Proposed project on I-195 land could include housing, restaurant, and lab space

CV Properties has submitted a plan to redevelop Parcels 14 and 15 on the former I-195 land in Providence, which could be anchored by 149 units of housing.

Rendering of 149-unit residential development proposal from CV Properties on former I-195 land located on Parcels 14 and 15, which are owned by the state, in Providence.CV PROPERTIES

PROVIDENCE — A Boston-based developer has submitted a proposal that would redevelop a section of the former I-195 land in phases to include housing, retail, and restaurant space.

CV Properties submitted its proposal to the 1-95 Redevelopment District Commission and company representatives will present their plans during a meeting on April 19. The proposal, which was shared with the Globe on April 12, includes plans for a 149-unit residential building to anchor Parcels 14 and 15, which are owned by the state, along Dyer Street. The proposal also outlines the firm’s plans for an adjacent parcel owned by Brown University.

The proposed residential units would be a mix of studios and one-, two-, and three-bedroom rental apartments. They would not be earmarked for any specific tenants, such as Brown students, according to company spokeswoman Diana C. Pisciotta. It’s unclear if these units would be market value or luxury apartments, but CV said it would commit 10 percent of the residential units to affordable workforce housing.

“This project is still in the proposal phase, so there is not yet a price point,” said Pisciotta in an e-mail.

Parcels 14 and 15 shown on former I-195 land in Providence.CV PRoperties

CV proposed purchasing Parcels 14 and 15 for $600,000. The property would be added to the commercial tax roll even if CV redevelops Brown University’s land, which is tax-exempt. The company said it will seek a tax stabilization agreement from the city.

The company, which has developed several projects in Providence, including the newly opened Aloft Hotel on Dyer Street, plans to include outdoor features like gardens and landscaping, which CV’s plans said are “designed to maximize climate resiliency at the elevated site areas.” The top of the proposed building would also include a green roof and amenity deck.

The existing two-story building at 198-200 Dyer St., which is owned by Brown, is used for administrative offices and parking. But CV’s plans look to bundle the building with Parcels 14 and 15 to potentially create more than 500,000 square feet of total development. Of that, Pisciotta said more than 400,000 square feet would be dedicated to commercial office and laboratory uses.

CV Properties is proposing gardens and landscaping on the parcels they want to buy for $600,000.CV PROPERTIES

Russell C. Carey, Brown’s executive vice president of planning and policy, sent a letter of support for the project to commission members in February. He said CV’s plans show an “improved” site that could enhance “the potential amenities and value of this neighborhood for all who work, live, play, learn, and relax in the local area.”

Carey said Brown’s offer to bundle its Dyer Street property with Parcels 14 and 15 is contingent on the I-195 Commission approving CV Properties as the developer.

“This phased project offers immediate housing benefits and long-term potential to significantly advance the economic development, land use, and job creation goals of both the 195 Commission and the city of Providence,” said CV Properties founder and president Richard Galvin.

Brown University has offered a letter of support to CV Properties' proposal to the I-195 Commission.CV Properties

The news comes just a month after the Fane Organization scrapped its plans to build a highly controversial $300 million luxury residential skyscraper at 250 Dyer St., that would have been the state’s tallest building.

After changes were made to the proposed design, company president Jason Fane said the project was no longer feasible due to “recent risk factors outside of my control.” He did not elaborate and a spokesman declined to comment further.

On a recent episode of the Rhode Island Report podcast, I-195 Commission chairman Marc Crisafulli spoke highly of CV’s proposal.

“It’s a developer we can trust, we’re comfortable working with,” said Crisafulli. “We’re confident that if he takes on a project, it will actually happen.”

CV’s proposal to create a mixed-use space with housing “would really try and help activate that whole area,” said Crisafulli.

If the commission decides to move forward with CV’s plans, Spagnolo Gisness and Associates and Shawmut Design and Construction are expected to assist in the design and construction of the residential phase of the project.

Pisciotta said the project could create more than 1,500 construction jobs and 1,600 “high-skill” permanent jobs while also providing “important tax revenue to Providence, support city and state development goals for the former I-195 land, and play a powerful role in advancing the economic well-being of the region and its residents.”