Prakashanti Group seeks extension to develop prime Providence site until 2029

The Providence City Council's Committee on Ordinances convened on June 10, 2025, to discuss a significant request from the Prakashanti Group regarding the redevelopment of a prominent parcel at 56 Pine Street. Attorney John Mancini, representing the petitioner, sought an extension of the existing ordinance that allows for the redevelopment of the site, which has remained a surface parking lot since its acquisition.

Originally enacted in 2020, the ordinance provided a five-year window for the developer to secure proposals for an office building on the site. However, Mancini reported that despite efforts, including negotiations with major companies like Hasbro, no viable proposals have materialized. The developer is now requesting an extension until December 31, 2029, to continue their search for a suitable tenant that would enhance the city’s office landscape and create high-level jobs.

Mancini emphasized the site's strategic importance, noting its potential to attract a "signature tenant" that would signify Providence's growth. He acknowledged the challenges posed by the current economic climate, including high construction costs and competition from other developments in the area. Despite these hurdles, the Prakashanti Group remains committed to finding a suitable development for the site.

Michael Vocola, corporate counsel for the Prakashanti Group, further elaborated on the site’s readiness for development, highlighting its favorable location and infrastructure. He expressed optimism about the future of the office market in Providence, stating that the company is actively engaging with real estate firms to explore potential opportunities.

The council members raised questions about the long-term viability of the site and the implications of the extension request. Mancini assured them that the developer is dedicated to maintaining the property and is actively seeking solutions to mitigate holding costs while awaiting a suitable tenant.

The meeting concluded with a recognition of the importance of the site for Providence's economic development and a commitment from the council to consider the extension request thoughtfully. The outcome of this request could significantly impact the future of office space in the city and the overall economic landscape.