PBN March 5-18, 2-21

PROVIDENCE BUSINESS NEWS

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CELEBRATING

35 YEARS: 1986-2021

MARCH 5-18, 2021

ECONOMIC TRENDS IN THE R.I. ECONOMY

PBN SUMMIT RECAP

The recipe for recovery?

Depends on whom you ask | 18 ‘This is one of those key moments’ | 19

ONE LAST THING

Karen Santilli Commit to each other | 38

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 45 | $5

GREAT ESCAPES

Pandemic helping fuel record-setting demand for high-priced R.I. homes

BY CASSIUS SHUMAN | Shuman@PBN.com

EVEN

in a pandemic, money remains no object for the wealthy – at least for those with enough to buy one of Rhode Island’s luxury homes.

The number of high-end home sales in the state last year shot past the previous annual record, with buyers sent into a frenzy by historically low interest rates, strong financial markets and an apparent desire to find a place to escape the coronavirus crisis.

SEE DEMAND PAGE 12

STATELY SURROUNDINGS: The 9-acre Ker Arvor estate at 275 Harrison Ave., Newport, sold on Dec. 29 to a Silicon Valley tech executive and his wife, a novelist, for $7.3 million.

COURTESY LILA DELMAN REAL ESTATE

THE TOP 10 A recap of the most expensive R.I. home sales in 2020 starts on Page 12.

New wave of closures set to hit bank branches

BY NANCY LAVIN | Lavin@PBN.com

A YEAR AGO, COVID-19 forced many banks to temporarily shutter branch offices. Now some of those branches are closing again. This time, it’s permanent.

TD Bank, Citizens Bank, Webster Bank and Berkshire Bank have announced plans to close some branches across New England in 2021, in some cases slicing almost a fifth of their regional footprint.

The toll includes 40 Citizens branches in Stop & Shop Supermarkets in Rhode Island and Massachusetts, which will be replaced with interactive teller machines that offer more functionality than ATMs. Three local Webster Bank locations are also slated to close. None of the TD or Berkshire Bank branch ­closures are

FOCUS: BANKING & FINANCE

VIRTUAL HEALTH CARE SUMMIT APRIL 8, 2021 9AM For more information, turn to page 34.

SEE CLOSURES PAGE 23

CONTENTS

PBN

COVER STORY GREAT ESCAPES Pandemic helping fuel record-setting demand for high-priced R.I. homes.......................................1

FOR STARTERS

400 Westminster St. Providence, RI 02903

5Q: Angela Bannerman Ankoma.......................................... 4 Trending: Most-read stories on PBN.com, Feb. 2021.......... 5 Spotlight: Atlantic Wind Transfers........................................ 6 Something New: Bird & Bee................................................. 6 Hot Topic: Is R.I.’s priority vaccine list overcrowded?........ 7 Business Women: Owning engineering firm part of her grand design............. 8 Another Look: Acting DLT director: Small-biz ombudsman needed.......... 9 What’s Happening................................................................ 10

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5Q | 4

President & Publisher: Roger C. Bergenheim 680-4848 | Publisher@PBN.com

ADVERTISING Advertising@PBN.com Fax: 401-274-0270

EVERYBODY’S BUSINESS Bond built over shared background....................................17

Director of Sales and Marketing: Annemarie Brisson, 680-4800

PBN SUMMIT: ECONOMIC TRENDS IN THE R.I. ECONOMY

Marketing and Events Manager: Donna Rofino, 680-4832

The recipe for recovery? Depends on whom you ask........18 ‘This is one of those key moments’.....................................19

Marketing, Events & Social Media Coordinator: Tracy Hoyt, 680-4818

IT’S PERSONAL

Senior Account Managers: Linda Foster, 680-4812 Jim Hanrahan, 680-4816

People in the News.............................................................. 32 Mackay’s Moral.................................................................... 33 Dining Out: Bruce Newbury................................................ 34 Guest Column: Peter George.............................................. 35 Editorials and Opinion......................................................... 36 One Last Thing: Karen Santilli............................................ 38

Advertising Coordinator: Joyce Rylander, 680-4810

EVERYBODY’S BUSINESS | 17

EDITORIAL Editor@PBN.com Fax: 401-274-0670

FOCUS: BANKING & FINANCE

Editor: Michael Mello, 680-4820

New wave of closures set to hit bank branches The rate of brick-and-mortar bank branch closures has increased, as banks adapt to consumers’ desire to bank digitally, while also navigating the coronavirus crisis..........1

Managing Editor: William Hamilton, 680-4826 Web Editor: Chris Bergenheim, 680-4886

Can mortgage industry match heights of 2020?

Pawtucket Credit Union booked a record $370 million in mortgage volume in 2020 and CEO and President George Charette expects to see higher volume in 2021................ 22

Copy Editor: Matt Bower, 680-4824

FOCUS: ACCOUNTING/BUSINESS VALUATION & SUCCESSION

(EDUCATION, NONPROFITS)

Special Projects Editor/Researcher: James Bessette, 680-4838

FOCUS: ACCOUNTING/BUSINESS VALUATION & SUCCESSION | 27

Accountants fielding deluge of rescue calls With new and changing tax rules for pandemic financial aid, more small-business owners are seeking tax assistance from accountants........................................ 27

Revisions boost interest in special tax credit Business owners are interested in taking advantage of the Employee Retention Credit after being allowed to receive the credit and a Paycheck Protection Program loan......... 28

Staff Writers: Nancy Lavin, 680-4822 (ENERGY/ENVIRONMENT, ENTREPRENEURSHIP, FINANCIAL SERVICES)

Mary MacDonald, 680-4830 (HEALTH CARE, MANUFACTURING, REAL ESTATE/DEVELOPMENT)

Cassius Shuman, 680-4884

WHAT’S HAPPENING?

(GOVERNMENT, HOSPITALITY/TOURISM, WORKFORCE)

SUBMIT YOUR NEWS AT PBN.COM/PBNCONNECT/

Lists Rhode Island-based Banks.................................................. 24 Chief Financial Officers.......................................................30 Residential Real Estate Agencies.........................................31

PRODUCTION

www.facebook.com/providencebusinessnews

Production Director: Anne Ewing, 680-4860 Art Director: Lisa Lagreca, 680-4868

@provbusnews www.linkedin.com/company/providence-business-news

CIRCULATION PBN@cambeywest.com 1-855-813-5805

THIS WEEK’S FEATURED COMPANIES AARP Rhode Island

7

Knead Doughnuts

34

R.I. Commerce Corp.

Atlantic Wind Transfers

6

Lila Delman Real Estate

12

R.I. Convention Center

17, 18 18

Berkshire Bank

1

Little Sister

32

R.I. Department of Health

7

Bird & Bee

6

Newport Country Club

14

R.I. Department of Labor and Training

9

Brown University

7

Pawtucket Credit Union

22

R.I. Office of Library & Information Services

37

Bryant University

7, 17

Roger Williams University

22 17

Piccerelli, Gilstein & Co. LLP

27, 29

Caleb & Broad

34

Pot au Feu

34

Social Enterprise Greenhouse

CBRE/New England.

21

Providence Public Library

37

Stop & Shop Supermarkets

Citizens Bank

1

Citizens Financial Group Inc.

25

CliftonLarsonAllen LLP

29

CVS Health Corp.

7

Fairbanks Engineering Corp.

8

FR Engineering Group Inc.

8

GZA GeoEnvironmental Inc.

8

Homistic Real Estate Inc. Kahn, Litwin, Renza & Co. Ltd.

12 27, 28

Providence Warwick Convention & Visitors Bureau

18

Randall Realtors

14

Rebelle Artisan Bagel

32

Rhode Island Association of Realtors

12

Rhode Island College

17

Rhode Island Small Business Development Center

17

Rhode Island Society of Certified Public Accountants

27

2 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

Sweenor Builders Inc. TD Bank

©2021 Providence Business News Inc.

1 1 14

The Olde Theater Diner

34

The Washington Trust Co.

18, 25

University of Rhode Island

8

Xzito Creative Solutions LLC

Fax: 401-274-6580 Business Manager: Tammy D’Antuono, 680-4840

16

The Newport Daily News

Webster Bank

ADMINISTRATION

1 17

Providence Business News is published every two weeks by Providence Business News, 400 Westminster Street, Providence, RI 02903 (USPS 002-254) (ISSN 0887-8226) Periodical postage paid at Providence, R.I. POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903.

is part of your business.

www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 3

FOR STARTERS 5Q: Angela Bannerman Ankoma Vice president, Rhode Island Foundation

BY ALEXA GAGOSZ | Contributing Writer

1

You’ve been appointed to lead the Equity Leadership Initiative, a component of the Rhode Island Foundation’s three-year, $8.5 million plan to eliminate inequality and racial disparities and promote inclusion and diversity. What is the initiative?

The Equity Leadership Initiative is an effort that proposes to support the next generation of leaders in Rhode Island. There are two primary aims: to cultivate the next generation of racially diverse leaders and to facilitate opportunities for these leaders to hold positions of influence throughout the state.

2

What is it about the initiative that drew you to it?

One of my favorite quotes by Marian Wright Edelman is, “You can’t be what you can’t see.” Representation matters. Not only because it shapes what we can imagine – and make possible – but also because it makes us stronger. There is a documented lack of representation of leaders of color. For example, a 2019 report by the Association of Fundraising Professionals Rhode Island Chapter noted that while 30% of the state’s population are people of color, only 3% of CEO roles at the largest nonprofits are held by people of color.

We need to do better.

3 PBN PHOTO/RUPERT WHITELEY

What will make this different from programs already in place?

The Equity Leadership Initiative is intentional about its focus on supporting underrepresented and

often underutilized diverse talent, and it prioritizes racial equity. The initiative will also honor the lived experience of these leaders and how their leadership has been impacted by systemic racism.

4

What will it mean for the business community?

One of the key aspects of leadership is developing a succession plan.

Historically, businesses have failed to ensure that succession plans include Black, Latino, Indigenous and Asian people. The Equity Leadership Initiative hopes to change that course.

Business models are changing. Part of adapting business models requires that you have a diverse talent pool.

The initiative strives to build that diverse talent pool and to be a strategic thought-partner in making sure that there is diverse representation at key decision-making tables in our state.

5

As the director of this initiative, what are your goals within the first six months?

My goals for the first six months are to complete an assessment of existing leadership initiatives and efforts both locally and nationally, establish an advisory committee of partners and stakeholders, and launch the ­initiative. n

There is a documented lack of representation of leaders of color.

Before we speak, we listen.

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centrevillebank.com BeforeWeSpeak-text_PBN_975x428_f.indd 1 4 Centreville-38222 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

2/26/21 12:11 PM

FOR STARTERS TRENDING

Most-read stories on PBN.com, Feb. 2021

3

AP FILE PHOTO/CAROLYN KASTER

Banquet hall property in Providence sells for $1M POSTED ONLINE: FEB. 4 A 5,760-square-foot masonry building at 159 Gano St. in Providence’s Fox Point neighborhood sold for $1 million. It was owned by the Holy Rosary Band Society, a nonprofit community band associated with Our Lady of the Holy Rosary church. The new owner, Power 250 LLC, plans to redevelop the site. pbn.com/banquet-hall-property-in-providence-sells-for-1m

1

Pharmacies in R.I. to expand COVID-19 vaccine eligibility to age 65 POSTED ONLINE: FEB. 19 Pharmacies in Rhode Island will change their COVID-19 vaccine eligibility to 65 and older on Feb. 22, mirroring the shift in eligibility at state-run sites, the R.I. Department of Health said Feb. 19. The department also said CVS Health Corp. and Walgreens will expand their vaccination sites. pbn.com/pharmacies-in-r-i-to-expand-covid19-vaccine-eligibility-to-age-65

2

R.I. opening COVID-19 vaccine eligibility to 65 and older, starting next week POSTED ONLINE: FEB. 17 The state on Feb. 22 will begin allowing those ages 65 and older to receive a COVID-19 vaccine, according to the R.I. Department of Health. The state has also launched a vaccine site, VaccinateRI.org, for people to register to be vaccinated at one of the two state-run sites, the Dunkin’ Donuts Center in Providence and Sockanosset Cross Road site in Cranston. pbn.com/r-i-opening-covid-19-vaccine-eligibility-to-65-and-older-starting-next-week

5

Johnston to consider 3.9M-square-foot retail distribution center Feb. 16 POSTED ONLINE:

FEB. 2 A massive 3.9 million-square-foot distribution center, code-named Project Schooner, will be considered by the Johnston Planning Board on Feb. 16. An application filed by the Bluewater Property Group to construct a six-story retail distribution facility at 2120 Hartford Ave. with a footprint of 823,522 square feet will require dimensional variances from the city’s zoning department and master plan approval. pbn.com/johnston-to-consider-3-9m-square-foot-retail-distributioncenter-feb-16

6

Lifespan and Care New England reach final merger agreement, Brown to provide $125M POSTED ONLINE: FEB. 23 pbn.com/lifespan-and-care-new-england-reach-final-merger-agreement-brown-to-provide-125m

COURTESY SWEENEY REAL ESTATE & APPRAISAL

4

R.I. business owner says a minimum wage hike could endanger his ‘solvency’ POSTED ONLINE: FEB. 9 Bob Wheeler, owner of Pawtucket-based dog day care business Friends of Toto LLC, says a wage hike to $15 per hour that state lawmakers are considering could lead him to increase costs while having to reduce his staff of 14 and/or eliminate health benefits and a 401(k) matching plan.

That, he said, could spell “big trouble” for his business. pbn.com/r-i-businessowner-says-a-minimum-wage-hike-couldendanger-his-solvency

COURTESY BOB WHEELER

7

R.I. expands vaccinations to people 65 and older, although others report receiving shots POSTED ONLINE: FEB. 22 pbn.com/r-i-expands-vaccinations-to-people-65-and-older-althoughothers-report-receiving-shots

8

R.I. to receive 40% more vaccine starting next week, up to 22.5K doses per week POSTED ONLINE: FEB. 17 pbn.com/r-i-to-receive-40-more-vaccine-starting-next-week-upto-22-5k-doses-per-week

9

Raimondo makes staff changes as she prepares to depart for Washington POSTED ONLINE: FEB. 23 pbn.com/raimondo-makes-staff-changes-as-she-prepares-to-departfor-washington

10

Many in R.I. frustrated by vaccination registration system POSTED ONLINE: FEB. 12 pbn.com/many-in-r-i-frustrated-by-vaccination-registration-system

Rate T. F. Green Airport and enter for a chance to win a $10,000 Dream Trip, courtesy of T+L. Vote at PVDairport.com www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 5

FOR STARTERS SOMETHING NEW

SPOTLIGHT

PROVIDING ANSWERS: Kate Naranjo launched the Bird & Bee startup last year to help women better understand their body when it comes to fertility, hormonal, postpartum and overall health.

PBN PHOTO/KATE WHITNEY LUCEY

Coaches empower women

BY ALEXA GAGOSZ | Contributing Writer

KATE NARANJO WAS GOING through her own challenges with women’s and reproductive health and didn’t feel as though she was getting the support she needed.

“We’re not broken,” Naranjo said of women seeking answers to some of their most pressing questions on fertility, hormonal, postpartum and overall health.

“We’re just not informed. We certainly didn’t learn these things in sex ed.”

Naranjo started Bird & Bee, a self-funded startup that began last year, which pairs integrative health coaching with hormonal health and cycle charting for a full-body approach to women’s health and wellness. She has four employees that work for the brand so far, including one medical provider and three integrative health coaches. They spend up to two hours a month with face-to-face contact with each of their clients.

