POSTPONED: 110 Westminster Street

[brandon401]

citizens place??? whats that?

[Cotuit]

citizens place??? whats that?

<{POST_SNAPBACK}>

Nothing yet. There was a rumour over the winter that Citizens was planning a new or expanded HQ. Nothing official has been announced yet though.

[Airwaves]

Nothing yet. There was a rumour over the winter that Citizens was planning a new or expanded HQ. Nothing official has been announced yet though.

<{POST_SNAPBACK}>

when/how did you hear that rumor? apologize for asking but as i've understood it - citizens has no plans to expand dowtown. they have expanded largely in suburbia and in fact - i've heard a rumor they may be selling one citizens plaza (just the asset - they'd keep employees and some identity here).

[Cotuit]

It was in a ProJo article about a Providence Foundation meeting.

[Frankie811]

It was in a ProJo article about a Providence Foundation meeting.

<{POST_SNAPBACK}>

Their new east bay call center in East Providence is about to open. I believe they will be adding 500+ jobs. This is in addition to their other East Providence call center. Plus their Cranston call center. The more banks they gobble up the more jobs for Rhode Islanders.

[Recchia]

I was looking at Waterfire schedules today and I noticed that the sponsor for the July 23rd one is "One Ten Luxury Residences".... Interesting, I wonder if they'll have renderings and advertising there that night.

[Frankie811]

I was looking at Waterfire schedules today and I noticed that the sponsor for the July 23rd one is "One Ten Luxury Residences"....  Interesting, I wonder if they'll have renderings and advertising there that night.

<{POST_SNAPBACK}>

The whole purpose of their sponsering that waterfire is to market one ten.

[brandon401]

i hope its not just a rumor, maybe its a plan for the future, maybe 2 or 3 years ahead

[AriPVD]

A rumor? It's definitely not a rumor. You don't spend this much money on marketing a rumor. That doesn't mean that the developer couldn't pull out before they break ground, however. They also could have a certain percentage of pre-construction sales as a clause in their financing arrangements. If they do not reach their target, the financiers could potentially kill the deal. As of today, however, they have every intention of going ahead.

Sorry, I'm an idiot...just noticed that you were referring to the Citizens rumor. My comments still have a little substance to them.

[Mij]

Every time i look at the rendering I think it is god-awful next to the others, when i see it from the reverse angle it is as if it should have always been there. If you look at the rendering on the first page (the first three pics)http://www.urbanplanet.org/forums/index.ph...topic=9032&st=0

you can see the dramatic difference between the reverse rendering and the later at night images. The night images just really look bogus. i would rather see what it would look like driving in to the city from 146 - the way the city rises would really bring a better picture.

[Baines]

A rumor?  It's definitely not a rumor.  You don't spend this much money on marketing a rumor.  That doesn't mean that the developer couldn't pull out before they break ground, however.  They also could have a certain percentage of pre-construction sales as a clause in their financing arrangements.  If they do not reach their target, the financiers could potentially kill the deal.  As of today, however, they have every intention of going ahead.

Sorry, I'm an idiot...just noticed that you were referring to the Citizens rumor.  My comments still have a little substance to them.

<{POST_SNAPBACK}>

There we go...back on track with One Ten Westminster.

One Ten is a sure go with all the current plans (35/520') and they have a plan to push out the new design/rendering (starting with Waterfire), market out of state, and push full steam in September. Of course, there is always the very slight risk as you mention, but frankly, they have put it all on the line and will go all the way now.

It will have a great impact on Downcity.

[Frankie811]

A rumor?  It's definitely not a rumor.  You don't spend this much money on marketing a rumor.  That doesn't mean that the developer couldn't pull out before they break ground, however.  They also could have a certain percentage of pre-construction sales as a clause in their financing arrangements.  If they do not reach their target, the financiers could potentially kill the deal.  As of today, however, they have every intention of going ahead.

Sorry, I'm an idiot...just noticed that you were referring to the Citizens rumor.  My comments still have a little substance to them.

