October 2, 2024
Press Releases
The Rhode Island Public Transit Authority (RIPTA) is pleased to announce a new partnership with Pennrose, the developer of Parcel 9 in Providence’s Fox Point neighborhood. In a collaborative effort to enhance public transportation access for residents of affordable housing, Pennrose has committed to purchasing one year of fare products for eligible residents at their new development located at 55 George M. Cohan Boulevard in Providence, Rhode Island. This is the first time that a developer has partnered with RIPTA to provide fare products to its affordable housing residents.
This initiative underscores RIPTA’s commitment to supporting the community and ensuring that all residents have reliable and affordable transportation options through public-private partnerships. The fare products, valued at approximately $12,600, will be provided to residents whose households earn at or below 50% of the area median income.
“We are excited to collaborate with Pennrose on this important initiative,” said Christopher Durand, interim CEO of RIPTA. “Affordable public transit is essential to the health and vitality of our community, and this partnership will significantly impact residents’ lives. We believe this collaboration can serve as a blueprint for future development projects.”
The I-195 District Redevelopment Commission selected Pennrose in October 2020 to develop Parcel 9 in Providence’s Fox Point neighborhood, creating a mixed-use, mixed-income community. The project will feature 127 residential units, a Head Start childcare facility, and commercial spaces, providing access to jobs, transit, and amenities, benefiting a diverse range of residents.
“Pennrose is proud to partner with RIPTA and provide residents with safer, more affordable transit options,” said Charlie Adams, Pennrose Regional Vice President, New England. “Our agreement – for Pennrose to fund a year of RIPTA passes for eligible residents and RIPTA to build a new bus shelter adjacent to the site – will provide future Tempo residents and staff, as well as families and Children’s Friend staff commuting to the new childcare facility, with a convenient and protected bus stop. We think this will make Tempo a better, more sustainable, and more connected place to live. We hope that our commitment will inspire other multi-family owners to do the same.”
“The Providence Redevelopment Agency is thrilled to partner with Pennrose to bring much-needed affordable housing to the Providence market,” said Joseph I. Mulligan, III., Executive Director of Planning for the City of Providence. “We are also pleased that residents and visitors to the area will be served by new transportation infrastructure investment, which will help advance the city’s improved connectivity and decarbonization goals.”
“By working together to expand bus access and cover resident fare costs, Pennrose and RIPTA are not just meeting the basic needs of residents but encouraging the use of public transportation, exemplifying a true transit-oriented development,” said Carol Ventura, Executive Director of RIHousing. “Affordability encompasses much more than just the cost to lease an apartment – it is numerous factors working together, like the consideration of transit, or the energy efficient measures integrated into the building. We look forward to continuing to fund and support developments that leverage partnerships to offer sustainable, accessible, affordable homes to Rhode Islanders.”
As part of this partnership, RIPTA will be installing a new bus shelter at 410 South Main Street in Providence. This shelter will serve residents of the new building and the broader community, providing a safe and comfortable space for passengers. The bus shelter, which will include seating, lighting, and wayfinding amenities, is scheduled for installation later this year.