In some cases, clients are looking for a holistic approach to health that doesn’t require a prescription slip. In other cases, the Bird & Bee team will connect clients with a network of medical professionals that Naranjo built.

“I want someone to understand what is going on with their body. To do that, we have to disrupt the narrative to women’s health by making them feel empowered instead of confused,” said Naranjo. n

DOCKED: Charlie Donadio Jr., founder, CEO and president of Atlantic Wind Transfers, stands on board the Atlantic Pioneer, one of two vessels his company uses to transport technicians and equipment to offshore wind turbines for repairs and maintenance.

COURTESY ATLANTIC WIND TRANSFERS

Fixing turbines is a breeze Boats used to repair offshore wind turbines

BY CASSIUS SHUMAN | Shuman@PBN.com

A SPECIALLY EQUIPPED BOAT NAVIGATES turbulent seas, landing its rubber nose smack against the steel foundation of a monstrous offshore wind turbine, delivering technicians to make repairs and perform maintenance tasks.

This is the mission of Atlantic Wind Transfers, a company that transports personnel and equipment to offshore wind farms in the Atlantic Ocean. It is the first-of-itskind business in the United States.

The business involves a $4 million, 62-foot-long catamaran playing chicken with a wind turbine to transport personnel to an offshore wind farm. The boat, known as a crew transfer vessel, has a specially designed rubber bumper that adheres to a wind turbine’s steel foundation.

“It’s the coolest part, and the scariest part, of the operation,” said Charlie Donadio Jr., founder, CEO and president of the North Kingstown-based company, noting that captains are trained to “avoid obstacles when docking” a boat.

“This is the exact opposite of what they are taught,” he said. “In this case, they’re trying to hit something softly. That something is steel out in the open ocean amid high winds and tides.”

Donadio spent years researching the business in the United King-

dom and Europe before landing the contract to service the Block Island Wind Farm. He said he did his homework, consulting with Seacat Services in the U.K., and built the company with “a lot of hard work and persistence.”

“It’s in my DNA to be persistent,” said Donadio, who began operating the business six years ago. “When you become an entrepreneur, you can’t stop thinking about your business. You have to always keep thinking about it. It’s like a curse, but a good curse.”

Building the business, a complement to his Rhode Island Fast Ferry Inc. business, did not come easy. Donadio said it took repeated phone calls to then-Deepwater Wind LLC CEO Jeffrey Grybowski to land his first contract. That was when the Block Island Wind Farm was still in its permitting stage.

Atlantic Wind Transfers now operates two crew transfer vessels: the Atlantic Pioneer and Atlantic Endeavor. The company began servicing the Block Island Wind Farm in 2016, and the Dominion Energy-

OWNER: Charlie Donadio Jr.

LOCATION: 1347 Roger Williams Way, North Kingstown

TYPE OF BUSINESS: Offshore wind farm marine crew transfer

6 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

EMPLOYEES: 12

owned Coastal Virginia Offshore Wind Farm in December. The Pioneer is stationed in Rhode Island and the Endeavor in Virginia.

Donadio’s career began in 1995 with what he called “a summer business.” That is when he owned and operated the Southland Riverboat, a 150-passenger vessel that offered sightseeing cruises in Point Judith.

Three years later, he founded Island Hi-Speed Ferry LLC, which operated the first high-speed ferry to Block Island from Point Judith.

Donadio sold his ownership interest in 2003 to start up Rhode Island Fast Ferry, operating a high-speed ferry to Martha’s Vineyard.

Donadio said his sights are always set on “growing and diversifying” his business. “You have to look into the future with your business,” he said. “You have to have that vision. I am always looking forward.”

The bottom line to achieving success, said Donadio, is that it comes down to a lot of hard work and persistence.

“You have to have persistence when you’re building a business,” he said. “You can’t wait for the phone to ring. You have to make the calls. You have to chase down your dreams, and you have to make it happen.” n YEAR FOUNDED: 2015 ANNUAL REVENUE: WND

FOR STARTERS HOT TOPIC

Is priority vaccine list overcrowded?

BY MARY MACDONALD | MacDonald@PBN.com

EDUCATORS AND CHILD CARE EMPLOYEES are poised to become a COVID-19 vaccination priority for Rhode Island, which raises a question for everyone else in line.

Given the still-limited supply of vaccine, is it possible the state has too many prioritized groups?

Gov. Daniel J. McKee’s promise that educators will be a priority for the vaccine now that he is governor got a boost recently from President Joe Biden, who said he wanted states to get teachers vaccinated by the end of March.

But in the list of groups waiting for those first doses, Rhode Island also has people who have significant health issues such as diabetes and cancer that could make them more vulnerable to the virus, as well as residents of communities in Providence and Pawtucket that have experienced disproportionate illnesses and hospitalizations in the pandemic.

The state is still struggling to reach them, according to R.I. Department of Health data released on March 3.

Vaccine deployment in hard-hit communities has reached only a fraction of the population.

The education workforce, including child care employees, numbers

more than 16,000 in Rhode Island.

Where will they fit in the mix, and is it fair?

One person who thinks it is time for teachers, given the recent increase in vaccine supply, is Gary Sasse, founding director of the Hassenfeld Institute for Public Leadership at Bryant University.

There is growing concern that children are falling behind academically, he said.

“We’re not dealing with absolutes,” Sasse said. “There are no perfect decisions in this. What would have been an inappropriate decision two months ago, you have to view differently

when X percentage of older people, or people considered most vulnerable, have the vaccine.”

Others are concerned the state is once again moving to an employmentbased focus that is more cumbersome to administer.

In a statement, Kathleen Connell, the state director for AARP Rhode Island, said its members are concerned about the disruption in the planned order. “We share our members’ concerns when changes made in the state plan disrupt what was once promised as being age-prioritized,” she said.

Other observers see it as “good politics” on the part of McKee, who supported charter schools, which are unpopular among public school ­teachers.

“Gearing up for what looks to be a potentially tough primary battle for the nomination for governor in

‘There are no perfect decisions in this.’

GARY SASSE, Hassenfeld Institute for Public Leadership founding director

2022, he will need key allies, or at the very least, not to make enemies of such a strong force in Democratic politics in Rhode Island,” said Wendy J. Schiller, Brown University political science professor.

Early in the vaccination planning, educators were to be included in phase two, after health care workers, nursing homes and people aged 75 or older. That idea was scrapped as the state moved to a system based on age, health condition and geography.

McKee, who has long advocated for teachers to be prioritized, said in January that he never meant to displace people who were older and more vulnerable to the virus.

He had not released specifics of his new plan, as of March 3.

But he spoke recently with Connecticut Gov. Ned Lamont, whose state started vaccinating teachers on March 1. He said he would review that plan, as well as one in Massachusetts, set to begin March 11.

On March 3, McKee noted that CVS Health Corp. had already adjusted its eligibility to allow teachers and educators to register for the vaccine at its pharmacies, in line with what Biden recommended. “We need to make sure that is a top priority right now,” he said. n

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2/12/20212021 7:08:17 AM www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, | 7

FOR STARTERS | BUSINESS WOMEN

Owning engineering firm part of her grand design

BY SUSAN SHALHOUB | Contributing Writer

AS

far back as she can remember, Stephanie Robat wanted to be an engineer.

Her father, Robert Fairbanks, owns Fairbanks Engineering Corp. in Exeter.

She can recall him working for himself and being able to coach her athletic teams when she was younger, with control over his own schedule. “My mother jokes that my father was whispering ‘engineering’ into my crib when I was born,” she said.

If that’s true, the whispering worked.

Now, Robat is president and owner of FR Engineering Group Inc. of Warwick, a geotechnical, geostructural and waterfront engineering firm. Her husband, Shane – like her, a University of Rhode Island graduate, is the company’s vice president. The “FR” in the company name represents Stephanie’s maiden name, Fairbanks, and Shane’s last name, Robat.

The couple is working in the same sector as Robert Fairbanks, providing services such as ground improvements, slope stability, replacement seawalls, revetments, floating docks and drilled pier walls to real estate developers, private property owners, companies,

public agencies and utilities, among other clients.

But before opening her firm, Robat carefully honed her experience and education.

She spent four years as a project engineer at her father’s firm and four years after that working as a marine engineer at GZA GeoEnvironmental Inc. in Providence while completing her master’s degree in civil engineering at URI. Robat then worked for nearly two years as a project engineer in Denver before she returned home to open her own company.

Robat launched the firm in 2019 and began slowly building a client list, only to have COVID-19 hit not long afterward. From a marketing standpoint, she remembers planning to attend networking events to promote the new company, events that were all canceled.

But Robat said construction was luckily not an industry as drastically affected by the virus. There was a hiccup in activity, but overall, businesses in the sector forged ahead.

“Some municipalities put future projects on hold to figure out budgets,

HANDS ON: Stephanie Robat, owner of FR Engineering Group Inc., prepares to examine a core sample brought up by a drill rig on a work site in ­Warwick.

PBN PHOTO/MICHAEL SALERNO

‘Every project is different.

We are never doing the same thing twice.’

STEPHANIE ROBAT, FR Engineering Group Inc. president 8 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

or there was a lull in public bids for design phases. But we have not seen too much of a downturn in the amount of work,” Robat said. “As we were very new, we weren’t starting with a full docket overall anyway.”

In some ways, FR Engineering’s experience is similar to more established firms during COVID-19. She and Shane Robat were already working out of a home office as a new firm at the same time other engineering companies transitioned from corporate offices to home offices to abide by social-distancing guidelines.

The firm continues to stay the course and steadily build its client list. Robat said that geotechnical, geostructural and waterfront engineering delivers a sense of satisfaction that keeps motivation high and reinforces her career choice. There are no boring days at the office.

“Every project is different,” she said. “We are never doing the same thing twice. There are similarities, but every project is a giant problemsolving exercise, which involves determining issues, figuring out how to work around them and working outside the box,” she said. “This makes each project interesting and gives each its own unique personality.”

The type of work a client requires dictates when FR Engineering is involved, Robat said, and can vary greatly. The firm is more of an upfront consultant for geotechnical work, for example, when a project is in planning phases. For oversight work, they can be involved on the tail end. Waterfront design – which Robat likes best due to its creative nature – can require FR Engineering to be part of the team from start to finish.

“It all depends on how long planning and construction take,” said Robat.

As a URI graduate, it brought Robat a special sense of pride when FR Engineering was chosen as part of the geotechnical engineering team that helped design the new, 200-foot pier at the university’s Bay Campus in Narragansett. The pier, which workers started constructing in 2020, is needed to accommodate URI’s new research vessel, Resolution.

Robat said being a woman in construction calls for thick skin. Though she’s seen more female representation in the male-dominated field, she has still witnessed sexist comments and hostile attitudes. Her father taught her to never take anything personally, as contractors and engineers just don’t always get along anyway, no matter the gender, especially as project complications develop and deadlines loom.

“It’s business,” Robat said. “My father has always been big on the fact that you just can’t take too many things to heart. There can be tension, and you can’t take it personally.”

Another important lesson from her father is one of work-life balance. She remembers him joining the family on the slopes during ski season. “Living your life is very important and he’s always been an example of that,” she said.

Robat aims to do the same, striving to succeed on both fronts. n

PBN.COM | ANOTHER LOOK Acting DLT director: Small-business ombudsman needed

We think you deserve a spot on our wall.

BY CASSIUS SHUMAN | Shuman@PBN.com

(Editor’s note: A version of this story was first published on PBN.com on Feb. 25.)

PROVIDENCE – Matthew Weldon, acting director at the R.I. Department of Labor and Training, said he would like to institute a small-business ombudsman at DLT to play a role in aiding small businesses.

“We don’t have dedicated resource lines staffed at a level necessary to be responsive to the business community,” said Weldon in an interview with PBN. “The idea [with an ombudsman] is to provide a consistent voice to the community, and an ear to the community, so we can hear what their concerns are, work with them on issues that range across what DLT does, not just unemployment.”

Weldon previously served as the DLT’s assistant director. He assumed the acting director role on Feb. 23 when DLT Director Scott R. Jenson stepped down as part of staff changes in the Raimondo administration as the governor prepared to depart for her role as U.S. Secretary of Commerce.

Weldon has been a guest every Tuesday on Lt. Gov. Daniel J. McKee’s Facebook live town hall meetings. The acting director said he also hopes to create a dedicated hotline for businesses that allows the department to be more responsive during the pandemic.

“I have always said in my government career that government is not always the most agile of things; however, it should be responsive,” Weldon said. “You should be able to get your call answered or get an answer out of an agency when your business depends on it. And we’re going to do that.”

Weldon also said the DLT is “laserfocused” on helping the unemployed.

Recently, there has been a decline in the number of unemployment claims filed with the state. The department announced on Feb. 23 that pandemic unemployment assistance program filings totaled 3,997, a decline from 5,443 one week prior. COVID19-specific filings for the week totaled 6,664, a decline from 12,617 one week prior. To date, COVID-19 unemployment insurance filings in the state total 395,607.

“Our claim numbers have gone down a little bit over the last two to three weeks,” said Weldon. “That is a good thing. We would attribute that to a couple of things. One is a rebounding economy, with the easing of some of the restrictions, and people getting back to work.”

The second, he said, is the DLT’s handling of the unemployment fraud scheme that has plagued it for the past year. Weldon said implementation of

new technology “is grabbing claims at the beginning and preventing them from being filed, if certain indicators are present.”

The third, he said, is a combination of a decline in weekly certifications and people’s claims ending. “It’s good because it means people are going back to work, but it also unfortunately means that some people’s claims are coming to an end,” said Weldon, noting that some claimants are part of the newly created federal 50-week program.

The program is the federal pandemic unemployment assistance program, and it is geared toward gig economy workers, self-employed workers and people that wouldn’t usually qualify for unemployment.

The question becomes, what about individuals who have exhausted their benefits and remain unemployed?

“We can target those individuals and try to provide help, and that is what we’re absolutely going to do,” said Weldon. “I urge people to check our website for information. We update it daily. They can also call our call center. They should try many times. They will get through. We are helping about 1,000 callers a day.”

Weldon said he is hopeful that Congress “will pass further extensions and increase its programs.” If federal stimulus is passed, he said the DLT “will communicate with those people who have fallen off of benefits to let them know what they have to do at that time.”

Weldon is accustomed to operating amidst a crisis. He began at DLT in 2011 as chief of program development “at the tail end of the recession.”

“We had a difficult time responding to our customer’s needs,” said Weldon. “We have done a lot in the last 10 years to make improvements.” n

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STEPPING UP: Matthew Weldon is acting director of the R.I. Department of Labor and Training.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 9

e

FOR STARTERS | WHAT’S HAPPENING Leading with confidence

TODAY’S SPECIAL: The Rhode Island Small Business Development Center will hold a one-hour seminar on March 10 in which business owners can ask consultants about issues related to restaurants.

COURTESY FEDERAL HILL COMMERCE ASSOCIATION

AN ONLINE WORKSHOP, titled “Overcome The Imposter Syndrome & Lead with Greater Confidence,” will offer attendees tools on how to boost selfconfidence and improve their quality of life, both personally and professionally.

FRIDAY, MARCH 5, 3-4 P.M. Free

THE EAST BAY CHAMBER of Commerce will hold a WEBOND women’s meeting in which resources and education for women and their businesses will be shared and provided.

Registration is required.

TUESDAY, MARCH 9, NOON TO 1 P.M. $5

Online.

Online.

