on site bank and pharmacy. This company currently operates 207 supermarkets in Connecticut, Massachusetts, New York and Rhode Island, as well as converting an additional 70 Edwards Stores in the New York area into Stop & Shop stores.
This site is nationally considered a "diamond in the rough" by planners and developers due to its proximity to major markets, its easy accessibility from numerous Rhode Island cities and towns and its visibility and easy access from Route 10. These factors greatly contribute to the enormous potential of this redevelopment site and project. Another factor, which adds to the attractiveness and marketability of the site, is the fact that lucrative tax incentives and tax breaks are available to developers through recently passed local ordinances and the designation of the entire site as a Rhode Island Enterprise Development Zone. The Enterprise Zone program provides substantial tax credits to eligible companies (all tenants qualify if they choose to participate) for creating new full-time employment opportunities.
The development of the Brewery Parkade serves as an excellent example of a public/private investment partnership. The future of Cranston and the State of Rhode Island is greatly enhanced by this project, which remains a major priority of both Paolino Properties and First Hartford Realty.
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Paolino Properties, Joseph R. Paolino and Joseph R. Paolino Jr., 76 Dorrance Street, Providence, RI 02903
Phone: 401-274-6611 Fax: 401-571-7088 Email: info@paolinoproperties.com
Site by Andera
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