By: News Staff

PROVIDENCE, R.I. - Officials from Wexford Development, LLC and The Rhode Island Commerce Corporation signed letters of intent Monday evening, announcing a $150 million project proposal will be moving forward .

The proposal is for two buildings: a 191,000 SF Innovation Center and a 170-room hotel to be built from the ground-up on former I-195 land.

Authorities say the project will revitalize the heart of Providence by creating high quality office space, and helping to foster innovation.

Brown’s School of Professional Studies, as well as the Cambridge Innovation Center (CIC) are signed on to be the tenants of the Innovation Center.

CIC has a proven track record of aiding the development of companies with an innovation focus.

Additionally, the project will also include the renovation of One Ship Street for interim use while the Innovation Center is under construction.

“This project will support more than 1,000 construction jobs, create more than 1,000 permanent, good-paying, advanced industry jobs and spark opportunities for collaboration, innovation and entrepreneurship at the heart of the 195 District,” said Governor Gina M. Raimondo. “Rhode Island is on the move and getting attention from the nation’s top innovators. Because of the investments we’ve made to create a talented workforce and the contributions our colleges and universities make every day, Cambridge Innovation Center is planting a flag in our capital city. This development will have a lasting impact on Providence’s skyline and the state’s economy. I am pleased that Wexford and CV are expanding their footprint in our state and grateful for the work that all of our partners have put into moving this project forward.”?

“CIC and Brown University, the anchor tenants in the Innovation Building, will complement each other while fostering deep innovation that will act as a catalyst for research and development and startups across the entire new Innovation and Design District,” said 195 Redevelopment Commission Chairman Joseph Azrack. 

The project is expected to break ground in 2017.

©WLNE-TV / ABC6 2016