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Housing Secretary Stefan Pryor said he is in talks with the owner of the vacant Industrial Trust Building to find more funding for the 300-apartment development project.
The Tidewater Landing soccer stadium deal in Pawtucket has gotten significantly more expensive for Rhode Islanders to pay off. And in more subtle ways, the latest version of the deal also undermines financial protections for the state.
The stadium is expected to be finished early next year, in time for the Rhode Island Football Club's second season.
According to a review of financial projections, the cost to pay off the state debt on the stadium could exceed $100 million over 30 years. That’s tens of millions of dollars more than similar estimates a year and a half ago.
Rivian’s real estate portfolio—which largely includes industrial, R&D and office space throughout Irvine and Tustin—but plays into a new strategy for Orange County’s largest electric vehicle company as it looks to capitalize on new buyer demand in experiential ways.