Despite the global pandemic the Tidewater Landing Project is continuing forward with an announcement on Tuesday afternoon. The lengthy due diligence phase is over and over the next 60 days the State of Rhode Island, City of Pawtucket, and Fortuitous Partners will finalize the financial terms of the project.
In addition to the financial terms on the $400 million project being hammered out the remediation of the National Grid portion of the Tidewater Lading site is expected to begin by year-end and a lease between National Grid and Fortuitous Partners has a timeline for signing.
The Pawtucket City Council is expected to have an update on the project and the terms of the lease during a council meeting on September 23rd. City Council members were given update materials on Tuesday. In the update from Mayor Donald Grebien stated that the City and CommerceRI have spent “hundreds of hours” looking at all parts of the Tidewater Landing project and have also worked with MuniCap as a financial consultant, Stifel Financial Corporation to underwrite the bond financing, and CommerceRI has worked with both CSL Consulting and Appleseed Consultants.
Once the City Council has been briefed the project stakeholders are expected to bring the community up to speed and allow for questions and feedback to take place in an effort to be both transparent and engaging.
The focal point of the Tidewater Landing site is the USL Championship soccer stadium which will play host to soccer and other events that may include additional sports such as lacrosse. In addition, there will be retail space, hotel, conference center, indoor sports event centers, and much more in a project that is aimed at revitalizing Downtown Pawtucket.
Check back into Trifecta Sports next Wednesday with key takeaways from the Pawtucket City Council meeting.