Inflation adds more than $40M to Tidewater Landing price tag

This is a rendering of the Tidewater Landing project. (City of Pawtucket)

PAWTUCKET, R.I. (WLNE) — The cost of phase one of the Tidewater Landing project in Pawtucket now has a price tag of $124 million.

The original price was slated at $83 million, but city leaders and Fortuitous Partners, the developer’s of project cite “unprecedented cost inflation” as the main reason for the price hike.

“The world is very different than it was when we announced Tidewater Landing two and half years ago. Despite that, I am pleased that the project remains well within the original parameters for public investment that we set at our announcement,” said Brett Johnson, CEO of Fortuitous Partners.

Pawtucket Mayor Don Grebien said to help combat the higher price tag, the developer is adding an additional $25 million in private equity, $31 million in private debt investment and revisions to the Tax Incremental Financing approval.

“As I have stated before, we have been working diligently with Fortuitous and the State on a way to continue to revitalize Pawtucket’s riverfront and provide access to public amenities that our residents and visitors deserve,” said Grebien.

The Rhode Island Commerce Corporation Investment Committee was slated to discuss the project Tuesday, with the full board anticipated to discuss it Wednesday.

The first phase of the project calls for a 10,000 seat soccer stadium, riverfront amenities, 435 housing units with 150 parking spaces and commercial and retail and restaurant properties.

Fortuitous Partners began working on the project in 2019, from a request for proposals from the city to revamp McCoy Stadium and and Pawtucket’s downtown development plans.

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