195 District

Thank you to our partners RI Life Science Hub for bringing this group together to celebrate the new Ocean State Labs incubator in the 195 District.

Recently, the 195 Commission voted to create a Ground Floor Commercial Space Improvement Loan Program to support the tenancy of ground floor commercial spaces in and adjacent to the 195 District. Active ground floor spaces are important for creating vibrancy, but there is a high barrier to entry for first generation spaces as they are typically unfinished until there is a tenant identified. This has been exacerbated by the current interest rate environment. The program will provide below-market interest rate loans to building owners to reduce the cost of the initial fit out of commercial spaces. This would lower the cost of occupancy to tenants, and thus make the spaces more attractive to businesses.

Thanks to our partners at the RI Life Science Hub for highlighting one of the newest buildings going up in the 195 District!

Exciting news for the growing life science cluster in the 195 District! Creating shared lab space in the 195 District has been a priority of ours for many years. We're partnering with the Rhode Island Life Science Hub to provide start-up funding for this new incubator, which will be located at Ancora L&G's 150 Richmond developing currently under construction in the 195 District.

At our November Commission meeting, we selected four finalists for development of Parcel 5. Congratulations to EQT Exeter, Transom Real Estate, Ionic Development Company & Wade Keating, and BlueDog Capital Partners. The finalists will present more detailed proposals at an upcoming Commission meeting.

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Yesterday, Brown University, Wexford Science & Technology, LLC, and the 195 District celebrated the new research laboratories now open at Point225, located in the heart of Providence’s 195 District. The event featured a panel discussion, research talks, and laboratory tours, highlighting the cutting-edge research being conducted in the building. With the entire sixth floor of the building designed for both individual and team discovery, the new laboratories are providing start-of-the-art space and technology for researchers in Brown’s Center on the Biology of Aging, the new Brown RNA Center, and biomedical engineering.

Exciting news for Rhode Island’s life sciences sector! The RI Life Science Hub has taken a transformative step by approving a tentative $10M agreement with Ancora L&G to develop the state’s first dedicated life science incubator in Providence. This new facility will provide 30,000 sq. ft. of wet lab space for startup companies, addressing a critical need for research and testing infrastructure. Brown University is playing a pivotal role, committing $13M over the next decade to support the incubator, highlighting its dedication to fostering innovation and economic growth in Rhode Island. The incubator is slated to open by the end of 2025. Stay tuned for more updates!

We're thrilled to announce the RI Life Science Hub's selection of Ancora L&G to develop and operate a state-of-the-art life science incubator for commercial early-stage companies in Providence. This incubator will be funded in part by the 195 District, and will be located within 150 Richmond, a 200,000 SF lab building currently under construction at the 195 District's Parcel 25. This new incubator will be a critical component of Providence's burgeoning innovation ecosystem based here in the 195 District. https://lnkd.in/eJjdSDdS

Our partner, Pennrose, is building 127 mixed-income apartments on the 195 District's Parcel 9. We are pleased to share that they are working are Rhode Island Public Transit Authority to both bring affordable transportation options to their residents, and add a new bus shelter to the District. The first phase of the project, "Tempo," opens this fall. Construction of the second phase, "Tandem," will begin within the next few months.