<{POST_SNAPBACK}>

Well, you brought up a very good point though, concerning the financial aspect of a deal like this. Mainly the view of selling/renting so many units before construction to secure financing. That never occured to me before. Would a mall developer have to lease so much space or land so many anchor stores before obtaining financing?

[AriPVD]

Generally no, not as stringent, but a mall would not be likely to go ahead if they didn't have tenants signed. As much speculation as real estate is, banks do not like to lose money. They'd probably require a certain number of "committments."

[Airwaves]

As I understand it - 110's pre-sales have very little to do with their financing (unlike most large-scale residential projects). They're financing is all set up regardless. All they have right now are people giving fully refundable $5000 deposits to hold a unit. Many people who I've talked to that have made the deposit actually question whether or not this project will happen. There have been other projects in this city and elsewhere (obviously) that were MUCH further ahead than this one when the plug was pulled. Wait for the shovel to hit the ground...which I hope it does because this one would be great if it did actually happen - especially after all the hype.

[brandon401]

i am not talkin about oneten im talking about citizens plaza rumor

[Airwaves]

citizens isn't building anything downtown

[Liamlunchtray]

when/how did you hear that rumor?  apologize for asking but as i've understood it - citizens has no plans to expand dowtown.  they have expanded largely in suburbia and in fact - i've heard a rumor they may be selling one citizens plaza (just the asset - they'd keep employees and some identity here).

<{POST_SNAPBACK}>

I used to work for Citizens and if memory serves they sold off the building a good 5 years ago or so and now just lease back their space. Note: If you are a computer guy, try and make a point of never working for Citizens.

Liam

[Airwaves]

I used to work for Citizens and if memory serves they sold off the building a good 5 years ago or so and now just lease back their space. Note: If you are a computer guy, try and make a point of never working for Citizens.

Liam

<{POST_SNAPBACK}>

Citizens Financial Group (CFG) owns One Citizens Plaza

[Liamlunchtray]

Citizens Financial Group (CFG) owns One Citizens Plaza

<{POST_SNAPBACK}>

Thats really odd. I distinctly remember there being a memo about it being sold and basically trying to reassure employees that the bank wasnt being bought out or anything, it was just more cost effective to not own the property. Maybe that deal fell through or something.

Liam

[brandon401]

ic ic, well i think it would be a great investment in the years ahead, providence is really on the move. We just need to improve are school system to help educate the youth. When i went to school at mount pleasant it wasnt very pleasant. I hated the schoool and the people, teachers seem to care more about there pay checks then the students.

[AriPVD]

I just came out of an utterly depressing meeting that was focused almost entirely on the fact that the unions (and a few of their thugs) have the ability to bring the entire city to its knees. Until we do something about the unchecked power held by these guys, Providence will never reach its true potential.

[CtownMikey]

I just came out of an utterly depressing meeting that was focused almost entirely on the fact that the unions (and a few of their thugs) have the ability to bring the entire city to its knees.  Until we do something about the unchecked power held by these guys, Providence will never reach its true potential.

<{POST_SNAPBACK}>

can u expand on that?? or is it molto private??

[AriPVD]

Not something I can really discuss. In a nutshell, one low level union employee can prevent real, measurable change, and the union and city refuse to do anything about it. I know that's vague, but we still have a long way to go to get away from our corrupt past.

[Frankie811]

I just came out of an utterly depressing meeting that was focused almost entirely on the fact that the unions (and a few of their thugs) have the ability to bring the entire city to its knees.  Until we do something about the unchecked power held by these guys, Providence will never reach its true potential.

<{POST_SNAPBACK}>

If you still have yesterday's journal, read one of the letters to the editor. It's a long one written by a businessman.

[CtownMikey]

Not something I can really discuss.  In a nutshell, one low level union employee can prevent real, measurable change, and the union and city refuse to do anything about it.  I know that's vague, but we still have a long way to go to get away from our corrupt past.

<{POST_SNAPBACK}>

i think i skimmed past that article about the unions and power in the city. I dont understand why anyone would want to prevent real positive change to the city..