Schiavo Enterprises Granted Approval for 236,000sf Multifamily Development

Post Road - City Centre

Warwick, RI – Schiavo Enterprises of Dedham, Mass. announced it was recently granted approval for its new multifamily development at Warwick City Centre.

The development will consist of 236,000sf spread out over two 4-story buildings on 6.5 acres of land. The 214 market-rate units will be broken down into 130 one-bedroom units, 76 two-bedroom units, and 8 three-bedroom units. The two L-shaped buildings will have a central courtyard with a pool and patio area for outdoor entertainment. Additionally, a 6,500sf tenant clubhouse with lounge and exercise facilities will be provided for tenants.

The site is located across from T.F. Green International Airport and is walkable to the MBTA/Amtrak which services Boston and Providence. The property is also located next to the on/off ramp of I-95 and I-295 interstates. Warwick is the third largest city in the state of Rhode Island with a population of 82,823. It is located approximately 12 miles from Providence and 63 miles from Boston.

“We view the multifamily buildings planned at City Centre as a catalyst for more major investments in this market. The size of this development will build confidence among other developers and help invigorate this major corridor. In addition, the demand for office space has significantly declined due to the workfrom-home culture, and we feel new housing located within walking distance of rail, air, and highway will have a competitive advantage to attract young professionals to Warwick,” said Robert Schiavo, principal at Schiavo Enterprises. “The development will provide additional ongoing revenue to local businesses in the immediate area and the 6.5-acre parking lot will be converted to include hundreds of trees, shrubs and plantings that will immediately change the curb appeal on the street.”

TIMELINE:

On June 9, 2022, the Planning Board voted to approve the master plan of the development, and recommend city council approval of Schiavo’s application to rezone the 6.5-acre site alongside the on-ramp to the airport connector from Post Road from its current gateway to Intermodal zone. The board also favored the plan to build two 4-story 100+ unit apartment buildings on the property. Schiavo says the zone change plays a role in the viability of the development, especially in these inflationary times. This incentive allows for a developer to apply for a delayed schedule in setting the appraised value of the property for city taxes for 15 years provided the project is valued at $5 million or more.

On August 17, 2022, the City of Warwick granted the project a zone change into an Intermodal zone. The property could then be appraised at its undeveloped value for five years. On the sixth year, 90% of the assessed value would be exempted for the basis of taxes. That percentage would drop by 10% each year until the 15th year when taxes would be based on the full assessed valuation.

On August 4, 2023, the City of Warwick approved the development as final with all state and local authorities having signed off. Schiavo stated his next step is to close on the property in October. The project is to commence by the first quarter of 2024 and be completed within 24-30 months.