INFO AND REGISTRATION: eventbrite. com/e/career-boost-overcome-theimposter-syndrome-lead-with-greaterconfidence-tickets-140307039131?aff=e bdssbdestsearch

INFO AND REGISTRATION: web. eastbaychamberri.org/events/ WEBOND-Womens-meeting-5560/ details

Growing with Google

THE RHODE ISLAND Small Business Development Center will hold a onehour walk-in seminar in which business owners and individuals can ask RISBDC consultants about matters related to restaurants. Maggie Longo and Nemo Bolin from the RISBDC will lead the discussion.

WEDNESDAY, MARCH 10, 11:30 A.M. TO 12:30 P.M. Free

THE CENTER FOR WOMEN & Enterprise, in partnership with the Rhode Island Small Business Development Center, will hold a webinar on how business owners can create or claim your business profile on Google, manage your business information across Google Search and Maps, and use Google My Business to connect with potential customers.

TUESDAY, MARCH 9, NOON TO 1 P.M. Free

Online.

Online.

INFO AND REGISTRATION: risbdc.org/workshop.aspx?ekey=70410016

INFO AND REGISTRATION: cwewbc. ecenterdirect.com/events/976660

EDITOR’S CHOICE

Walk-in advising on restaurants

Bonding with professionals

Mixing it up THE TRI-TOWN CHAMBER of Commerce will host a virtual mixer networking event, in which attendees can socialize and meet with other business professionals, entrepreneurs and executives in a casual setting via Zoom with a cocktail. Registration is limited to 25 attendees.

WEDNESDAY, MARCH 10, 4:30-5:30 P.M. Free Online.

Interested in having your businessrelated event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.

Can you feel the excitement? nominations & applications now being accepted at PBN.com #PBN40Uforty

For sponsorship and advertising opportunities, contact 680.4800 or Advertising@PBN.COM 10 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

WHAT’S HAPPENING | FOR STARTERS INFO AND REGISTRATION: tritownchamber.org/events/details/ virtual-mixer-lets-do-some-networking6827?calendarMonth=2021-03-01

Bolster your relationships THE CENTRAL RHODE ISLAND Chamber of Commerce will hold its virtual morning coffee networking session, which will allow attendees to connect and strengthen relationships to help grow their business. An attendee will also be randomly chosen to receive a $25 gift certificate to a Chamber member business of their choice.

THURSDAY, MARCH 11, 9-9:45 A.M. $5/members; $10/nonmembers Online.

INFO AND REGISTRATION: centralrichamber.com/events/17045/ virtual-morning-coffee

Chamber job bank THE GREATER NEWPORT Chamber of Commerce will hold a workshop on subsidized employment. Sarah Burke and Brian Hannon of the East Bay Community Action Program will lead the workshop, showing employers from small businesses how to bring someone on board but not on the payroll until employers determine if a good fit has been made.

THURSDAY, MARCH 11, 10-10:30 A.M. Free Online.

INFO AND REGISTRATION: newportchamber.com/events/details/ office-hours-chamber-job-bank5833?calendarMonth=2021-03-01

Making new connections RHODE ISLAND Business Networking will host a Network After Work event.

Attendees can participate at home or in their offices and should bring a drink of choice to meet other business owners, entrepreneurs, executives and other professionals to exchange ideas and build business relationships with one another.

THURSDAY, MARCH 11, 6-8 P.M. Free Online.

INFO AND REGISTRATION: rinetworking.com/event/virtualcocktails-and-connections-14

Childhood education ONE SOUTHCOAST CHAMBER of Commerce will hold a summit discussion involving business individuals and how to explore options and build new consensus in addressing early childhood education. Greg Shell, managing director of Bain Capital, will

deliver the event’s keynote address.

FRIDAY, MARCH 12, 9-11:30 A.M. Free Online.

INFO AND REGISTRATION: members. onesouthcoast.com/events/details/ early-childhood-summit-498208

Pitch your business THE TRI-TOWN CHAMBER of Commerce will hold a networking session in which attendees will be asked to give a 60-second pitch on who they are and what they do, and then be part of an open discussion with other members. Registration is required due to limited space.

TUESDAY, MARCH 16, 11 A.M. TO NOON. Free Online.

INFO AND REGISTRATION: tritownchamber.org/events/details/ building-connections-with-networking6829?calendarMonth=2021-03-01

Learn about SBA resources THE CENTER FOR WOMEN & Enterprise will hold a workshop on how entrepreneurs can better understand programs and services that are offered by the U.S. Small Business Administration. Topics to be discussed are the SBA Resource Partner

Network, access to capital, loans for emergency preparedness and disaster assistance, and assistance on international trade and exporting.

TUESDAY, MARCH 16, 12:30-2 P.M. Free Online.

INFO AND REGISTRATION: cwewbc. ecenterdirect.com/events/976652

Cybersecurity awareness THE RHODE ISLAND Small Business Development Center will hold an educational workshop on cybersecurity and how important it is for you and your business. The Cybersecurity Maturity Model, which provides steps relating to what a business needs to do to protect confidential information and has five levels, will be discussed.

THURSDAY, MARCH 18, 11 A.M. TO NOON. Free Online.

INFO AND REGISTRATION: risbdc.org/ workshop.aspx?ekey=70410017

UPCOMING PBN EVENT: The 2021 Manufacturing Awards Program will be held virtually at 4 p.m. on Wednesday, March 31.

For more information, visit PBN.com.

For sponsorship opportunities, contact Advertising@PBN.com.

www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 11

LUXURY HOMES DEMAND CONTINUED FROM PAGE 1

Economic uncertainty and a tight supply of highpriced homes on the market – which thrust valuations even higher – did little to scare off well-heeled house hunters. The sales of homes with a price of $1 million or more climbed to a record-setting 433 last year, far above the previous high mark of 274 reached in 2019.

In addition, after no Rhode Island homes sold for more than $10 million in 2018 and one surpassed that mark in 2019, four coastal Rhode Island homes fetched more than $10 million in 2020. That included a house on half an acre of land next door to pop singer Taylor Swift’s waterfront mansion on Watch Hill in Westerly. Swift’s new neighbor bought the

2

49 INDIAN AVE. | MIDDLETOWN

And many out-of-state buyers see rising real estate prices in Rhode Island as still affordable in comparison to areas where the cost of living is greater.

“I have been in the business for 16 years, with a high volume of transactions under my belt … I have never seen one quite like this,” said Leann D’Ettore, president of the Rhode Island Association of Realtors and owner of Homistic Real Estate Inc. in Cranston. “The demand and value appreciation were more prominent than anything I have seen.”

An example of that value appreciation can be seen in Rhode Island’s top sale for 2020 – a 14-room house on Indian Avenue in Middletown, located on nearly 5 acres overlooking the Sakonnet River, just north of Third Beach.

Built in 1850, the estate had been home to FranCONTINUES ON PAGE 14

614 BELLEVUE AVE. | NEWPORT

PBN PHOTO/ARTISTIC IMAGES

COURTESY LISETTE ROONEY

1

7,900-square-foot, shingle-style home at 12 Bluff Ave. for $11.8 million on Dec. 30.

There’s little to indicate that the luxury market will cool off anytime soon, according to many in the real estate industry.

While mortgage interest rates are forecast to climb at some point in 2021, other factors are expected to remain the same – including a large number of people who are untethered from the office, working remotely and looking to shift from urban areas such as Boston and New York City to less-dense locales along the coast.

“This is an unprecedented lifestyle shift,” said Cynthia Moretti, a broker at Lila Delman Real Estate in Newport. In the pandemic, affluent buyers want “a sense of security, health safety and privacy in an exclusive environment that is all their own,” she said.

PRICE: $12,264,000 | DATE SOLD: March 27, 2020

PRICE: $14,300,000 | DATE SOLD: Aug. 14, 2020 BUYER: Flint Point LLC

BUYERS: Diane B. Wilsey Revocable Trust and Diane B. Wilsey trustee

BROKER: NA

BROKER: Mott & Chace Sotheby’s International Realty (seller)

BATHROOMS: 4 full, 1 half | BEDROOMS: 9

BATHROOMS: 15 full, 1 half | BEDROOMS: 19

PREVIOUS PRICE: Last assessed at $4,575,200 in 2017.

PREVIOUS PRICE: Last assessed at $10,955,500 in 2020.

SELLERS: Ruth H. Buchanan RET and Todd Traina trustee

SELLER: Frances J. Sherman

YEAR BUILT: 1859

YEAR BUILT: 1850

LIVING SPACE: 16,500 square feet

LIVING SPACE: 4,691 square feet

12 BLUFF AVE. | WESTERLY

4

33 BAY ST. | WESTERLY COURTESY GEB MASTERSON

COURTESY MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY/JUSTINE CHANG

3

PRICE: $11,800,000 | DATE SOLD: Dec. 30, 2020

PRICE: $10,403,000 | DATE SOLD: May 7, 2020

SELLER: Francis Jenkins

SELLER: James Barnes

BUYER: 12 Bluff Avenue LLC

BUYER: D Trust

BROKER: Mott & Chace Sotheby’s International Realty (seller)

BROKER: Mott & Chace Sotheby’s International Realty (buyer and seller)

BATHROOMS: 7 full, 2 half | BEDROOMS: 9

BATHROOMS: 6 full, 3 half | BEDROOMS: 6

PREVIOUS PRICE: Sold for $1,775,000 in 1987.

PREVIOUS PRICE: Sold for $3,200,000 in 2003.

YEAR BUILT: 1905

LIVING SPACE: 7,881 square feet

12 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

YEAR BUILT: 2005

LIVING SPACE: 6,417 square feet

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LUXURY HOMES CONTINUED FROM PAGE 12

ces J. Sherman, once the matriarch of The Newport Daily News, and was assessed at $4.6 million by the town as recently as 2017. The property sold in a private transaction last August for $14.3 million – more than three times the town’s valuation. Public records show that the buyer is a limited liability company called Flint Point with an address in a luxury high-rise in Boston.

The high end of the market wasn’t alone in seeing record numbers.

Across the board, D’Ettore said Rhode Island posted the highest number of home sales and prices since the association started keeping track in 1988.

There were 11,602 single-family homes sold in 2020 and into the first week of January 2021, according to data provided by the association. That eclipsed the mark of 11,043 in the same period a year ago. The 2020 number bests the old record of 11,309 sales in 2017. The median price also rose from $285,000 in 2019 to $319,000 last year.

At least one company is casting doubt on the staying power of those value increases. Fitch Ratings Inc., an influential provider of credit ratings, research and analysis for financial markets, estimated that home prices nationwide were 5.5% overvalued in the third quarter of 2020 – and 10% to 14% overvalued in Rhode Island.

Fitch noted that personal income trended down in late 2020, the economic recovery slowed and

‘My gut feeling is that this high-end luxury market is going to last for a while.’

JEFF SWEENOR, Sweenor Builders Inc. founder, CEO and president

41 LEDGE ROAD | NEWPORT

6

SALES SURGE The total number of homes sold for $1 million or more in Rhode Island was 433 in 2020, a 58% increase over 2019 sales and significantly more than in any previous year for the last 15 years.

YEAR

UNITS MEDIAN HIGH SALE PRICE SALE PRICE

2020

433

$1,550,000

$14,300,000

2019

274

$1,350,000

$17,600,000

2018

254

$1,382,500

$9,000,000

2017

253

$1,360,000

$13,500,000

2016

193

$1,457,000

$16,100,000

2015

184

$1,400,000

$15,000,000

2014

176

$1,500,000

$12,000,000

2013

148

$1,386,500

$14,000,000

2012

175

$1,495,000

$16,000,000

2011

111

$1,600,000

$11,650,000

2010

118

$1,395,625

$7,800,000

2009

85

$1,560,748

$6,510,000

2008

138

$1,550,000

$7,750,000

2007

190

$1,433,750

$15,700,000

2006

188

$1,313,000

$17,150,000

2005

186

$1,387,500

$5,500,000

SOURCE: RHODE ISLAND ASSOCIATION OF REALTORS

1859, for the $12.3 million asking price in March 2020.

The transaction ranked second on the list of the top 10 Rhode Island home sales of the year, but why wasn’t the price driven higher? It was a family matter. San Francisco socialite Diane B. Wilsey used a revocable trust to buy the 16,500-square-foot “cottage” that had been owned by her mother, Dow Chemical heiress Ruth Buchanan, since the early 1960s. Buchanan died in November 2019 at 101.

It has been a different situation for most buyers.

Among real estate agents, stories abound of homes being under contract within days of listing, cash sales and offers well beyond asking prices.

CONTINUES ON PAGE 16

260 BEAVERTAIL ROAD | JAMESTOWN COURTESY MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY

COURTESY LILA DELMAN REAL ESTATE

5

unemployment remained elevated – factors that the agency said won’t support sustainable price growth.

But local real estate agents said no matter the economic forecasts – which have far less effect on the luxury market – the demand is there and it’s not waning. “Right now, we are experiencing a market where the need for housing is stronger and more important than any other factor,” D’Ettore said.

“Again, this all stems from very high demand – the highest demand we have ever seen.”

Mortgage interest rates have helped fuel the buying spree. The national average on 30-year, fixedrate home loans steadily descended from 3.72% in December 2019 to an unheard-of 2.68% in December 2020.

Seemingly, the only thing that might dampen the number of transactions in 2021 is the lack of homes being put up for sale.

Typically, six months of inventory indicates a balanced market for supply and demand. Yet, the supply of homes on the market stood at 2.6 months in January 2020 and shrank to 1.4 months by December.

In Rhode Island as of late February, 185 singlefamily homes and 32 condominiums were listed with asking prices at or above $1 million.

Realtors say they’ve never seen the supply of homes for sale so low, and it has ratcheted up an already strong seller’s market, setting up situations in which prospective homeowners pounce once houses are listed. Bidding wars have given way to bidders being asked to simply submit their “highest and best” offer upfront.

“There is no question that we are deep in a seller’s market,” said Shannon Buss, broker associate at Randall Realtors. “Prior to COVID-19 hitting, we were already experiencing inventory lows. When the virus hit, out-of-state buyers flooded our coastal markets, which made a tough market the fiercest I have ever seen.”

Indeed, homes overlooking coastal scenes continue to fetch the highest prices by far. Of Rhode Island’s top 10 sales in 2020, only one – a 9-acre estate known as Ker Arvor on Harrison Avenue in Newport – isn’t located along the water. The property, across the road from the entrance to Newport Country Club, sold for $7.3 million to a Silicon Valley technology executive and his wife, a novelist.

The buyer of a Newport mansion along the Cliff Walk at 619 Bellevue Ave. avoided any bidding battles and purchased the Beaulieu estate, built in

PRICE: $9,400,000 | DATE SOLD: Feb. 24, 2020

PRICE: $9,125,000 | DATE SOLD: Aug. 3, 2020

SELLERS: Grazyna and Andrew Sadanowicz

SELLERS: Patricia Young and Paul Hamilton

BUYER: Dirty Water LLC

BROKER: Lila Delman Real Estate (buyer and seller) YEAR BUILT: 1926

BATHROOMS: 6 full, 2 half

| BEDROOMS: 6 LIVING SPACE: 8,100 square feet PREVIOUS PRICE: Sold for $5,000,000 in 2014.

14 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

BUYERS: John D. Russell and Pgmp T

BROKER: Mott & Chace Sotheby’s International Realty (buyer and seller) YEAR BUILT: 2004

BATHROOMS: 4 full, 2 half | BEDROOMS: 5 LIVING SPACE: 6,555 square feet

PREVIOUS PRICE: Sold for $1,600,000 in 1998.

March 25 Tune in to NBC 10 beginning with Sunrise and continuing throughout the day’s newscasts.

In partnership with NBC 10 WJAR, we will celebrate Rhode Island Hospital’s excellence in care at the inaugural Day of Giving.

To learn more, visit rihdayofgiving.org.

