February 22, 2024
Press Releases
Last month, The Rhode Island Public Transit Authority (RIPTA) Board of Directors voted to approve a contract with Next Wave Rhode Island Partners for Phase 1 of a public-private partnership (P3) to design and construct a new transit center in Providence.
In the first phase, RIPTA and Next Wave Partners will complete site studies and assessments, engage with the public, seek permitting and any third-party approvals, and develop 30% and 60% conceptual designs. Following input and development of designs, Next Wave will develop cost estimates for the project, as well as financial structuring and advising. Upon successful completion of the first phase of the project, the parties would negotiate a contract for a second phase of the contract for financing and constructing the project.
As part of Phase I, on February 26, 2024, the 195 Commission will discuss and consider an agreement with RIPTA for Parcel 35 that would provide RIPTA with time to consider the parcel as a possible location for the new transit center. The agreement states that over the next 8 months (until October 1, 2024) the 195 Commission would refrain from issuing an RFP or pursue another public marketing effort related to the development of Parcel 35 and would not enter into negotiations with any third party related to the purchase of the parcel. If approved, this measure will allow RIPTA, Next Wave and stakeholders to include Parcel 35 in its evolving list of potential Transit Center sites to be assessed, during Phase 1 of the Preliminary Services Agreement. The site assessment portion of Phase 1 will include a comprehensive public hearing process.
Next Wave Partners is a consortium comprised of a number of Rhode Island-based companies including Gilbane Development Company, Marsella Development and Gilbane Building Company, as well as Plenary Americas, CUBE 3, and Jacobs. Successful community-based projects from these subsidiaries include 100 Westminster Street, Union Station, the Providence Performing Arts Center, and the Nightingale Apartments in downtown Providence.