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IN PROGRESS: Capitol Cove

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eltron Hamlet

eltron

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There are 2 ZBR meeting nights in August since there wasn't a July meeting. I thought Capitol Cove was supposed to be on the August 22 meeting, but I received my packet over the weekend and the docket for August 8 included Capitol Cove and the Masonic Temple.

Eltron, the GENS hearing that was continued from the last meeting is listed on the August 8 docket too. You may need to freak out again.

I just called the ZBR staff person to clarify the meeting dates and will post the correct one when I hear.

Huh, just got our notice (literally), and it says August 22nd.

It does say August 8th, but below that it says "notice is hereby given...Tuesday, August 22, 2006...."

please post when you hear anything. I've been leaving messages there for the last two weeks and have not gotten callbacks...

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Garris Town

Garris

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News from the Zoning Board Meeting tonight regarding Capitol Cove's application for setbacks:

- The setbacks, to be slight and at the corner of Park Row/Canal and Smith/Canal, will be to soften those pedestrian intersections as the Waterplace walkway will be continued along Canal up through the Smith intersection. They will also allow for some landscaping, which zoning doesn't currently allow since it requires the building to be built to the sidewalk. All in all, it looks reasonable and doesn't change the project at all...

- Condos or apartments? At least at this meeting, they were saying Captiol Cove will be apartments (again), so forget what we read in Providence Monthly and other sources (including their own website) recently about it being condos (I guess).

- They have no retail tenant for the Park Row/Canal side right now, but are hoping for a well know "coffee house" (hmmm, I wonder who?).

- They were asked flat out when they're breaking ground, and they evaded by saying, "We're in the final throes of financing." One of the board members, if I heard him right (the acoustics in there are terrible), questioned why financing for an apartment building was proving so hard (saying that it should be much harder for condos than apartments).

- After proclaiming they are done with the CPC process, they amended by saying that they still have to bring landscaping before the CPC.

- Garris

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bhooley Whistle-Stop

bhooley

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Well I'm sure we were all hoping for some more concrete news regarding groundbreaking but at least they are still planning on building it.

I live right by this site so I was hoping for something cooler than a starbucks... A restaurant/bar with outdoor seating that serves brunch. Keep dreaming right??

Thanks for the update Garris - was looking forward to it.

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brick Burg

brick

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I live right by this site so I was hoping for something cooler than a starbucks... A restaurant/bar with outdoor seating that serves brunch. Keep dreaming right??

Another Starbucks? Yikes. wouldn't that be four locations basically downcity? And then there are the two on the East Side and all of the suburban ones with their drive-thru's. I wonder when we will reach Starbucks saturation? (of course, I thought we exceeded Dunkin and Home Depot saturation a long time ago and those keep getting built!)

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Garris Town

Garris

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Or maybe Brewed Awakenings could try Providence again.

Hope springs eternal for Cotuit! :thumbsup:

I believe Panera Bread is Au Bon Pain's suburban brand.

I used to think so too... It was clarified for me here on the boards that ABP's founder sold the chain and then opened up Panera afterwards (and may have since sold that).

Either way, they are actually separate companies, but it is true that ABP focused on a more urban market and Panera is dedicated to a very strip mallish suburban market model. I wonder how long until they both saturate their markets, need to keep growing, and then expand their focus and come into direct conflict with one another?

And regarding what goes into Capitol Cove, lets just hope the thing ever gets built at all!

- Garris

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DaveRPI Whistle-Stop

DaveRPI

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News from the Zoning Board Meeting tonight regarding Capitol Cove's application for setbacks:

- The setbacks, to be slight and at the corner of Park Row/Canal and Smith/Canal, will be to soften those pedestrian intersections as the Waterplace walkway will be continued along Canal up through the Smith intersection. They will also allow for some landscaping, which zoning doesn't currently allow since it requires the building to be built to the sidewalk. All in all, it looks reasonable and doesn't change the project at all...

- Condos or apartments? At least at this meeting, they were saying Captiol Cove will be apartments (again), so forget what we read in Providence Monthly and other sources (including their own website) recently about it being condos (I guess).

- They have no retail tenant for the Park Row/Canal side right now, but are hoping for a well know "coffee house" (hmmm, I wonder who?).

- They were asked flat out when they're breaking ground, and they evaded by saying, "We're in the final throes of financing." One of the board members, if I heard him right (the acoustics in there are terrible), questioned why financing for an apartment building was proving so hard (saying that it should be much harder for condos than apartments).

- After proclaiming they are done with the CPC process, they amended by saying that they still have to bring landscaping before the CPC.

- Garris

he was being truthful when he said they are in the final stages

they still are awaiting approvals from several institutions and the rates and packages could change the scope of the project depending on the terms if something drastically changes for the banks

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Cotuit Megalopolis

Cotuit

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he was being truthful when he said they are in the final stages

they still are awaiting approvals from several institutions and the rates and packages could change the scope of the project depending on the terms if something drastically changes for the banks

I'm not denying what you say is true, but we've heard from this developer that they were ready to go, with a similar list of caveats before. I know it's not easy to pull something like this off, but I think with this particular project, even moreso than others, we're all going to be very skeptical until steel actually starts rising.

Getting their website back up would be a start though.

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Nolli Unincorporated Area

Nolli

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How about Coffee Exchange opens another location!

Yeah, Coffee Exchange! Even a convenience store.

I, too, live by this site, and I am starting to miss the parking lot with its shortcut to the train station and Mall. I did see the backhoes moving around the other day on site. I look forward to some late night legit activity at that corner.

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DaveRPI Whistle-Stop

DaveRPI

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I'm not denying what you say is true, but we've heard from this developer that they were ready to go, with a similar list of caveats before. I know it's not easy to pull something like this off, but I think with this particular project, even moreso than others, we're all going to be very skeptical until steel actually starts rising.