I

“

can’t tell you how many times I’ve heard, ‘You have to go to Boston for that,’” says Bill Nichols. “The truth is, we already have the best right here.”

In late 2015, the Nichols’ world turned upside down when Bill’s wife of 40 years, Laurie, was diagnosed with lymphoma. With connections to the renowned hospitals to our north, the Rumford couple took the trek for Laurie to be seen at the city’s most-respected cancer hospitals.

“They told me we had great doctors in Rhode Island and treatment would be the same,” recalls Laurie. “So we opted to stay close to home.”

A treatment plan including high-dose chemotherapy was successful and Laurie’s cancer was in remission the following April. Just 3 months later, the family was shocked to learn Bill had pancreatic cancer— a tumor the size of a pea pinching his bile duct.

“There was just no need to leave the state for cancer care—we already knew that,” adds Bill.

That July, Bill had his tumor removed in Providence, undergoing a complex, 10-hour surgery known as a Whipple procedure. The operation was followed by chemotherapy and radiation to safeguard against his disease returning.

“The cancer center at Rhode Island Hospital not only saved my wife’s life, it also saved mine.”

Today, Laurie and Bill are cancer-free. “It’s amazing, this place saved both our lives,” says Laurie.

You can meet the Nichols and hear more about their journey during Day of Giving on March 25.

—Bill Nichols

MR. AND MRS. ANTHONY CALANDRELLI

Thank you to our media sponsor

www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 15

LUXURY HOMES 42 LEDGE ROAD | NEWPORT

PRICE: $8,600,000 | DATE SOLD: April 9, 2020

8

15 SPRAY ROCK ROAD | WESTERLY COURTESY LILA DELMAN REAL ESTATE

COURTESY LILA DELMAN REAL ESTATE

7

PRICE: $7,500,000 | DATE SOLD: Sept. 10, 2020

BUYER: 42 Ledge Road LLC

BUYERS: Rebecca and Christopher Soder

SELLER: Marion Charles

SELLER: Mark Laracy

BROKER: Gustave White Sotheby’s Realty (buyer); Lila Delman Real Estate (seller)

BROKER: Lila Delman Real Estate (buyer and seller) YEAR BUILT: 1919

YEAR BUILT: 1880

BATHROOMS: 3 full, 1 half | BEDROOMS: 6

BATHROOMS: 9 full, 1 half | BEDROOMS: 11

LIVING SPACE: 5,000 square feet

LIVING SPACE: 12,367 square feet

PREVIOUS PRICE: Sold for $5,765,000 in 2003.

PREVIOUS PRICE: Last assessed at $7,357,100 in 2018.

CONTINUED FROM PAGE 14

“I represented many sellers and sold many homes in 2020 and every homeowner that I represented will attest to how rewarding it was to sell their home this year,” said D’Ettore.

At the same time, the COVID-19 pandemic has altered what buyers are looking for in a new home – they’re willing to pay more for increased square footage, home offices and gyms, and plenty of outdoor entertaining space.

Lawrence Yun, chief economist at the National Association of Realtors, foresees another banner year – with his projections calling for a 10% rise in home sales across all value levels nationwide. The median home price is forecast to jump 8%, according to a report by Yun. “Some markets have performed exceptionally well throughout the pandemic and they’ll likely carry that momentum well into 2021 and beyond

CYNTHIA MORETTI, Lila Delman Real Estate broker because of strong in-migration of new residents, faster local job market recoveries and environments conducive to work-from-home arrangements and other factors,” Yun said.

Jeff Sweenor’s custom-homebuilding business is benefiting.

Sweenor, founder, CEO and president of South Kingstown-based Sweenor Builders Inc., said his firm has more than a dozen projects lined up into 2023, ranging from extensive renovations on newly purchased homes to teardowns and rebuilds.

82A WARRENS POINT ROAD | LITTLE COMPTON

PRICE: $7,300,000 | DATE SOLD: Nov. 5, 2020 BUYERS: Elizabeth and Stephen Knight

SELLERS: Virginia and David Merriman

BROKER: Realty One Group Executives (buyer); Mott & Chace Sotheby’s International Realty (seller) YEAR BUILT: 1920

10

Most of Sweenor’s jobs are along the coast – particularly in Narragansett – and many are involving buyers from the urban centers of New York and Boston who see properties in uncongested southern Rhode Island as a bargain.

Sweenor called the influx of wealthy out-of-state buyers “transformative” for his business.

“And there is a whole other wave of inventory coming our way from architects,” he said. “My gut feeling is that this high-end luxury market is going to last for a while.” n

275 HARRISON AVE. | NEWPORT COURTESY LILA DELMAN REAL ESTATE

COURTESY MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY

9

‘This is an unprecedented lifestyle shift.’

PRICE: $7,285,000 | DATE SOLD: Dec. 29, 2020 BUYERS: Margaret Chai and Sean Maloney SELLER: Ker Arvor LLC

BROKER: Gustave White Sotheby’s Realty (buyer); Lila Delman Real Estate (seller) YEAR BUILT: 1931

BATHROOMS: 4 full, 5 half | BEDROOMS: 5

BATHROOMS: 9 full, 5 half | BEDROOMS: 9

PREVIOUS PRICE: Last assessed at $6,356,400 in 2020.

PREVIOUS PRICE: Sold for $985,000 in 1982.

LIVING SPACE: 8,018 square feet

16 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

LIVING SPACE: 12,500 square feet

EVERYBODY’S BUSINESS Bond built over shared background

BY MARY MACDONALD | MacDonald@PBN.com

(Editor’s note: This is the seventh installment in a monthly series speaking with minority business owners and leaders.

Each will be asked their views on minority-business conditions in the state and for ways to improve those businesses’ chances for success.)

JESHUA ZAPATA MET JUAN and Jairo Gomez when they were teenagers participating in the Upward Bound college preparatory program. Zapata grew up in Central Falls. The Gomez brothers, who are twins, grew up in Pawtucket. The three boys connected over a shared culture: their parents had all immigrated to the U.S. from Colombia.

Within months of graduating from their respective colleges – Zapata from Bryant University and the Gomez brothers from Rhode Island College – they launched a marketing and webdesign business.

Now based in Johnston, Xzito Creative Solutions LLC – a play on “exito,” the Spanish word for “success” – has expanded into sales growth and development, working primarily with midsize companies that employ an external sales force.

The business employs 11 people, in addition to a stable of 10 regular contractors.

The three co-founders are bilingual and Xzito has worked with a variety of Latino entrepreneurs and businesses over the years, but the company’s target market is much wider.

The founders’ approach has mirrored their early rise. They seek out new opportunities and forge relationships that will both help them grow and give back to the community, including by advising young entrepreneurs and helping to break the stereotyping they sometimes encountered.

When asked if he had encountered racism as a business owner, Zapata said it sometimes came in the form of questions. “You have a portion of the population who doesn’t look at that,” he said of judgments about age, nationality or gender. “Another portion of the population, the questions they might ask you, the comments they make, the facial expressions they make. Some people clearly tell you.

“I had a situation where a gentleman, you could clearly tell he felt uncomfortable. I had to tell him, look, just because I’m 24 years old doesn’t mean I don’t have experience solving the problem. I don’t want to say it was because we were just Hispanics, but it was because we were young entrepreneurs.”

From modest beginnings, a small office in a shared building in Pawtucket, to their current offices, which the company purchased, Xzito has grown steadily over the past 17 years.

When the business was started, each partner joined full time only when the business would support them. The lean attitude has continued throughout the years.

The only debt Xzito took on was the U.S. Small Business Administration loan the owners used to buy their building, at 2820 Hartford Ave. in Johnston. “It’s primarily been self-funded,” Jairo Gomez said. “We didn’t really need a lot of capital.”

Along the way, Zapata and his co-founders have consistently given startup advice to other entrepreneurs, using the platform of Social Enterprise Greenhouse and other business development organizations. Soon after they started, they connected to business development programs at what is now R.I. Commerce Corp., after being encouraged by an acquaintance who worked there.

“One of the things the three of us did is we would actually host a lot of public speaking at the start of the company,” Zapata said. “Every single month, we presented to small-business owners.” They have also given back to the program that was their beginning, bringing on high school interns from Upward Bound.

Zapata said he can see himself in some of these young business owners.

“Whenever someone is an entrepreneur, they’re trying to be a creator,” Zapata said. “I can see someone’s passion in trying to build something, and that’s very exciting to see.”

BUSINESS BUILDER: Jeshua Zapata and his friends Juan and Jairo Gomez started a marketing and web-design business when they graduated from college. Seventeen years later, Xzito Creative Solutions LLC is still going strong.

PBN PHOTO/ELIZABETH GRAHAM

Jeshua Zapata Xzito Creative Solutions LLC co-founder

1

Do you believe racism is keeping minorities from starting businesses in the Ocean State or from succeeding when they do?

I believe everyone has a fair opportunity at exploring a problem within a customer segment and creating value in the marketplace.

No institution was like, “Hey, just because you’re Hispanic-owned, we’re not going to give you an opportunity to do business with us.” But I could certainly see that for some people, being Hispanic and being young – we were 22, 23, 24 years old – that was something they were not used to seeing. We had to break the stereotype.

2

How dependent is your business on the support of other minority groups? Is that a sustainable business model?

I think that goes for any entrepreneur. When we first started, there was this vision and this desire to provide value to our customers with what we offered. But we turned to different groups. We turned to Commerce Rhode Island, [and asked] how can you folks help us?

What kinds of programs do you folks have?

They referred us to the [Rhode Island Small Business Development Center], which got us coaches.

3

What could Rhode Island do to help minority-owned businesses succeed?

The state could help individual entrepreneurs based on industry, the maturity of the firm and language of preference to ensure that they are aware of programs, opportunities and laws.

4

Are you aware of any minority-owned businesses that have been forced to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly?

From our experience, we have never had any problems obtaining a loan or any assistance programs for banks or other institutions.

5

If a minority entrepreneur asked you where they could turn to for support for their business, where would you direct them?

I would direct them to all the different resources that I took advantage of when I started our company, Small Business Development Center, Goldman Sachs [10,000 Small Businesses], Social Enterprise Greenhouse, etc. n

I had a situation where a gentleman, you could clearly tell he felt uncomfortable. www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 17

FEBRUARY 18, 2021

INTO THE FUTURE: Mark K. W. Gim, bottom left, The Washington Trust Co. president and chief operating officer, provides his outlook for the Rhode Island economy at PBN’s Economic Trends Summit on Feb. 18.

Also participating in the virtual event were, clockwise from top left, Thomas Tzitzouris, director at Strategas Research Partners; PBN Editor Michael Mello; Alden Anderson Jr., CBRE/New England senior vice president and partner; and Kristen Adamo, Providence Warwick Convention & Visitors Bureau CEO and president.

The recipe for recovery?

Depends on whom you ask

BY NANCY LAVIN | Lavin@PBN.com

POINT

of view matters, perhaps now more than ever.

Indeed, panelists at Providence Business News’ Economic Trends Summit on Feb. 18 painted very different pictures of the devastation wrought by the COVID-19 pandemic and the way out, dependent upon industry, business size, location and other factors.

While keynote speaker and panel moderator Thomas Tzitzouris, director at Strategas Research Partners, criticized federal aid as “overstimulating” spending and creating a “lasting legacy” of inflation, panelist Mark K. W. Gim, president and chief operating officer at The Washington Trust Co., framed it ­differently.

Acknowledging Tzitzouris’ view of “overly accommodative” federal support, Gim urged attendees of the virtual summit to consider other perspectives. As the federal government tries to extinguish the metaphorical inferno of the pan-

demic, it may not be as concerned with aiming its firehose too specifically, as long as it puts out the fire, Gim said.

And for hard-hit small businesses such as the ones using the Westerly-based bank to apply for Paycheck Protection Program loans, government relief programs are a “lifeline,” Gim said.

Using another analogy, he said, “If the medicine doesn’t taste good but it helps the cure, maybe that’s an ill we have to accept in the short run to get to a more stable place in the long run.”

Another panelist called for more targeted spending of future stimulus dollars, particularly to help Providence’s tourism and hospitality industry. Kristen Adamo, CEO and president of the Providence Warwick Convention & Visitors Bureau, said that while southern Rhode Island and its beaches are poised to benefit from an expected travel rebound, the capital city is set to see another summer of major losses.

That’s because the urban core’s tourism is driven by large-scale entertainment and corpo-

18 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

rate events, none of which can return without mass vaccinations.

Also a problem is the lack of access to the R.I. Convention Center, which since early on in the pandemic has been outfitted to be a field hospital and testing facility. It could take more than two months to convert the building back to a convention center when the time comes, which will exacerbate the city’s ability to bounce back, Adamo said.

“I feel like I’m yelling that the sky is falling, but in Providence, it really is,” said Adamo, estimating that the city lost $70 million in direct spending in 2020 from events booked through her organization that have been canceled or postponed, about $50 million of which came through events at the convention center.

Some state programs, such as the Take it ­Outside grants administered through the R.I. Commerce Corp., helped her industry survive.

SEE RECOVERY, PAGE 21

ECONOMIC TRENDS IN THE R.I. ECONOMY | PBN SUMMIT

Sometimes the the most important important connection is aa human one. one.

GOING UP? Thomas Tzitouris, director at Strategas Research Partners, forecasts that 30-year mortgage rates may hit 3.5% by the end of the year, which he said would end the wave of refinancing activity and slow home purchases in 2022.

‘This is one of those key moments’

BY NANCY LAVIN | Lavin@PBN.com

WHILE MANY AMERICANS SEE the COVID-19 vaccine as the barometer of their year, Thomas Tzitzouris is watching a very different event to determine how 2021 will play out.

Tzitzouris, director at New York City-based Strategas Research Partners, named the fate of Federal Reserve Chairman Jerome Powell as the “wild card” for 2021.

In a keynote address during Providence Business News’ Economic Trends Summit on Feb. 18, Tzitzouris explained how differences between Powell’s treasury philosophy and that of President Joe Biden – specifically over whether to try to suppress what is expected to be a steeper yield curve due to inflation and rising interest rates – might lead to Biden ousting the Trump-appointed central bank chief.

If Biden sacks Powell in the third quarter of this year, the bond market will panic, sending the alreadyweakened dollar plummeting down by 60 to 80 basis points in the third quarter, and an even more severe 80- to 100-basis-point decline in the fourth quarter. This bond market “tantrum,” as Tzitzouris described it, jeopardizes not only the financial market but the country’s entire economic recovery.

“This is one of those key moments of the decade we believe materially changes the long-term trajectory of the financial market in the U.S.,” he said.

Rhode Island will be particularly hard-hit. Its situation was tenuous before the pandemic, due to struggles

to align the skills of its workforce with the needs of growth sectors and because of credit weaknesses hampering municipal governments. And the continued consequences of structural unemployment and job losses put Rhode Island high on the list of states to see severe economic “deaths of despair” over the next decade, according to Tzitzouris.

Federal stimulus, including aid to the state and municipalities, as well as strong housing-market activity – particularly in mortgage refinancing – offer the state some temporary relief. But these solutions will only temporarily “paper over” the longterm problems underneath, he said.

“If Rhode Island has not found a long-term driver of growth by 2023, we’re going to be right back in the same position we were 12 months ago,” he said.

Tzitzouris refrained from outlining a definitive prescription of how the state might find this elusive driver of growth, encouraging a market-driven mindset.

“Stop trying to pick the successful industry,” he said. “Make the SEE KEYNOTE, PAGE 21

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ECONOMIC TRENDS IN THE R.I. ECONOMY | PBN SUMMIT RECOVERY

tor, thanks to the huge demand for e-commerce, Anderson said.

