This project is unique in that it uses a progressive P3 model, which allows Next Wave Partners and RIPTA to work together in two phases to complete the new transit center. This model is commonly used for larger infrastructure projects. Next Wave Partners will be designing and developing the transit center alongside RIPTA and opening each stage of the process to public input. This approach will ensure RIPTA has input at all stages of the development and can access the private-sector funding and expertise needed to successfully deliver a project of this scale. “Along with our development partners, ... we are thrilled to get this progressive P3 underway with RIPTA to deliver a state-of-the-art transit center that will enhance mobility, connectivity, and accessibility for the riders, residents, and visitors of Providence,” said Russell Broderick, Executive Vice President of Gilbane Development Company and Principal-in-Charge of the Next Wave Rhode Island Partners consortium. “This project highlights the P3's ability to facilitate a comprehensive process to advance essential community infrastructure projects that meet the needs and expectations of the public sector partner, the facility users, and the broader community." “The Providence Transit Center Project is transformative for the state and highlights our team’s unique ability to offer vertically integrated solutions, such as public-private partnerships, to advance important community infrastructure projects,” said Mike Busam, Business Leader for Gilbane Building Company in Rhode Island. “We’re proud to be a Next Wave Partner and look forward to collaborating with the entire team to deliver this exciting project for Rhode Islanders.” In the first phase, Next Wave Partners and RIPTA will complete site studies and assessments, engage with the public, seek permitting and any third-party approvals, and develop 30 percent and 60 percent conceptual designs. Following input and development of designs, Next Wave Partners will develop cost estimates for the project and financial structuring and advising. Upon successful completion of the first phase, the parties would negotiate a contract for a second phase for financing and constructing the project. Phase 1 is estimated to occur over the next year and a half.
Next Wave Partners and RIPTA will also explore mixed-use transit-oriented development, such as first-floor retail and residential housing on the upper floors, offering economic development opportunities for the city. In contrast to the current sprawling footprint of Kennedy Plaza, which is spread out across an urban park, the new transit center will provide a single central location. Kennedy Plaza will continue to serve a reduced number of routes.
