PROVIDENCE, RI, May 9, 2005

Intercontinental's Real Estate Investment Fund IV, LLC Breaks Ground in Capital Center District, Parcel 2

Construction began today on Waterplace, a $100 million luxury residential mixed use development in downtown Providence. Waterplace, located on Parcel 2 in the Capital Center District, will include two residential towers, a three-story subterranean garage with 475 parking spaces, and exciting ground floor retail opportunities in its first phase.

Designed by ADD Inc of Cambridge, Massachusetts for Intercontinental Real Estate Investment Fund IV, LLC, Waterplace is the first residential project to break ground in the Capital Center District in the last 15 years. A groundbreaking ceremony and public introduction by the developers and the city’s Mayor, David N. Cicilline, took place on Monday, May 9, 2005.

“Providence is such a beautiful city. We are happy to be here, creating jobs and concentrating Intercontinental’s resources on a project that, we hope, will perpetuate the great work that has been done. We are grateful to those that came before us, and we will strive to build lasting buildings that are worthy of this great city,” noted Peter Palandjian, Intercontinental’s Chief Executive Officer.

Situated on the base of the Woonasquatucket River at Waterplace Park just south of the Capital building, Waterplace will consist of 193 luxury condominiums in its two residential towers – 17 and 19 stories – and is expected to be complete by mid-2007. The 1, 2 & 3 bedroom condominiums, including Penthouses, will range in size from 750 - 2,500 square feet and in price from $300,000’s to well more than $1,000,000. The project is expected to draw buyers from Massachusetts and New York, as well as Rhode Island.

“Waterplace is a big and bold affirmation that the City of Providence is being embraced by the world’s premiere investors, said Mayor David N. Cicilline. “The downtown boom expands the city’s tax base, benefiting residents in all 25 Providence neighborhoods. I welcome Intercontinental and Waterplace with open arms.”

Residents will enjoy spectacular views of the city and a variety of on-site amenities including, retail, a fitness center, concierge service, and common roof deck. The development will further enhance the city’s burgeoning downtown area, which has become a popular destination for shopping, dining and cultural activities, such as “WaterFire”.

“The proposed development for Waterplace is the result of a close collaboration between the city, Intercontinental Developers, ADD Inc, and many design team members. Due to the significance of the site in the City’s redevelopment objectives, tremendous emphasis was placed on all aspects of design in an effort to effectively integrate the new development with the Riverwalk, Waterplace Park, and the entire Capital Center District.” said Frederick A. Kramer, AIA, President of ADD Inc.

Waterplace will be constructed by Gilbane Building Company of Providence, RI. “Waterplace is an important addition to the fabric of Providence’s downtown. Gilbane is pleased to be helping bring this important new high-rise building to the heart of the city. The project will be a beautiful new addition to our city skyline, bringing people and round the clock vitality to the down city area,” said William J. Gilbane, Jr. President and Chief Operating Officer, Gilbane Building Company.

For more details on Waterplace, please visit

Intercontinental is a private equity real estate investment manager providing real estate services for domestic and international clients. Established in Boston over 40 years ago, Intercontinental and its affiliated companies have acquired, developed, built and/or managed over US $3 billion of real estate.
ADD Inc blends artistry with investment value in creating some of the country’s most distinctive residential addresses. With attention to long term value, ADD Inc has designed places to live, work and play in South Beach, San Francisco, Providence, Boston and Las Vegas. ADD Inc.’s design work has proven to be a significant catalyst to renewal and improvement in a wide range of communities. For more information visit

Gilbane is a full-service construction and real estate development company, offering innovative facility solutions from site selection, financing, programming and construction through relocation management. The firm is involved in all major public and private construction markets: industrial, corporate, healthcare, life sciences, biotechnology, education, transportation, federal, correctional, conventions centers and sports. Gilbane has expertise in Advanced Programs in High Containment, Security, and Mission Critical in direct response to Homeland Defense initiatives.

Based in Providence, R.I., Gilbane operates offices around the country and employs more than 1,600 multi-disciplined professionals. Founded in 1873, the fourth-generation, family-owned company has annual revenues of over $2.7 billion. The company is currently ranked sixth among the Top 50 domestic general building contractors by Engineering News Record, fourth among construction managers by Building Design and Construction, and 108th among top privately held companies by Forbes. For more information visit

Contact: Erin Brooks, Marketing Associate
Intercontinental Real Estate Corporation
Tel: 617-782-2600
Fax: 617-782-9442