CONTINUED FROM PAGE 18 Evidence of that can be found in the $300 million retail distribution facility proposed for JohnBut others such as the Rhode Island Hotel, Arts & ston. Amazon.com Inc. is rumored to be behind Tourism Grant Program, also through R.I. Comthe project, and if approved, the facility will be 3.8 merce, came too late in the season to make much million square feet and employ 1,000 workers by difference, Adamo said. its estimated 2023 completion date.

That the state economic development agency Anderson named growing the state’s supply has not yet hired a top tourism official in the of fully permitted, “pad-ready” industrial warenearly 10 months since the former chief marhouse space as an important way to capitalize on keting officer stepped down is also a concern, this economic shift, noting the lack of available Adamo said. industrial space as a barrier to economic developGim, meanwhile, thought R.I. ­Commerce ment, and the tight should focus on supply – the vacancy workforce develrate stood at 1% – opment through could get tighter this education, skills year because there training and even are already deals in the housing that progress. workers will look Another topic, for if they move brought up by an here. The panaudience member, demic’s impact on further illustrates the KRISTEN ADAMO, Providence Warwick low-wage jobs has divide across indusbeen significant, he Convention & Visitors Bureau CEO and president tries. said, and the state Advocates say should take the raising the minimum wage is long overdue and eslead in efforts to retrain these workers in induspecially important right now to help the low-wage tries poised for growth. workers hurt most by the pandemic.

Alden Anderson Jr., senior vice president and The increase might help a restaurant worker, partner for CBRE/New England, touted the “think for example, but would very likely hurt the ownoutside the box” strategy Commerce Secretary ers of the restaurant itself, which generally operStefan Pryor and former Gov. Gina M. Raimondo ates on such narrow profit margins that dramatic implemented through inventive public-private wage hikes may not be feasible, Adamo said. partnerships and tax credits to major employers Tzitzouris also cautioned against dramatic as one he hoped to see continue. wage increases, which will squeeze small busiSome sectors have held their own, or even nesses that don’t have the ability to pass on the thrived during the pandemic. Among them is higher costs to customers. residential real estate – partly because of low “It encourages the substitution of capital for interest rates, Gim said. And home improvement labor,” he said, adding that a gradual increase to businesses are seeing a boom, too. $15 per hour by 2025 would be manageable. n Another success story is the industrial sec-

‘I feel like I’m yelling that the sky is falling, but in Providence, it really is.’

KEYNOTE CONTINUED FROM PAGE 19

­ conomy broadly attractive and let industries e decide how to expand.”

Generally, Tzitzouris pushed back against government interference. He criticized the federal stimulus packages for “overstimulating” consumer spending and, in some cases, decreasing business investment without creating a needed long-term structural change.

At the state and local level, too, he advocated for a hands-off approach. Instead, he encouraged the state to listen to its business community, which, in his view, is continuing to complain that taxes and other fees make the cost of doing business too high.

High taxes and red TZITZOURIS tape violate property rights, he said, which, along with human rights, comprise what he believes to be the “secret sauce” to encouraging productivity, and in turn, economic growth.

One area in which state support may be crucial is support for modernizing the housing stock in the southern areas of Rhode Island, which could help attract young professionals fleeing New York City and Boston. Tzitzouris, a Rhode Island native who lives in North Kingstown and commuted to New York before the pandemic, called this a critical opportunity to grow the population, build infrastructure and drive spending to the state. n

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www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 21

FOCUS | BANKING & FINANCE

Can mortgage industry match heights of 2020?

BY CASSIUS SHUMAN | Shuman@PBN.com

ROCK-BOTTOM

interest rates have driven the volume of mortgage originations through the roof for financial institutions, but can that level of business continue in 2021?

George Charette, CEO and president of Pawtucket Credit Union, believes it can.

Charette recalled how when the pandemic struck last spring, he told the credit union board members that the institution would have to increase its loan-loss provisions – money set aside in anticipation of defaults – because he believed many homeowners would struggle to make mortgage payments in a faltering economy.

But not only did defaults remain low amid the coronavirus crisis, the credit union saw a surge in borrowers seeking new home loans or refinancing existing ones. PCU booked a record $370 million in mortgage volume for 2020, up from $277 million in 2019, which was the credit union’s second-highest annual mark.

That type of jump was seen throughout the lending industry, and Charette said he doesn’t expect the trend to end in 2021, at least not at PCU. “We’re looking at our volume being higher in 2021 than it was last year,” he said.

“Refinancing has not ended,” Charette added. “We are at 2.875% for a 30-year fixed mortgage, which is the lowest rate I have seen. I never thought I would see a number that low. And I have been in banking since the late ’70s.”

He noted that current interest rates are lower than in 2018, when they hovered around 4.75% to 5%. “So, a lot of the refinancing we’re seeing now is a lot of those loans,” said Charette.

At the same time, Charette is not surprised the Mortgage Bankers Association is predicting that refinancing will slow considerably in 2021. After all, forecasts call for the mortgage interest rates to climb this year.

If refinancing starts to decline, it should not have a significant financial impact on PCU, the state’s second-largest credit union at $2.6 billion in assets. “We can offset whatever we lose through other

UPWARD TREND: George Charette, CEO and president of Pawtucket Credit Union, says the credit union is expecting its mortgage volume in 2021 to be higher than last year, when it booked a record $370 million in mortgage volume, as people took advantage of historically low interest rates.

PBN PHOTO/RUPERT WHITELEY

‘The decline is going to be driven by a drop in refinance volume.’

JOEL KAN, Mortgage Bankers Association vice president of economic and industry forecasting 22 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

means, and that is by gaining more volume on the purchase side,” Charette said.

Indeed, many economists believe that house sales – and, in turn, purchase-loan volume – will continue to grow beyond 2020 numbers, even if real estate prices and the cost of borrowing continue to rise.

It’s something Scott Mackey, an associate finance professor at Roger Williams University, has experienced firsthand recently as he was house hunting in the region and was priced out of purchasing a home.

“It’s about the haves and have nots,” said Mackey, noting that friends and family members experienced a similar fate of losing out to buyers with more money to offer.

“Housing prices have really priced a lot of people out of the market.”

What’s feeding the frenzy? Mackey said some of it can be attributed to factors such as a population shift from urban areas to the roomier suburbs during the pandemic and an increase in people working from home and wanting better surroundings. Lower interest rates are giving prospective buyers more purchasing power.

And those who have already purchased have lowered monthly payments through refinancing. “I know some people who refinanced their homes twice,” Mackey said. “Unlike with the 2008 financial crisis … [people’s] personal saving rates went up and their consumption dropped” during the pandemic.

That has led to “better-capitalized households,” he said.

Still, the Mortgage Bankers Association is expecting an overall decline in mortgage originations for the next two years as interest rates increase.

“The decline is going to be driven by a drop in refinance volume,” said Joel Kan, the association’s associate vice president of economic and industry forecasting.

Kan said the forecast is that rates will climb from below 3% now to almost 3.5% by the end of the year.

“That half a percentage [point] difference is going to cut off a lot of refi volume,” he said.

He warned, however, that nothing is guaranteed. The COVID-19 pandemic could spur more government intervention and actions by the Federal Reserve that could influence the mortgage industry in unexpected ways.

Mackey said the things that are certain are “rising interest rates, bond prices falling and yields rising,” as the country digs out of a recession.

Charette agreed, and echoed Kan’s sentiment, noting that “there is one wild card. That is – what will be the final impact on businesses and individuals of the pandemic?”

Charette said his bank will see some loan losses in the future, as some homeowners default on mortgages because of financial hardships from the pandemic.

“We don’t know when,” he said.

“We don’t know to what extent. That may be the end of this year and into 2022. We are hoping, with the way we underwrite loans, that the impact will be relatively light.” n

BANKING & FINANCE | FOCUS CLOSURES CONTINUED FROM PAGE 1

in Rhode Island or southeastern Massachusetts. Bank branches have been disappearing from the landscape for years, but the pace appears to be increasing.

The number of branches nationwide shrank 14% between 2008 and 2020, including a 5% drop since 2017, according to a report by the National Community Reinvestment Coalition based on Federal Insurance Deposit Corp. data as of June 30, 2020. While the first half of 2020 saw a lower rate of branch closures compared with previous years – likely due to a lack of mergers and acquisitions during the pandemic – the flurry of closing announcements that came in the fourth quarter will drive up the year-end totals, said Jason Richardson, the coalition’s director of research and evaluation.

The pandemic’s impact on how consumers and businesspeople are conducting their banking – more on laptops and cellphones rather than in person – cannot be discounted, though several bank leaders in statements said the closings had already been planned.

CONTINUES ON PAGE 25

GONE SOON: This Webster Bank branch on Main Street in East Greenwich is one of three Webster locations in Rhode Island and southeastern Massachusetts set to close in the coming months. Webster has 10 Rhode Island branches now.

PBN PHOTO/ELIZABETH GRAHAM

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www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 23

FOCUS | RHODE ISLAND-BASED BANKS (ranked by total assets) FOCUS | RHODE ISLAND-BASED BANKS (ranked by total assets) 2021 rank

1 2020: 1

Company | Website CEO/President

Address Phone

Total assets 1 Total deposits 1

Net loans & leases 1 Net income (loss) 1

CLOSER LOOK Total branches Total ATMs

Year founded

Re-ranked by newest banks:

1 Citizens Bank N.A. | citizensbank.com Bruce Van Saun, chairman and CEO; Keith Kelly, president, Rhode Island

1 Citizens Plaza Providence, R.I. 02903 (401) 456-7000

$183.4 bil. $150.3 bil.

$125.6 bil. $1.1 bil.

72 171

1828

Independence Bank Year founded: 2003

2

Freedom National Bank Year founded: 2001

3 2

2020: 2

The Washington Trust Co. | washtrust.com Edward O. Handy III, chairman and CEO

23 Broad St. Westerly, R.I. 02891 (401) 348-1200

Bank Rhode Island Year founded: 1995 $5.7 bil. $4.4 bil.

$4.2 mil. $70.7 mil.

22 124

1800

LIST RESEARCHED BY James Bessette

3

2020: 3

Bank Rhode Island | bankri.com Paul A. Perrault, CEO and president, Brookline Bancorp Inc.; Mark J. Meiklejohn, CEO and president, Bank Rhode Island

1 Turks Head Place Providence, R.I. 02903 (401) 456-5000

$3.3 bil. $2.6 bil.

$2.3 bil. $11.9 mil.

20 40

1995

NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS March 19: Commercial & Industrial Services, General Contractors; April 2: Rhode Island Independent Insurance Agencies, Software Development Companies

4

2020: 4

BankNewport | banknewport.com Sandra J. Pattie

10 Washington Square Newport, R.I. 02840 (401) 846-3400

$2.1 bil. $1.7 bil.

$1.6 bil. $17.1 mil.

18 36

1819

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

FOOTNOTES j Data is for banks only, not holding companies, as reported to the Federal Deposit Insurance Corp. as of Dec. 31, 2020.

5

Centreville Bank | centrevillebank.com Harold M. Horvat, chairman and CEO

1218 Main St. West Warwick, R.I. 02893 (401) 827-9100

6

Home Loan Investment Bank F.S.B. | homeloanbank.com Brian J. Murphy, chairman and CEO

1 Home Loan Plaza Warwick, R.I. 02886 (401) 272-5100

$377.1 mil. $336.2 mil.

$299.3 mil. $5.8 mil.

3 5

1959

Freedom National Bank 2 | freedomnationalbank.com Anthony A. Botelho, president

584 Putnam Pike Smithfield, R.I. 02828 (401) 244-6600

$144.2 mil. $121.9 mil.

$126.4 mil. ($31000)

2 2

2001

Independence Bank | independence-bank.com Robert A. Catanzaro, president

1370 South County Trail East Greenwich, R.I. 02818 (401) 886-4600

$67.8 mil. $46.5 mil.

$39.5 mil. $790000

1 1

2003

2020: 5

2020: 6

7

2020: 7

8

2020: 8

$1.9 bil. $1.5 bil.

$1.3 bil. $12.1 mil.

8 14

1828

1 Data is for banks only, not holding companies, as reported to the Federal Deposit Insurance Corp. as of Dec. 31, 2020.

2 Freedom National Bank was sold to Bristol County Savings Bank on July 31, 2020. The financial information noted from the bank is as of the date of the merger with Bristol

County Savings Bank.

24 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

 Freedom National Bank was sold to Bristol County Savings Bank on July 31, 2020. The financial information noted from the bank is as of the date of the merger with Bristol County Savings Bank.

BANKING & FINANCE | FOCUS CONTINUED FROM PAGE 23

It’s typical for banks to routinely review whether foot traffic and deposits in branches are worth the costs of real estate, equipment and employees, said R. Scott Siefers, managing director for Piper Sandler Cos. and who covers Citizens parent company Citizens Financial Group Inc. “But what we have seen over the course of the last year might otherwise have taken place over the course of the next five years,” Siefers said.

The sudden closure of branches early in the coronavirus crisis also tested whether the digital banking services could bring in the customers and market share that historically come from brick and mortar.

Berkshire Bank, for example, saw business increase even when branches closed, thanks to its digital offerings, said Cristina Feden, Berkshire’s senior vice president and regional president of eastern Connecticut and Rhode Island.

While Feden described Berkshire’s strategy as one that balances inperson relationships with digital and mobile banking, technology is the top investment for future growth.

“If you don’t have a good online banking platform, mobile platform, it’s hard to bring in new business,” Feden said. “That technology is increasingly critical.”

The shift to digital banking also lets banks reach beyond geographic boundaries. There may not be Citizens Bank branches in California, but a West Coast customer can deposit money just as easily through mobile banking apps, Siefers said.

Of course, Citizens won’t have the name recognition in California that it enjoys in Rhode Island, where more than 80 locations are still open. And the rise of fintech firms vying for these same customers through digital channels means competition is fierce.

The best strategy to grow in a new market is offering a better price – namely, better interest rates on deposits.

“They can lead with price to attract a new customer, make him or her sticky, then be less aggressive in the pricing,” Siefers said. “Once you have a customer in the door, it’s more about excellence in delivery of products than anything.”

Still, competitive rates require an upfront cost to the bank, which was less appealing than the investment in physical expansion for at least one community bank. The Washington Trust Co. is preparing to open its 24th branch in the spring – this one in East Greenwich – while eyeing expansion to northern Rhode Island and the East Bay.

‘Banks are going to be in net reduction mode for a long time.’

National, regional and local financial institutions bank on our legal assistance.

R. SCOTT SIEFERS, Piper Sandler Cos. managing director

Banking and Finance – Count on Us. Mark K. W. Gim, Washington Trust president and chief operating officer, said the company continues to see branches as a worthwhile investment despite a consumer shift toward digital banking.

“If you didn’t open locations, you have to think about what it takes to induce customers to come and do business with you,” Gim said.

Washington Trust by no means eschews technology. But in-person relationships have a track record, both through customer satisfaction and the hundreds of millions of dollars in deposits through brick-and-mortar branches, Gim said.

Richardson, too, said personal relationships, particularly for smallbusiness customers, are difficult to replicate on computer screens, and he feared the en masse branch closures nationwide may hurt small-business access to capital in the future.

“Loaning money to a business is not the same as a credit card or mortgage that’s data-driven,” he said. “To try to make [small-business loans] completely algorithm-driven can be a problem if your business doesn’t have a good long history of income.

Whereas if you have that relationship with a banker, and they know you, it’s easier.”

Banks that have announced closures did not say whether additional branches will close in the coming year. But Siefers anticipated more were coming for at least the next several years.

