Projo 7 to 7 News Blog

Johnson & Wales University announced Wednesday that it has signed a three-year agreement with Capitol Cove LLC to lease 96 newly constructed condominiums on Canal Street in Providence for use as student housing.

Robert S. Roth, developer of the low-rise condo building, had said in January that the condominiums would be going on the market this spring at prices ranging from the mid-$300,000s to the mid-$500,000s.

Instead, the three-year agreement with Johnson & Wales, which comes with an option for an additional two years, "will allow Capitol Cove to retain the building and ultimately offer these well-priced condominium units back to the market for residential use," Roth said in a prepared statement. "By thinking outside the box, we were able to structure something beneficial for the university, the students, and Capitol Cove."

Price terms of the lease agreement were not announced. Johnson & Wales said Capitol Cove's location along the Moshassuck River on Canal Street is within walking distance of its Downcity Campus on Weybosset and Pine Streets. The university said Capitol Cove housing will be offered first to current freshmen who had been placed on a waiting list for 2009-10 academic year housing.

 Tags  Capitol Cove Johnson & Wales University

Comments

Corey said:

Serves them right for hocking so many pricey, unsustainable housing projects instead of creating job producing space in the city.

Link | May 6, 2009 9:39 PM
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