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Forgive me, as an outsider I don't know much about the local economy...are there really a lot of luxury units sitting empty in Providence? What do rents go for? Is there a lack of demand for highly paid professionals (how is this defined?) or a lack of supply?
Hardly sitting empty! There are two luxury high rise developments in Providence: The Residences/Omni Hotel and the two Water Place towers. All enjoy a high occupancy rate. In fact, buyers are waiting in line to get into Water Place with prices rising. Units priced right sell in days. Also, buyers are gladly paying outrageously high condo fees at Water Place. So, yes there is demand for luxury living in downtown PVD.
These condo buyers are professionals, retirees, students, singles & businesses. Rents run from $2,000 mo. up. Sales generally go from $300k - $1m+.
Forgive me, as an outsider I don't know much about the local economy...are there really a lot of luxury units sitting empty in Providence? What do rents go for? Is there a lack of demand for highly paid professionals (how is this defined?) or a lack of supply?
There are not a lot of luxury units sitting empty. Foreign students (in particular) who attend J&W occupy a number of high rise units.
There is a high historic high rise bank called Fleet Bank sitting totally empty.
It is well known that RI is often near the bottom for highly paid professional job openings, so yes, I imagine this indicates a lack of increased demand. Our official unemployment rate currently is not bad, but if you will look at the many threads on the RI economy- lack of jobs and keeping our educated young in state is a common complaint.
Current construction projects- such as the residential units right smack next to Amtrak- are expected to go mostly to Boston commuters. Poor souls.
I would argue that Providence is somewhat unique in its numbers of historic buildings and national architectural conventions are held here for that very reason. To spoil what is best and is a draw to this city would be a real shame. I have personally witnessed this happening in other places. We need to "build smart" and very carefully.
We have a real opportunity with our waterfront. Elorza has already somewhat "spoiled the view" by pushing for a continued industrial Eddy St zone (giant rusty metal scrap heap, etc.). And it is worth noting that any 46 story building would be looking right down on this industrial waterfront.
Last edited by Hollytree; 07-27-2017 at 07:52 AM..
Yeah, the commute honestly does not sound any worse than any other suburb outside of Boston for the same amount of time. Amtrak costs about the same as MBTA for a monthly pass, except if you need T access once you arrive at South Station. Of course, the fact that this type of commute is not uncommon doesn't make it any less insane to do.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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Quote:
Originally Posted by Hollytree
I always get a good laugh when Bostonites call the city of Providence a "suburb of Boston".
It is, economically, in lots of ways. Most people I know here commute to Mass.
Quote:
Originally Posted by simplexsimon
Yeah, the commute honestly does not sound any worse than any other suburb outside of Boston for the same amount of time. Amtrak costs about the same as MBTA for a monthly pass, except if you need T access once you arrive at South Station. Of course, the fact that this type of commute is not uncommon doesn't make it any less insane to do.
What is insane about it? It's an hour or so, which is a fairly standard urban commute, and you don't have to drive.
I always get a good laugh when Bostonites call the city of Providence a "suburb of Boston".
That's not what I meant. I like city living and I meant to say that you get to live in a city and not a suburb for the same commute time so in that sense that seems appealing.
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