“It may not be the 5 to 10% of branches that we’re seeing now, but banks are going to be in net reduction mode for a long time,” he said. n

Our Banking and Finance Group Robert A. Migliaccio | Alyssa V. Boss 301 Promenade Street, Providence, Rhode Island 02908 Phone 401.331.5700 | Fax 401.331.5787 | www.cm-law.com

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26 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

ACCOUNTING/BUSINESS VALUATION & SUCCESSION | FOCUS Accountants fielding deluge of rescue calls

BY MARY MACDONALD | MacDonald@PBN.com

ACCOUNTANTS

never really go out of style, but after a year of pandemic, they’re having a moment in the spotlight.

Between federal tax law changes, new programs designed to help small businesses and a crush of people with new complexities in their personal finances, more people are running for professional help in preparing taxes.

More small businesses, whose owners used to make their way through software programs, are also seeking help organizing payroll.

After working with small-business owners on state grant programs, including those that require them to document income and losses in 2020, Melissa Travis, CEO and president of the Rhode Island Society of Certified Public Accountants, said it became clear that many need more professional assistance. She estimated that half of the businesses she worked with this year did not apply for federal or state programs because they didn’t have the accounting support.

“Some of them are using paper receipts,” she said.

“Even on a good day, a lot of these businesses were barely understanding what they needed to do, what they needed to keep reporting,” Travis said.

“And the [federal] legislation keeps changing.”

With state programs, including the “pause” grants and others, businesses have to document their losses. “To apply for these programs, at the core of any of these programs, you have to provide the documentation and proof of your losses,” Travis said. Because they didn’t have that professional accounting, “they left money on the table,” she said.

Several accountants contacted recently by PBN said they had more business this season because of increased phone calls from existing clients and new clients.

Some professionals are turning away new clients because they’re fully booked. But Travis and other professionals said business owners should still seek out help. Travis said the Rhode Island CPA association is offering free CPA service to any small business that needs help obtaining a Paycheck Protection Program forgivable loan or other federal programs related to the pandemic.

“If they call me, I’ll work at 2 o’clock in the morning for them. All they have to do is say they need help,” she said. “Most of these businesses are so frazzled, they can’t even think. I worked with one and she just started crying.”

The volume of changes in tax law and accounting requirements for the various pandemic-related programs have encouraged more businesses to seek help, said Laura Yalanis, a CPA and partner of the

EXTRA BUSY: Laura Yalanis, a CPA and partner of the tax services group for Kahn, Litwin, Renza & Co. Ltd., says the increasing complexity of tax laws, particularly in the wake of pandemic aid, has increased requests for help from tax filers.

PBN PHOTO/MICHAEL SALERNO

tax services group for Kahn, Litwin, Renza & Co. Ltd. Many individual taxpayers who traditionally have used software programs to file their tax returns are now finding that it’s too complicated, Yalanis said.

“There has been so much new tax law that has come out in the last two to three years, it’s insane,” she said. “I don’t know how a normal person, with a little bit of complexity, how they would be able to prepare their own returns. And forget about businesses because business [taxes] have become a lot more complicated.”

Some of the wrinkles include determining whether the pandemic, which forced many people to work from their homes in other regions, now requires the business to file a return in multiple states. Although many states have waived the requirement, traditionally when a worker lives in another state and works for a business, the business has to file in that state too. “A lot of the states passed emergency measures to waive those rules.

Some of them only lasted a certain time frame, so we’re going to be looking at that for our clients too,” Yalanis said.

‘Most of these businesses are so frazzled, they can’t even think.’

MELISSA TRAVIS, Rhode Island Society of Certified Public Accountants CEO and president

How to file for PPP forgiveness is a concern for many businesses, as well. And the credit for employee retention is another filing requirement for many businesses.

Patricia A. Thompson, a CPA and partner at Providence-based Piccerelli, Gilstein & Co. LLP, said businesses need help with the family-leave provisions in the Coronavirus Aid, Relief and Economic Security Act, which requires small businesses to pay someone if they stayed home with COVID-19, or to care for someone with the infection. She’s seeing more inquiries from existing clients and more calls from prospective clients.

Software programs serve a purpose, she said, but for anything with complexity, using those programs could be a mistake.

“It would probably be fine for someone who is just an employee,” she said. “But as soon as you switch over to a business, they’re going to follow the software and the software is not going to know everything about you, and it’s not going to give you that much guidance.”

Much of the legislation passed by Congress over the past year is left to interpretation at this point.

“It’s grey in some areas,” Thompson said. “That additional guidance is needed from the IRS in order to comply.”

CPAs are typically up to date on that guidance.

The economic impact of the pandemic also will affect whether individual business owners can qualify for more relief. If their income dropped in 2020, they may be eligible for the stimulus payments that they otherwise would not qualify for, Thompson said.

“It is very complicated,” she said. n

www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 27

FOCUS | ACCOUNTING/BUSINESS VALUATION & SUCCESSION Revisions boost interest in special tax credit

BY NANCY LAVIN | Lavin@PBN.com

A $5,000-PER-EMPLOYEE TAX credit may sound like a great incentive.

But the Employee Retention Credit rolled out under the Coronavirus Aid, Relief and Economic Security Act in March failed to entice many businesses in the nine months that followed.

The main problem, according to local accountants, was the requirement that applicants could not also receive a forgivable loan through the Paycheck Protection Program.

“We could see very few scenarios where a business would benefit from [the credit] over a PPP loan,” said Michael Garcia, a partner in enterprise solutions for Kahn, Litwin, Renza & Co. Ltd. Fast forward to February, and Garcia’s

CREDIT COUNSELOR: Michael Garcia, a partner in enterprise solutions for Kahn, Litwin, Renza & Co. Ltd., has been spending a lot of time fielding questions from clients about the Employee Retention Credit.

COURTESY KAHN, LITWIN, RENZA & CO. LTD.

28 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

ACCOUNTING/BUSINESS VALUATION & SUCCESSION | FOCUS firm has been immersed in all things ERC: hosting webinars, sending emails and talking one-on-one with clients interested in applying for the credit – and crunching the numbers to determine if it could help them.

The spike in interest came thanks to the Consolidated Appropriations Act of 2021, which removes the stipulation that recipients cannot receive both PPP and the credit. Now, eligible applicants – those shut down by government order or with a 50% cut in total revenue for one quarter of 2020 compared with the same time the year prior – can retroactively apply to receive the credit for last tax year. The bill also extends the credit through the first half of 2021, reducing the demonstrated revenue loss to 20%, and upping the per-employee credit from $5,000 per year to $7,000 per quarter.

Anthony J. Mangiarelli, also a partner at KLR, in a panel discussion hosted by Providence Business News in February, called the changes to the credit an “inside-the-park home run” for eligible businesses.

“It could be very helpful,” Patricia A. Thompson, a partner at Piccerelli, Gilstein & Co. LLP, said of how the amended tax credit program could affect businesses’ bottom lines, particularly those with larger staffs, which would translate to more credits.

Certain industries, such as hospitality, tourism and food services, stand to benefit most – not only because they are most able to meet the eligibility requirements but also because continued restrictions and fear surrounding travel, large events and indoor dining have severely limited their ability to bounce back.

The 50% revenue loss requirement for 2020 is a “high hurdle” for applicants to meet, though having to prove only 20% revenue losses for 2021 will ease that burden, said David Fontes, a principal at the Cranston offices for CliftonLarsonAllen LLP, which acquired Blum Shapiro & Co. PC earlier this year.

“The devil is in the details,” said Fontes. “The only way to know for sure [if a business qualifies or would benefit] is to go ahead and model it

‘The devil is in the details.’

DAVD FONTES, CliftonLarsonAllen LLP principal

out.”

And that modeling is best done with a certified public accountant. To those trying to crunch the numbers themselves, Fontes offered a skeptical “good luck.”

Amid surging interest in the credit, most accountants are advising clients against going ahead with amending 2020 filings or banking on the credit in their 2021 tax plan.

That’s because the IRS has not yet said how the wages eligible for tax credit interact with those funded by the PPP loans.

Businesses can’t use both a PPP loan and a tax credit to cover the same set of wages. This kind of “double dipping” is why Congress likely made the two programs mutually exclusive to begin with, Garcia said.

The problem lies with businesses that have already applied for forgiveness on their 2020 payroll loans.

While federal guidance allows PPP recipients to spend up to 40% of their loan on certain expenses other than payroll, many simply dumped all the dollars into paying their wages to be safe and not overcomplicate things.

But in doing so, they unknowingly diminished the amount of payroll they have left over for which to apply the credit. Ideally, they should be able to repurpose those additional wages beyond the 60% threshold for PPP forgiveness to the credit, said Kristin Esposito, director of tax policy and advocacy with the American Institute of Certified Public Accountants.

In January, the institute sent a letter to the IRS asking for clarity on this issue and recommending the agency allow businesses that already applied for PPP loan forgiveness using entirely payroll expenses to reallocate the eligible portion toward the tax credit.

On March 1, the IRS at last issued new guidance outlining details of the updates to the credit program, including that business owners who already applied for PPP forgiveness could reallocate excess wages beyond the loan amount to the tax credit.

But for the two months prior, accountants including Garcia were left in the dark, resorting to refreshing the IRS webpage daily. Before the new guidance, he said he felt hamstrung on how to advise clients who are interested in both programs.

If they held off on applying for a second payroll loan awaiting clarity on the tax credit program, they risk the second-round fund running dry.

If they applied sooner, they may not be able to maximize the credit later on.

“I can only advise them on the risk and let them make a decision that is best for their business,” Garcia said. n

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| FOCUS CHIEF FINANCIAL OFFICERS (ranked by 2020 revenue) FOCUS | CHIEF FINANCIAL OFFICERS (ranked by 2020 revenue) Company | Website Chief financial officer

Address Phone

2020 revenue No. of local employees

Type of business

CVS Health Corp. | cvshealth.com Eva Boratto, executive vice president and chief financial officer

1 CVS Drive Woonsocket, R.I. 02895 (401) 765-1500

$256 bil.

8,600

Retail pharmacy, pharmacy benefits and health insurance

General Dynamics Electric Boat | gdeb.com John V. Leonard, chief financial officer and vice president of finance, contracts, strategic planning and applied physical sciences

165 Dillabur Ave. North Kingstown, R.I. 02852 (401) 268-2300

$37.9 bil.

4,400

Submarine construction, design and life cycle maintenance

3

United Natural Foods Inc. | unfi.com John W. Howard

313 Iron Horse Way Providence, R.I. 02908 (401) 528-8634

$26.5 bil.

780

Distributor of natural, organic and specialty foods

4

Amgen Inc. | amgen.com Peter H. Griffith

40 Technology Way West Greenwich, R.I. 02817 (401) 392-1200

$25.4 bil.

903

Biotechnology manufacturer

5

Fidelity Investments Inc. | fidelity.com Maggie Serravalli

900 Salem St. Smithfield, R.I. 02917 (401) 292-5000

$20.9 bil.

3,100

Financial services

6

Citizens Financial Group Inc. | citizensbank.com John Woods, vice chairman and chief financial officer

1 Citizens Plaza Providence, R.I. 02903 (401) 456-7000

$6.9 bil.

4,777

Financial institution

7

Gilbane Buildling Co. | gilbaneco.com John T. Ruggieri

7 Jackson Walkway Providence, R.I. 02903 (401) 456-5800

$6.5 bil.

423

Construction

FM Global | fmglobal.com Kevin S. Ingram, executive vice president and chief financial officer

270 Central Ave. Johnston, R.I. 02919 (401) 275-3000

$6.1 bil.

1,312

Commercial property insurer of multinational organizations

Hasbro Inc. | hasbro.com Deborah M. Thomas, executive vice president and chief financial officer

1027 Newport Ave. Pawtucket, R.I. 02862 (401) 431-8697

$5.5 bil.

1,600

Developer of toys and games, branded entertainment

Lifespan Corp. | lifespan.org Mary A. Wakefield, executive vice president and chief financial officer

167 Point St. Providence, R.I. 02903 (401) 444-3500

$2.5 bil.

15,961

Health care system

2020: 13

Blue Cross & Blue Shield of Rhode Island | bcbsri.com Mark Stewart, chief financial officer and executive vice president

500 Exchange St. Providence, R.I. 02903 (401) 459-1000

$1.7 bil.

738

Health insurer

12

Neighborhood Health Plan of Rhode Island | nhpri.org Frank Meaney

910 Douglas Pike Smithfield, R.I. 02917 (401) 459-6000

$1.4 bil.

568

Nonprofit health maintenance organization offering Medicaid, Medicare-Medicaid and commercial plans

13

Teknor Apex Co. | teknorapex.com Paul Morrisroe

505 Central Ave. Pawtucket, R.I. 02861 (401) 725-8000

$1 bil.

583

Manufacturer of advanced polymer compounds and garden hoses

14

Ocean State Job Lot | oceanstatejoblot.com John D. Conforti

375 Commerce Park Road North Kingstown, R.I. 02852 (401) 295-2672

$810 mil.

1,324

Retail

15

Locke Lord LLP | lockelord.com Barry Honea

2800 Financial Plaza Providence, R.I. 02903 (401) 274-9200

$482.1 mil.

82

Law firm

16

Blount Fine Foods Corp. | blountfinefoods.com Michael Mistrot

630 Currant Road Fall River, Mass. 02720 (774) 888-1300

$435 mil.

NA

Manufacturer

17

Pangaea Logistics Solutions Ltd. | pangaeals.com Gianni Del Signore

109 Long Wharf Newport, R.I. 02840 (401) 846-7790

$400.5 mil.

75

Dry-bulk shipping logistics and transportation

Twin River Casino Hotel and Tiverton Casino Hotel | twinriver.com Steve Capp, executive vice president and chief financial officer

100 Twin River Road and 777 Tiverton Casino Blvd.

Lincoln and Tiverton, R.I. 02865 and 02878 (401) 723-3200 and (401) 816-6000

$318.6 mil. 1 1,500

Gaming and entertainment complex

2020: NL

Bank Rhode Island | bankri.com Linda H. Simmons, treasurer and chief financial officer

1 Turks Head Place Providence, R.I. 02903 (401) 456-5000

$284 mil.

205

Financial institution

20

Cardi Corp. | cardi.com Josh Blais

400 Lincoln Ave. Warwick, R.I. 02888 (401) 739-8300

$250 mil.

550

Contractor specializing in bridge, highway and heavy construction

Woodard & Curran | woodardcurran.com David Remick

33 Broad St., Floor 7 Providence, R.I. 02903 (401) 273-1007

$246.3 mil.

53

Engineering, science and operations

AstroNova Inc. | astronovainc.com David S. Smith, vice president, chief financial officer and treasurer

600 East Greenwich Ave. West Warwick, R.I. 02893 (401) 828-4000

$133 mil.

350

Design and manufacture printers for labeling and avionics applications

Navigant Credit Union | navigantcu.org Jason Jolin, executive vice president and chief financial officer

1005 Douglas Pike Smithfield, R.I. 02917 (401) 233-4700

$107.7 mil.

348

Credit union

BankNewport | banknewport.com Gregory Derderian, executive vice president, chief financial officer and director of strategic analysis

10 Washington Square Newport, R.I. 02840 (401) 846-3400

$101 mil.

347

Financial institution

2021 rank

1

2020: 1

2 2020: 2 2020: 4

2020: 5

2020: 6

2020: 7

2020: 8

8

2020: 9

9

2020: NL

10

2020: 12

11

2020: 14

2020: NL

2020: 16

2020: 18

2020: 19

2020: NL

18

2020: 15

19

2020: 21

21

2020: 22

22

2020: NL

23

2020: NL

24

2020: NL

CLOSER LOOK

Total revenue of companies listed:

$402.4 billion LIST RESEARCHED BY James Bessette NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS March 19: Commercial & Industrial Services, General Contractors; April 2: Rhode Island Independent Insurance Agencies, Software Development Companies WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

NL = Not listed last year.

