EDFRI Commits to Cumberland Commerce Center
January 15, 2007
The Economic Development Foundation of Rhode Island, Inc. (“EDFRI”) announced today that they have committed to proceeding with the Cumberland Commerce Center project in the Highland Corporate Park, Cumberland, Rhode Island. As stated by Marcel Valois, Chairman of the EDFRI, “the issue of the lack of supply in Rhode Island of quality, flexible buildings has been discussed at great length by the real estate brokerage and economic development sectors. The EDFRI has decided to respond to this need by developing Cumberland Commerce Center”. “Access to quality commercial sites is central to Rhode Island’s economic growth,” says Rhode Island Economic Development Executive Director Saul Kaplan. “EDFRI’s Development of the Cumberland Commerce Center represents an important and much needed infusion of new commercial space into the market. I am certain that this development will be an invaluable asset to Highland Corporate Park and businesses looking to grow in Rhode Island.”
Cumberland Mayor David S. Iwuc lauded the announcement as continued evidence that the Highland Corporate Park/Cumberland is continually demonstrating its leadership as Rhode Island’s premiere masterplanned park. ´From day one that I took office, I have been working with the EDFRI to encourage the location of quality companies and quality development in Highland. This announcement reflects the kind of investment that I have been encouraging. The Cumberland Commerce Center project will provide an invaluable location resource to attract more quality companies to Cumberland and Northern Rhode Island.”
Cumberland Commerce Center will be developed on Lots 23 and 25 in the Highland Corporate Park in Cumberland. The project will encompass four buildings totaling up to 94,000 square feet for lease. According to Scott A. Gibbs, President of the EDFRI, the buildings will be designed to accommodate the needs of national and regional companies seeking sales and service facilities for their southern New England customers.
As explained by Gibbs,” the Cumberland Commerce Center project has been under review by the EDFRI Board of Directors for over a year. The EDFRI Board voted at its early November meeting to proceed with the project’s design and permitting”. The EDFRI has engaged the services of New England Construction Company and Narragansett Improvement Company to construct Cumberland Commerce Center. The development team also includes Vision3 Architects and Crossman Engineering. According to Gibbs, conceptual site and building design has been completed and final design and permitting stages have commenced. Building construction will commence in March 2007 with tenant occupancy possible by August 2007.
The EDFRI has already begun to market space in the Cumberland Commerce Center. A lease proposal has been submitted to a national company and information regarding the project has been distributed to many of Rhode Island’s leading commercial real estate brokers. According to Valois, “Cumberland Commerce Center offers a business location that is unrivaled in Rhode Island. Highland is strategically located in the southern New England market and offers a highly attractive environment that reinforces the images of quality companies and creates a pleasant work environment for their employees. Highland’s value to such companies has been validated by corporate leaders such as Johnson & Johnson, Procter and Gamble, Novartis, and Tiffany & Company, all of whom have established offices or facilities in Highland.” Tenants in the Cumberland Commerce Center will benefit from a comprehensive property tax stabilization ordinance recently extended by the Town of Cumberland. The project is also located in a Rhode Island Enterprise Zone which offers tax credits to eligible companies that create new jobs filled by Rhode Island residents.
Phase I of the project is being financed through a line-of-credit with a consortium of banks including Sovereign Bank, BankRI and Freedom National Bank. According to Gibbs, the EDFRI has been approached by several possible equity partners who have expressed interest in participating with the EDFRI in the Cumberland Commerce Center project. Gibbs explained that although the EDFRI has the capital to undertake the project, the EDFRI is opened to equity partners as a means to better leverage the non-profit’s capital resources. Total construction cost for Cumberland Commerce Center, once completely built-out, is projected at $6 million.
The Economic Development Foundation of Rhode Island, Inc. is a not-for-profit economic development corporation committed to the creation of quality jobs for Rhode Islanders through the attraction and retention of businesses. The EDFRI’s core business is real estate development. The EDFRI is the owner and developer of the Highland Corporate Park in Cumberland. The EDFRI is located at 1300 Highland Corporate Drive in Cumberland. Information regarding the EDFRI is available online at www.edf-ri.com
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