The Providence Foundation

30 Exchange Terrace
Providence, Rhode Island 02903
401.521.3248
fax 401.751.2434

THE PROVIDENCE FOUNDATION MISSION

The Foundation originates and advocates policies and projects for the development of downtown and the City. It plays a leadership role in planning for downtown. Its primary focus is to create an environment that is conducive to economic development and sustained investment in downtown and the creation of a vibrant neighborhood. The Foundation identifies and acts upon opportunities and targets projects and policies that have a catalytic effect; and coordinates projects and groups involved in the downtown. The Foundation brings private sector expertise to the development of policies, plans and projects. THE FOUNDATION, WORKING WITH THE CITY, IS A GENERATOR AND KEEPER OF THE VISION FOR DOWNTOWN.

THE ORGANIZATION

The Foundation is a private sector, not-for-profit organization. It is supported by 110 of the leading companies and institutions in Rhode Island. It is an affiliate of the Greater Providence Chamber of Commerce.

BACKGROUND

The Providence Foundation has been working for 30 years to revitalize downtown Providence and create a success story that will provide long term economic and social benefits to the citizens of Rhode Island. This effort is being recognized nationally. For example, the Waterplace Park/River Relocation project has received numerous awards from national groups who have cited the project as one of the nation‘s best waterfront revitalization projects.

WORKING WITH CITY OF PROVIDENCE, STATE OF RI, AND FEDERAL GOVERNMENT

Major Achievements

• Helped create the Capital Center Project including the relocation of the railroad tracks. Identified funding and worked on plan with City and State. This project laid the groundwork for developments such as the Rhode Island Convention Center and Providence Place. To date, about $1.1 billion in private investment has occurred.
• Helped spearhead the award winning river relocation project creating a new waterfront for downtown.
• Conceived the “Hurricane Barrier Alignment” for the relocation of I-195. Sponsored studies with the City and the State on the Old Harbor Plan. The State is constructing the Hurricane Barrier Alignment, which will allow for the creation of a new waterfront district in the southern section of downtown.
• Sponsored “Downcity” charrette with City of Providence, focusing attention on the need to restore the older core. The Providence Foundation has worked continuously on implementation. Since the Downcity Plan was formulated, 44 real estate projects have been completed or are underway, representing over $200,000,000 in investment.
• Co-manages the Downcity Fund and Implementing the Downtown Providence Coordinated Arts and Retail Management Program. In the last few years, over 40 new retail, restaurants, arts and service establishments have located in first floor space in downtown.
• The Providence Foundation lead the effort to form the Downtown Improvement District (DID) which operates “clean and safe” programs for downtown. The DID is a special assessment district which the Foundation co-manages.
• The Providence Foundation was a leader in several urban revitalization initiatives including helping to establish Grow Smart Rhode Island, reform of the State Building and Fire Code for rehabilitation of buildings and creation of a 30% State historic building rehabilitation tax credit. Working closely with the City of Providence, other initiatives include State enabling legislation for Business Improvement Districts and the Downcity Tax Incentive District.
• With the City, helped save the old Loew’s State Theater and create the Providence Performing Arts Center.
• Initiated, along with the Rhode Island Hospitality Association, a series of meetings and discussions that resulted in new State legislation to create a regional, comprehensive agency to develop and market tourism and conventions in Providence-Warwick.
• The Foundation established the Coalition to Save the Hurricane Barrier, which has worked closely with the City on the successful improvement program.
• Sponsored studies on the Creative Economy and the Knowledge Based Economy (with the Greater Providence Chamber of Commerce).

THE PROVIDENCE FOUNDATION
EXECUTIVE COMMITTEE MEMBERS

Frederick Butler, CHAIR
V.P. Business Ethics and Corporate Secretary
Textron, Inc.

Richard Spies, VICE CHAIR
EVP/Planning & Sr. Advisor to the President
Brown University

Arnold Chace, Jr., SECRETARY
President
Cornish Associates, L.P.

William Hatfield, TREASURER
President, Rhode Island
Bank of America