30 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

1 The figure reflects the revenue generated from only the Twin River Casino Hotel and Tiverton Casino Hotel operations, not Bally's Corp. as a whole.

FOOTNOTE j The figure reflects the revenue generated from only the Twin River Casino Hotel and Tiverton Casino Hotel operations, not Bally’s Corp. as a whole.

FOCUS | RESIDENTIAL REAL ESTATE AGENCIES (ranked by residences sold in 2020) FOCUS | RESIDENTIAL REAL ESTATE AGENCIES (ranked by residences sold in 2020) 2021 rank

1

2020: 2

Compaany | Website Owners/Principals

Address Phone

HomeSmart Professionals Real Estate | therhodehome.com Dean A. deTonnancourt, broker/owner

501 Centerville Road, No. 102 Warwick, R.I. 02886 (401) 921-5011

CLOSER LOOK

Residences sold in 2020 1

Value of residences sold in 2020

Areas served

Year founded

1,805

$595.1 mil.

Rhode Island and nearby Massachusetts

2014

Re-ranked by value of residences sold in 2020:

1 2

2020: 1

Residential Properties Ltd. | residentialproperties.com Sally E. Lapides

140 Wickenden St. Providence, R.I. 02903 (401) 274-6740

1,567

$758.9 mil.

Rhode Island, Connecticut and Massachusetts

1981

Residential Properties Ltd. Value of residences sold: $758.9 million

2 3

2020: 3

RE/MAX Preferred 2 | ri-homes.com Richard P. Zompa, broker/owner

1417 Douglas Ave. North Providence, R.I. 02904 (401) 353-2200

1,146

$364.9 mil.

Rhode Island and nearby Massachusetts

1992

Mott & Chace Sotheby’s International Realty Value of residences sold: $598.1 million

3 4 2020: 4

5

2020: 6

6

2020: NL

7

2020: 5

8 2020: 8

9

2020: 7

10

2020: 9

11 2020: 11

12

2020: 12

Keller Williams Realty Central Rhode Island | kwcentralrhodeisland.com Carl J. Coutu, operating principal; Jo Anne Samborsky, broker/co-owner; Joseph Dias, broker/co-owner

1170 Pontiac Ave. Cranston, R.I. 02920 (401) 785-1700

Mott & Chace Sotheby's International Realty | mottandchace.com Raymond Mott and Judith Chace, brokers/coowners

5280 Post Road Charlestown, R.I. 02813 (401) 364-6700

R.I. Real Estate Services | rirealestateservices.com Gregory Dantas, broker/owner; Mike Russo, founding member and managing broker; Dana Phillips, broker associate, director of the New Homes Division

6454 Post Road North Kingstown, R.I. 02852 (401) 885-5400

RE/MAX Professionals | sellri.com Leonard Iannuccilli, broker/owner; David Iannuccilli, president and broker/owner

RE/MAX River's Edge | riversedgeri.com Todd Mosher, owner; Michelle Cartwright, president and broker/owner

655 Main St. East Greenwich, R.I. 02818 (401) 884-6050

300 County Road Barrington, R.I. 02806 (401) 245-2000

979

879

825

729

469

$295.3 mil.

Rhode Island, eastern Connecticut and southeastern Massachusetts

$598.1 mil.

Rhode Island, Connecticut and southeastern Massachusetts

$290.2 mil.

$273.4 mil.

$165.4 mil.

Rhode Island, Massachusetts, Connecticut

Rhode Island, Connecticut and Massachusetts

East Bay, East Providence, Greater Providence and southeastern Massachusetts

2000

2013

HomeSmart Professionals Real Estate Value of residences sold: $595.1 million

LIST RESEARCHED BY James Bessette NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

2012

1986

2007

UPCOMING LISTS March 19: Commercial & Industrial Services, General Contractors; April 2: Rhode Island Independent Insurance Agencies, Software Development Companies WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4838 or write to Research@PBN.com.

FOOTNOTES j Numbers reflect sales of single-side transactions of single-family homes, multifamily homes and residential condominiums within Rhode Island and Bristol County, Mass.  RE/MAX Preferred also operates RE/MAX Town & Country in Cumberland and RE/MAX Properties in Smithfield.

RE/MAX 1st Choice | realestateri.com Robert Scaralia, broker/owner

980 Reservoir Ave. Cranston, R.I. 02910 (401) 943-6111

409

$119.8 mil.

Rhode Island

1992

RE/MAX Flagship | rihomesearch.com Christine M. Tanner and Michael Mita, brokers/co-owners

140 Point Judith Road Narragansett, R.I. 02882 (401) 789-2255

386

$155.6 mil.

Rhode Island, Connecticut and Massachusetts

1996

Gustave White Sotheby's International Realty | gustavewhite.com Paul A. Leys and Christina K. West, brokers/ co-owners

37 Bellevue Ave. Newport, R.I. 02840 (401) 849-3000

268

$281.4 mil.

Rhode Island, neighboring parts of coastal Connecticut and Massachusetts

1925

Steele Realty Consultants International | srcigroup.com Rita Danielle Steele, principal and broker/ owner

97 Hope St. Providence, R.I. 02906 (401) 227-9040

46

$17.9 mil.

Rhode Island, Connecticut, Massachusetts, New York

2015

1 Numbers reflect sales of single-side transactions of single-family homes, multifamily homes and residential condominiums within Rhode Island and Bristol County, Mass.

2 RE/MAX Preferred also operates RE/MAX Town & Country in Cumberland and RE/MAX Properties in Smithfield. www.pbn.com | PROVIDENCE BUSINESS NEWS

| MARCH 5-18, 2021 | 31

IT’S PERSONAL Pagan awarded for startup skills MELINA PAGAN, owner of the Providence-based Rebelle Artisan Bagel, recently received the New England Entrepreneur of the Year Award from Ernst & Young Global Ltd. The award honors business professionals who deliver innovation, growth and prosperity for their business.

What was your reaction to being selected as the recipient of this year’s New England Entrepreneur of the Year Award?

I was surprised and elated. Going into it, I did not think I fit the mold. I saw most of the prior recipients were older men, mostly white, and certainly not restaurant industry people. But I was surprised. As a restaurateur making ends meet during a pandemic that has completely wiped out my industry, I feel humbled to be recognized for our work and I am proud to be drawing attention to our cause.

What inspired you to quit your corporate job and open your business?

I was inspired to quit my job after several attempts to move up the corporate ladder did not work out for me.

I have always been super ambitious, driven and full of energy, so I was ready for more challenges way before I was due by corporate standards. I decided to follow my instinct and left my job the day before my 27th birthday, with no solid plan for what was next. I just knew I was smart and motivated enough to figure out a plan for survival. I had been learning how to make bagels at home, and after I polished my recipe and got encouragement from my friends, I decided that was the next move.

What challenges have you faced personally and professionally with your business during the pandemic?

Running a business during a pandemic, especially a

restaurant, involves having many, many side hustles.

We do home delivery on weekends; we have pivoted to online-only ordering; and we are starting a bodega anchored by our pandemic grocery bags. Having the mental and physical energy to execute everything to the highest standard expected by our clientele is really challenging. On a personal note, I see the same challenges as most people: activities that used to be fun don’t feel safe or don’t exist anymore; the political turmoil is super stressful; I miss seeing my friends and people I love. I certainly miss chatting it up over breakfast with many of our Rebelle regulars.

What do you hope to accomplish in the future with your business?

My goal is to complete the pandemic pivot to bagel shop and bodega, with a shoppable assortment of fresh produce, dairy, eggs and meats. My intuition is that the bodega will make great use of our former seating space without making the shop feel empty, and it will turn our neighborhood from a food desert to a food oasis. I think the convenience will drive more visits from our customers and recreate that bumping-into-your-neighbors community feel from our old Rebelle. Beyond that, I am starting up our sister restaurant, aptly named Little Sister. I am excited to add another gem to our neighborhood and to be bringing together the flavors of my native Puerto Rico with the New England bounty. n

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GOVERNMENT NONPROFITS / AGENCIES SOCIAL SERVICE AGENCIES

IT’S PERSONAL MACKAY’S MORAL | HARVEY MACKAY

Think positive ONE DAY, A PROFESSOR announced a surprise test. He distributed a paper to each student with the front side face down. Then he asked the class to turn over the page and start the test.

But there were no questions on the paper – just a black dot in the center of the page.

“I want you to write a few lines about what you see on the paper,” the professor said.

Puzzled, the students started the test. Once everyone finished, the professor collected all the tests and started reading the answers out loud.

Without exception, all the students had written about the black dot, mentioning its position, size and so on.

The teacher told the students: “None of you will be graded on this test. I just wanted you to ponder over something. All of you wrote about the black dot. No one wrote about the white part of the paper. The same thing happens in our lives. We all have a white paper to observe and learn from, yet we always focus on the dark spots. We have so many reasons to celebrate: our parents, co-workers, friends, good health, a good job, the miracles we witness every day, for example.

“However, we often limit our

horizons by focusing on just the dark spots – our disappointments, our frustrations, our fears and anxieties.

In our day-to-day lives, we tend to take so many good things for granted and focus our energy on insignificant failure and disappointments.

“Take your eyes away from the black dots of your life. Try and focus on the brighter side of life and let positivity govern your thoughts.”

I consider Norman Vincent Peale’s book “The Power of Positive Thinking” one of the best motivational books ever written. A positive mind anticipates happiness, joy, health and success. Whatever the mind expects, it finds.

If you think positively, you will be more inclined to speak positively.

Your positive words will spur you to positive actions. If you get used to behaving in a positive way, you will

form good habits. And your habits will help define the kind of person you are. That will lead you to your destiny: who you will eventually become as a person.

Both personal and professional relationships benefit from a positive approach. Surround yourself with positive people; support each other when the urge to be negative threatens.

Sometimes that’s not so easy to do in a professional setting. Difficult customers or co-workers can drag you down. Direct your efforts toward defusing difficult situations while refusing to indulge in negativity yourself. Successful businesses thrive on customer satisfaction, not on ­hostility.

If you can’t say yes to a deal, find a positive way to say no. “I’m sorry we can’t accommodate your request, but I’m going to call a friend who may be

Both personal and professional relationships benefit from a positive approach.

able to help.” You aren’t turning away business; you are leaving a future customer with positive thoughts about your practices.

Here’s an extra benefit: Treating others well does wonders for your own self-respect.

Let’s circle back to the black dot story. I am fascinated with the ingenuity of the professor. Such a simple exercise is easily translated to so many life situations. We all have challenges that tempt us to focus on our own “black dots.” Try hard not to let them pepper your outlook.

Consider this age-old story about finding the positive in the face of adversity.

Everyone advised David to forget about confronting the enormous giant Goliath, saying, “He’s so big, there’s no way you can win.”

David replied, “He’s so big, there’s no way I can miss.”

Mackay’s Moral: A positive approach rises above reproach. n Harvey Mackay is the author of the New York Times best-seller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com. | SPONSORED CONTENT |

PEOPLE ON THE MOVE BANKING

HEALTH CARE Dr. Robert C. Ward has been appointed Associate Chief of Diagnostic Imaging at Women & Infants Hospital. He will work alongside Dr. Susan Koelliker, Chief of Diagnostic Imaging, to further the academic and clinical missions of the department and the hospital. Dr. Ward is a board-certified Rhode Island Medical Imaging radiologist and is fellowship-trained in women’s imaging.

He earned his M.D. at The George Washington University in Washington, DC. Dr. Ward is an Assistant Professor, Clinician Educator, and Associate Program Director of the Breast Imaging Fellowship Program at the Warren Alpert Medical School of Brown University.

Noah Morrison, who began his BankRI career in 2012, has been promoted to lead the bank’s Pawtucket branch. As branch manager, Noah oversees the office’s day-to-day operations and is responsible for the development and coaching of a team of financial professionals with an emphasis on personalizing the customer experience. He is also responsible for the branch’s business development, building and fostering new customer relationships.Noah holds a degree in business management. Away from work, he enjoys the outdoors, amateur photography, and is active in the community. He lives in North Providence.

NONPROFIT

NONPROFIT

Kelly Seigh, an experienced nonprofit donor relations, volunteer and event professional, has recently been named Director of Corporate and Community Relations at the Rhode Island Community Food Bank.

In this newly created position, Seigh will cultivate and steward corporate and community partnerships. Kelly enters this position after 17 years of experience at the Food Bank in several capacities which included coordinating their signature events like Truck Stop and Empty Bowls.

Amanda Clarke has joined the Rhode Island Community Food Bank as the director of innovation and planning, a new role for the organization.

An experienced non-profit and public administration professional, Amanda is responsible for program development, project coordination and working with the Food Bank’s member agency network on capacity building and exploring ways to increase and make distribution more streamlined and efficient. She brings with her a decade of experience working on systems change from within and outside state government.

Announce new hires, promotions and special accomplishments to the Rhode Island business community with PBN’s People on the Move.

For additional information or to submit a Standard listing, go to PBN.com/pbnconnect.

For a Featured listing, contact your account manager or Advertising@PBN.com | 401.680.4800 www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 33

IT’S PERSONAL DINING OUT | BRUCE NEWBURY

Bigger story is missing HAS GOOD NEWS FROM restaurant row become the “man bites dog” story of 2021? That’s the old journalism trope used to describe how unusual, rare occurrences draw the attention of the news media rather than ordinary, everyday events.

Recently, there have been a few such stories in the media of restaurants “suddenly” having successes.

Last month, the lead story on a local TV news channel proclaimed, “Downtown Providence restaurant completely booked for Valentine’s Day.” The story that should be told is this: that wasn’t the only spot that was busy. Most were. Bob Burke had to open a third seating in early February for his Valentine’s Day dinner and Zoom show package at Pot au Feu. Knead Doughnuts had to post on social media it underestimated turnout for heart-shaped and holidaythemed pastry creations the Saturday before Valentine’s Day. Owner Adam Lastrina called the day “one of our largest production days to date!”

Rich Willis of Caleb & Broad in Newport talked told me about a pattern of busy nights, including patrons dining outdoors in January. Restaurants statewide for months have been found to have longer wait times for

takeout.

And the lack of one type of story should have been newsworthy – there has been no wholesale closing of restaurants in Rhode Island. All evidence is anecdotal, absent actual local industry figures. Based on this, in 2020, the net loss of restaurants in the state approximates the number of permanent closures over the past five years.

A heartwarming story was reported last month when the longtime owners of The Olde Theater Diner in Coventry gave $15,000 in bonuses to its staff members. Proprietor Louie Zarokostas says the news account, first reported locally, was seen around the world as CNN gave it coverage. His story illustrates the resilience of the independent restaurateurs who are the backbone of the industry in this

state. Zarokostas related he had lost an estimated 80% of his business at one point during the past year. His restaurant has been a landmark in Kent County for celebrations from weddings to hockey banquets, all of which went away during COVID-19.

But none of his 60 employees were laid off during the ordeal.

The diner has continued to give back to the community by donating money to organizations in need. The four owners of the business took funds out of their own pockets to give each employee a bonus based on seniority and position. This story is not unique in Rhode Island.

Why has the opposite picture of the state’s restaurant community been allowed to take hold? Like most other questions about life during COVID-19, we search for simple answers

Restaurants … have been found to have longer wait times for takeout.