Getting their website back up would be a start though.

I know people involved with the banking institutions and they say its financing is being reviewed for approval by a few places. Once that is taken care of, everything else will move forward.

its just like when you close on a house or refinance ur mortgage... the underwriters take the time they need to come to a reasonable conclusion that fits gov't and company policy - just on a huge scale

interesting note btw, the bankers were starting to look at the "buzz" about providence as an up and coming city, this website as well, maybe thats what gives this project the edge...

based off of pure numbers it may seem risky because there isnt much history of this type of development in providence

personally, i think they could put a shack up in that spot and make money in the -long term-

gains in the short term would have to be considered depending on the financing

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Cotuit Megalopolis

Cotuit

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interesting note btw, the bankers were starting to look at the "buzz" about providence as an up and coming city, this website as well, maybe thats what gives this project the edge...

Oh, well then, we're all planning to rent apartments/buy condos in this place as soon as possible right? And we'll be buying double fat tall skinnicino mocha frappe carmelichiato grandes at whatever coffee emporium settles there twice daily. Right everyone? We're all eager to buy and spend there, now get building. :whistling:

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MichaelQ Unincorporated Area

MichaelQ

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The thing is, I would definitely be interested in buying/renting one of these apartments. I can't understand why it is so hard for developers to believe that people will live in apartments downtown. Hopefully, once the other luxury places get built downtown there will be an infusion of life downtown...then people will be clamoring to live downtown (or at least kinda wanting to)...then developers will finally realize that not just rich people want to live downtown...and then we will finally have denser, cheaper housing downtown. Ummm...downtown.

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Recchia Town

Recchia

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I don't get it either. YOU'RE RIGHT NEXT TO A TRAIN STATION AND MALL! Not to mention you can walk to every kind of restaurant/bar/club practically in existence. Whats the hesitation on the part of these developers? Are they afraid the condo influx will hurt them? Not everyone is looking to own.

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Recchia Town

Recchia

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I would definitely be interested in renting at this place. I'd love to be downtown, but it obviously has to make financial sense. Anyone have a clue what sort of rent they're looking at charging?

Well Avalon starts at 1500 for a studio (578 sq. feet), so we can probably expect similar outrageous rents.

The College Hill 0 1 $1510/mo 578 sqft. 1510 View

The East Side 1 1 $1635/mo 719 sqft. 1635 View

1 Bed with breakfast bar 1 1 $1650/mo 827 sqft. 1650 View

1 Bed with Den 1 1 $1720/mo 874 sqft. 1720 View

1 Bed with Den 1 1 $1810/mo 913 sqft. 1810 View

The Federal 2 2 $2200/mo 1078 sqft. 2200 View

The DownCity 2 2 $2205/mo 1054 sqft. 2205 View

809-Penthouse 2bed 2 bath 2 2 $2270/mo 1055 sqft. 2270 View

The Providence 2 2 $2510/mo 1302 sqft. 2510 View

813 2 Bed 2 Bath Penthouse 2 2 $3075/mo 1491 sqft. 3075 View

907- Penthouse 2bed 2 bath 2 2 $3300/mo 1240 sqft. 3300 View

908-Penthouse 2bed 2bath with Den 2 2 $3665/mo 1437 sqft. 3665 View

Penthouse 3 2 $3000/mo 1408 sqft. 3000 View

911-Penthouse 3bed 2.5baths 3 2.5 $3750/mo 1542 sqft.

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Garris Town

Garris

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I know people involved with the banking institutions and they say its financing is being reviewed for approval by a few places. Once that is taken care of, everything else will move forward.

its just like when you close on a house or refinance ur mortgage... the underwriters take the time they need to come to a reasonable conclusion that fits gov't and company policy - just on a huge scale

Could you perhaps answer a question for me then? The zoning board member last night was talking about the issues between financing an apartment building and financing a condo building, and was talking about how it should be easier to finance the apartment building. Do you have an understanding of why that might be?

Also, as far as precedents for similar projects, there's Avalon right across the street. I've heard they've done well and are always full.

Oh, well then, we're all planning to rent apartments/buy condos in this place as soon as possible right?

Back when they announced they were switching to condos and had their website, I actually e-mailed them and said I might be interested. Never heard a thing back...

- Garris

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JJK5 Hamlet

JJK5

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Well Avalon starts at 1500 for a studio (578 sq. feet), so we can probably expect similar outrageous rents.

The College Hill 0 1 $1510/mo 578 sqft. 1510 View

The East Side 1 1 $1635/mo 719 sqft. 1635 View

1 Bed with breakfast bar 1 1 $1650/mo 827 sqft. 1650 View

1 Bed with Den 1 1 $1720/mo 874 sqft. 1720 View

1 Bed with Den 1 1 $1810/mo 913 sqft. 1810 View

The Federal 2 2 $2200/mo 1078 sqft. 2200 View

The DownCity 2 2 $2205/mo 1054 sqft. 2205 View

809-Penthouse 2bed 2 bath 2 2 $2270/mo 1055 sqft. 2270 View

The Providence 2 2 $2510/mo 1302 sqft. 2510 View

813 2 Bed 2 Bath Penthouse 2 2 $3075/mo 1491 sqft. 3075 View

907- Penthouse 2bed 2 bath 2 2 $3300/mo 1240 sqft. 3300 View

908-Penthouse 2bed 2bath with Den 2 2 $3665/mo 1437 sqft. 3665 View

Penthouse 3 2 $3000/mo 1408 sqft. 3000 View

911-Penthouse 3bed 2.5baths 3 2.5 $3750/mo 1542 sqft.

Yikes, I'm only paying 750 for a 1BR. Anything over 1500 and it'd make more sense for me to just have a mortgage.

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