Providence, RI, November 10, 2006

Waterplace Developers Celebrate Milestone - Topping-off Ceremony Held November 13th

Providence Mayor, David Cicilline, joined members of the Capital Center Commission, the construction team, and the developers of Waterplace for a ‘topping-off’ ceremony on November 13, 2006 to celebrate an important milestone in the construction of the new development. 

Waterplace is a mixed-use development overlooking the Woonasquatucket River Basin and Waterplace Park with sweeping views of the Capitol building, College Hill, and Narragansett Bay.  Waterplace will feature193 luxury condominiums in two residential towers, 17 and 19 stories, along with a three-story subterranean garage with 478 spaces, and ground floor retail opportunities.

Developed by Intercontinental Real Estate Corporation of Boston, and designed by ADD Inc., of Cambridge, MA, Waterplace is the first residential project to break ground in the Capital District in 15 years.  Gilbane Building Company of Providence, RI, is the general contractor for the development and The Collaborative Companies (TCC) of Boston is the marketing company.

The ground-breaking was held May 10, 2005.  Director of Development for Intercontinental, Nicholas Iselin, confirmed construction is proceeding according to schedule and should yield a December 2007 completion for the project.

“We are very pleased to announce that we are on schedule with construction.  We are confident this new addition to Providence will further enhance the city’s renaissance and provide a decidedly different take on how one can live and thrive in Downtown Providence,” commented Iselin. 

This exciting new development will offer homeowners spectacular views and luxury amenities.  The 1, 2 & 3 bedroom condominiums, including Penthouses, range in size from 850 - 2,500 square feet, and are priced from the mid $400s to $2.5 million. The project is expected to draw buyers from the Northeast and beyond.

“Now, after more than three years of intense collaboration between The City of Providence, Intercontinental, Gilbane Construction, and our design team, we can begin to see the quality of the design and planning vision and we are extremely proud to be a part of it. We eagerly anticipate the project's completion and know that it will have a significant impact on the evolving urban context of Providence,” commented Frederick A. Kramer, AIA, President of ADD Inc.

Throughout permitting and construction, Intercontinental has worked in collaboration with city planners and the Capital Center Commission to ensure that Waterplace will be a showcase development, providing new housing and retail opportunities, as well as new construction jobs for local builders and contractors. 

“Waterplace is truly one of the brightest stars on Providence’s revitalized landscape offering its future residents spectacular views of our wonderful city,” said Mayor David N. Cicilline.  “Projects like this will attract more families to our growing downtown neighborhood as we continue our work to expand our tax base and improve the quality of life for our residents.”

“We have developed a wonderful relationship with the city of Providence, and we are excited to be here in this welcoming and flourishing city,” commented Peter Palandjian, Chairman and CEO of Intercontinental.

For more information about Waterplace, visit  The Sales Center at 56 Exchange Terrace in downtown Providence is open 11:00 a.m. – 4:00 p.m. Sunday - Thursday.  For details, call 401-421-1007.