Hear from PBN’s panel of health care experts about how they are addressing the challenges of the COVID-19 Pandemic, and consequential new trends in the industry.

CONFIRMED PANELISTS TO DATE:

DR. MATT COLLINS

EVP & Chief Medical Officer, Blue Cross & Blue Shield of Rhode Island

DR. CLAIRE LEVESQUE Chief Medical Officer Tufts Health Plan

to complicated issues. Before 2020, there was less and less in-depth local reporting from in-person sources due to corporate media restructuring and closures. This resulted in a steady diet of narrative driven by national sources, magnified and amplified during COVID-19 that focused on the devastation experienced in media centers such as New York City, which has been a different story.

When state government first shut down restaurants in Rhode Island, some vocal members of the industry demanded relief, which was justifiable. At the same time, another phenomenon came about – loyal customers. Those who were able were generous with spending and gratuities, which became a real bailout.

Many local restaurateurs have confided about this part of the story and many are hopeful it will be able to be told in years to come following recovery. Those are headlines we all look forward to. n Bruce Newbury’s radio show and podcast, “Dining Out with Bruce Newbury,” is broadcast on WADK 1540 AM and several radio stations throughout New England. Email him at Bruce@BruceNewbury.com.

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34 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

For sponsorship and advertising opportunities, contact Advertising@PBN.com | 401.680.4800

IT’S PERSONAL GUEST COLUMN | PETER GEORGE

Tips to tame your nerves YOUR HEART POUNDS. You breathe faster and harder. You begin to sweat.

Your blood pressure increases. Your face gets flush. Your mind seems as if it’s going a mile a minute and can’t stop. You forget what you’re going to say.

Do any of these happen to you when you speak in public? If so, you’re not alone. Every presenter – novice and veteran alike – gets nervous. The difference from one presenter to another, however, is how well they manage this anxiety.

Speaking in front of others is a stressful situation, according to the brain. When your brain’s limbic system senses stress, it sends signals to various parts of your body, including your adrenal glands. These small glands immediately send adrenaline through your system, getting you ready for a fight or flight. What are the effects of this preparedness? Your heart pounds. Your breathing gets quicker. You begin to sweat. Your blood pressure increases. Your face gets flush. Your mind resembles a spinning roulette wheel. Sound familiar?

The first step to deal with your fear of public speaking is understand-

ing that it’s normal. The next step is to realize there is a tremendous difference between fear and danger, and by no means are you in danger when speaking in public. The third step is a change in mindset – you don’t have to share your information with others; you get to share your information with them.

While changing your mindset, remember this. Public speaking is always all about the audience, yet most people who fear public speaking say things such as, “What if I make a mistake?” “I hope I don’t forget what I am going to say.” “I hope I do a good job.” “What if they don’t like me?” “I hope they listen to me.” “What if I’m not funny?”

See a pattern here? I, I, I, me, me, me. You’re focused on the wrong place. How could even the most expe-

rienced speaker deal with that kind of self-imposed pressure?

Relax before you speak. Diaphragmatic breathing, otherwise known as deep breathing or cleansing breaths, is a powerful tool. It helps calm your nerves. But keep in mind a couple of cautions. One is not to hold your breath. Holding your breath when breathing this way does more to tense your body than to help it relax.

The other is to exhale slowly. Quickly exhaling might make you lightheaded.

Meditation is another technique many people use to help with their speech anxiety. Benefits include lowering your blood pressure, improving blood circulation, lowering your heart rate, reducing perspiration and slowing your respiratory rate.

Some speakers – I’m one of them

The first step … is understanding that it’s normal.

Peter George is president of Peter George Public Speaking Inc. in Providence and specializes in helping attorneys and executives improve their public speaking skills.

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– go through rituals before speaking.

These routines help you get in the proper frame of mind. When possible, I walk, even if it’s in a small area where I can only pace back and forth. And whether I can walk or not, I practice diaphragmatic breathing and visualize my opening and ending.

Visualization is a technique you can borrow from athletes. Just like a sprinter visualizes herself crossing the finish line first, you can picture yourself grabbing everyone’s attention with your opening words. You can see in your mind people making eye contact and nodding their heads as you speak. You can visualize yourself delivering a compelling closing that impacts or inspires your listeners. Try it. It’s highly effective.

You’ve got this. Public speaking is an art based on science, and that means anyone can tame their nerves, overcome apprehension and share their knowledge, experience and ideas with others. n

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www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 35

OPINION EDITORIALS

McKee offers hope to struggling businesses, but election looms

ON THE JOB: Gov. Daniel J. McKee speaks to staff on March 3, his first full day on the job.

SCREENSHOT OF ZOOM MEETING

After nearly two months of sometimes frustrating preparation, Gov. Daniel J. McKee is finally at the helm of the state, during one of the most tumultuous periods in Rhode Island’s history.

For the state’s pandemic-ravaged business community, there is reason for hope that he’s the right person to help rebuild Rhode Island’s economy. His predecessor, new U.S. Commerce Secretary Gina M. Raimondo, built an impressive record for job growth and economic development during her six years as governor.

But it remains to be seen whether the programs she’s left behind can help the state climb more quickly out of the current recession than it has after past economic downturns.

Few modern governors, however, have come to the office with stronger business and community connections than Gov. McKee. The former Cumberland mayor comes from a family of small-business owners. He’s also spent the last six years as lieutenant governor positioning himself as a champion of small-business needs, including clashing with then-Gov. Raimondo over her handling of federal pandemic aid.

Now he’s positioned to do even more to help those businesses – when they need it most. But doing so while navigating a crowded landscape of competing health, economic, educational, social and political interests won’t be easy.

The latter includes a looming 2022 gubernatorial election.

Let’s hope he lets his work in leading the state out of the pandemic serve as his pitch to voters and leaves the daily campaigning to what will likely be a long list of challengers. n

Will frenzy in home sales last?

While 2020 marked the worst of times for many Rhode Islanders, for those selling high-end homes it was an absolute banner year.

As this week’s cover story reports, home sales and values broke all records in the state, with the high end shining ­brightest.

Sales of homes worth $1 million or more jumped 58% from 2019, the previous record year.

Historically low interest rates certainly fueled buying, but there are signs that the pandemic has also created some unique circumstances feeding the frenzy.

But real estate specialists say temporary travel restrictions across the country last year had many buyers rethinking their lifestyles. And some saw the rapid rise in opportunities to work remotely as an incentive to buy property in less-densely packed communities.

Fitch Ratings Inc. did sound an alarm in the third quarter that home prices nationally – and even more so in Rhode Island – are overvalued.

But local Realtors and agents expect the good times to continue this year, in part because supply remains limited. n

POLL CENTRAL EXECUTIVE POLL

PBN.COM POLL

New leaders Are you happy with the changes in leadership among R.I. elected officials this year, including Daniel J. McKee as governor?

Are you optimistic that Rhode Island’s business climate will improve under the new leadership?

Should Rhode Island shift its COVID-19 vaccination strategy to match states that have prioritized getting as many older residents inoculated with at least one dose as possible? FEB. 19-25

Yes: 75%

Yes: 75% No: 0% No: 25%

Unsure: 25%

72%

Unsure: 0%

Are you optimistic the leadership changes will be good for Rhode Island overall?

Other than the pandemic, what do you think the new leaders should focus on the most? (Select multiple)

Yes: 75%

Small-business assistance: 50%

No: 25%

Attracting new businesses: 50%

Unsure: 0% The Providence Business News Executive Poll is a weekly survey of 70 business leaders throughout the state, representing small and large companies in a variety of industries.

Yes, that’s the fastest path to herd immunity

Education: 25% Addressing poverty and housing: 0% Speeding COVID-19 vaccinations: 0% Other: 0%

No, the state should stick with focusing on getting two doses to several highpriority groups

26%

I don’t know

2%

THIS WEEK’S POLL: How can Rhode Island’s new governor, Daniel J. McKee, most help the state’s business community this year?

• By keeping his focus on ensuring COVID-19 vaccines get to everyone as quickly as possible • He should immediately provide tax relief to small businesses through executive order • Make R.I. Commerce Corp. more focused on the needs of small businesses • Prioritize the economic needs of the state’s devastated hospitality industry • Boost state spending for job training To vote, go to PBN.com and follow the link on the home page

36 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

OPINION OPINION

Now is the time to rebuild our libraries

JACK MARTIN GUEST COLUMN

We’ve all felt the impact of the past year – not being able to carry on with our lives normally, not socializing in person with family and friends, working from home or not working at all, navigating virtual school, not meeting at gathering places such as bars, theaters and libraries. Yes, even libraries!

Libraries have always been and continue to be critical gathering places in every community around the country. And, like all places, libraries have faced numerous challenges. Carrying on during the COVID-19 pandemic has meant transitioning to the virtual realm while outfitting our staff and buildings to deliver services safely. Going forward, the challenges will continue, and the time to plan for the future is now.

We need to look beyond the current pandemic to a time when everyone nationwide will be able to fully gather again, everywhere, including in libraries – such important buildings at the center of every community.

The time to plan for libraries’ lasting impact as essential places for education, enrichment and enjoyment is now.

Providence Public Library is fortunate to have undergone a recent $25 million renovation – Rhode Island’s largest-ever library construction. Our massive construction

project received valuable state funding administered through the R.I. Office of Library & Information Services, as well as technical assistance and support for the project. The result is a beautifully transformed library building just waiting for the masses to be able to visit again.

Our overarching goal was to completely transform PPL into a 21st-century library – a welcoming, light-filled, easy-to-navigate, state-of-the-art learning center at the heart of our community; a place where people can come together, learn and create. Here’s some of what we’ve achieved: n A new three-story atrium staircase helping to seamlessly connect our historic 1953 and 1900 buildings. n New, modern education and technology labs providing more high-quality programming and learning spaces for youths and adults in the heart of Providence. n A new teen loft and enlarged children’s and early-childhood rooms. n A state-of-the-art 255-seat auditorium, completely compliant with Americans with Disabilities Act requirements, and a large, museum-quality exhibition and gallery space. n A completely upgraded facility and restored exterior featuring new and expanded

Like all places, libraries have faced numerous challenges.

windows and increased lighting, including in our book stacks.

But not all communities around our state and country can boast a new, state-of-the-art library, welcoming and providing fully for the needs of today’s library users.

The Build America’s Libraries Act, introduced in January by U.S. Sens. Jack Reed, D-R.I., and Sheldon Whitehouse, D-R.I., among others, will help secure the future of our nation’s libraries. The legislation will provide $5 billion to support long-term improvements to library facilities, including addressing needs that have arisen due to COVID–19, to enable libraries to better serve rural, low-income and underserved areas, as well as people with disabilities and other vulnerable library users.

As Congress and the Biden administration look for ideas around rebuilding our nation’s infrastructure and creating jobs to help Americans recover from the economic downturn, libraries should be a critical part of the plan and this funding is the foundation. The Build America’s Libraries Act will begin to address decades of underinvestment by providing funds to repair and construct modern library facilities in communities that have been oppressed from opportunity, and it will help to ensure that every community has equitable access to state-of-the-art library services in libraries built for the 21st century. n Jack Martin is executive director of Providence Public Library.

Facebook, Big Tech no friend of the web JENNIFER GRYGIEL GUEST COLUMN

When Facebook disabled Australians’ access to news articles on its platform, and blocked sharing of articles from Australian news organizations, the company moved a step closer to killing the World Wide Web – the hyperlink-based system of freely connecting online sites created in 1989 by Sir Tim Berners-Lee. Though the social media giant has said it will return to the negotiating table and restore news for now, the company has shown its hand – and how it is continuing to reshape the web.

I can see clearly that the internet in 2021 is not the same open public sphere that Berners-Lee envisioned. Rather, it is a constellation of powerful corporate platforms that have come to dominate how people use the internet, what information they get and who is able to profit from it.

The Australian government’s legislative efforts aim to support the news industry by helping to broker a deal whereby Facebook would pay Australian news organizations for content posted on its platform by users.

Facebook objected.

Berners-Lee warned the Australian government that the proposed law could undermine free linking, which he called a “fundamental principle of the web.” Facebook’s own statement of self-defense focused on Berners-Lee’s argument, saying Facebook provides value to news organizations by linking to them. But their statements

show that neither has acknowledged that Facebook has, for many people, effectively become the web.

Back in the 1980s, Berners-Lee envisioned the web as a network of communityminded academic researchers sharing their knowledge quickly and conveniently across the world. The main mechanism for this was the hyperlink – text that, when clicked on, led readers to something they were interested in, or to supporting material on the actual source’s website.

Berners-Lee’s design serves the reader, but not everyone was as public-spirited: Companies such as Facebook have been moving away from this principle since the web’s founding. These corporate platforms are designed to capture and dominate users’ attention – and turn it into money.

When a user posts a link on Facebook, it’s not just a hyperlink. It’s much more advanced, displaying information from the linked page, including, for news stories, a headline, a main image and sometimes a summary of the news. In this way, users can get a lot of the information without ever leaving Facebook.

In my view, Facebook doesn’t really want an interconnected web: It wants to keep its users on its own platforms. Facebook displays valuable information, but if people don’t click through, or there is nothing to effectively click on, then those who actually created the content will continue to have a

hard time making money off their work.

News media may decide to bid farewell to Facebook, which provides about one-fifth of traffic to media sites in Australia, and not necessarily much revenue in other parts of the world. They might seek other options for digital distribution of their content. But in the near term they may need financial help from somewhere if they have become too dependent on Facebook.

Or news organizations could negotiate with Facebook directly in deals and avoid restrictive laws, as the proposed legislation is not even final yet.

News publishers could also ask regulators to help them gain more control over how news content is presented on platforms to increase link referral traffic, which is key to generating revenue. A return to simpler hyperlinks – and adding them to Instagram – could help more users click through on news stories while preserving the principles of the web. Just because advanced technology exists doesn’t mean it’s helpful in all situations or it’s good. But then again, a basic old-timey solution may not work for those trapped in the “attention economy.” n Jennifer Grygiel is an assistant professor of communications and magazine, news and digital journalism at Syracuse University.

Distributed by The Associated Press.

www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 37

ONE LAST THING Commit to each other

I’VE

learned some lessons in my role as CEO and president of Crossroads Rhode Island. Two that have been particularly relevant over this past year deal with racial injustice and the pandemic.

What I’ve learned is we have to take care of our staff and they need to see and feel that they are supported.

Crossroads is a social service agency. We don’t make widgets – we provide services to people who are vulnerable and dealing with pain and hardship in their lives. We rely on our employees, our social workers, case managers, shelter assistants and housing support staff to provide essential services to our clients. This is what they’re trained to do.

The majority of our staff providing these services are people of color – Black, brown and Latino people from Cape Verde, Africa, Central America and other communities of color.

This year has presented them with many challenges beyond COVID-19 and their work at Crossroads. And yet they show up every day. They show up for the people they serve who are struggling in their own lives.

Watching the strength and resilience of our employees working through all this has made me more committed to showing up for them. We’re in this together and we’ll struggle through it together.

It’s more than words. It’s actions. It’s investing in training and development, in their well-being and quality of life; it’s taking the time to listen and hear their stories; it’s giving them the space to demonstrate their strengths. n

Karen Santilli Crossroads Rhode Island CEO and president Karen Santilli joined the social service agency Crossroads Rhode Island in 2008 and became the nonprofit’s CEO and president in 2015.

PBN FILE PHOTO/RUPERT WHITELEY

38 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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www.pbn.com | PROVIDENCE BUSINESS NEWS | MARCH 5-18, 2021 | 39

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#AmgenOneTeam 40 | MARCH 5-18, 2021 | PROVIDENCE BUSINESS NEWS | www.pbn.com