May 16, 2008
Public officials and representatives from First National Development Inc. will gather this afternoon at the former Union Wadding Co., 125 Goff Avenue, Pawtucket, to call attention to the completion of the first phase of the planned transformation for the former mill complex.
The 330,000 sq. ft. property is undergoing a $25 million transformation The 90 completed condominium units have exposed brickwork and beams, 14’ high windows and loft space.
The project is scheduled to be completed by May 2010 and will consist of 245 affordable condominiums, retail shops, boutiques, commercial space, a restaurant and a gym.
First National Development is based in Connecticut.
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May 15, 2008
The Johnston Zoning Board of Appeal has rejected four challenges to permits and approvals for a new headquarters being built by insurance company FM Global.
The votes on four separate appeals were 4 to 0, with one abstention, according to Town Solicitor William Conley.
The board's action last night will move the matter back before a Superior Court judge tomorrow.
CapLease, FM Global's current landlord and a neighbor of the new headquarters, filed appeals with both the Superior Court and the Zoning Board seeking to halt construction. Judge Michael A. Silverstein this week ordered FM Global to halt work after it completes a foundation that was already under construction. He said he would review the case again after the Zoning Board met.
CapLease argues that an expedited approval process for the FM Global project violated laws designed to give neighbors a chance to object to projects.
CapLease has said it is concerned about traffic, stormwater runoff and flooding associated with the project.
In court papers, FM Global has said CapLease "is simply a disgruntled landlord whose most important tenant is leaving for new headquarters." FM Global called the appeals "nothing more than CapLease's latest effort to prevent FM Global from departing."
Edward D. Pare, a lawyer for CapLease, said his client was disappointed that last night's decision will prevent the company from having its concerns aired. "This thing just continues to move on a fast track, unfortunately," he said, adding that CapLease will consider appealing last night's action in Superior Court.
FM Global spokesman Steven Zenofsky welcomed the Zoning Board's decision. "Certainly that was a good sign," he said. "And now we're on to see what the judge has to say about it tomorrow."
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Governor Carcieri's office has extended the deadline for developers to submit proposals to the state to build a massive offshore wind farm that would rival the Cape Wind project in Nantucket Sound.
The new deadline is May 30, according to Jeff Neal, a spokesman for the governor. The original deadline was tomorrow.
The governor is seeking proposals from private developers interested in building a wind farm that would generate at least 15 percent of the electricity consumed by Rhode Island households and businesses.
The state is seeking a partner in the private sector who would build, finance and operate the wind farm. The project is expected to be about the same size and scope of the proposed Cape Wind project in Massachusetts.
The state will help expedite the permitting process and secure a long-term contract for energy produced by the facility.
The governor has said the "preferred site" is off the south and western shores of Block Island, but others may be considered. He said that he wants proposals to include providing power to Block Island so that the 1,000 residents there can see some relief in electricity rates.
The state will choose the winning proposal based on the total cost to Rhode Island ratepayers, the qualifications and experience of the developer, and the number of jobs and amount of tax revenue the project would create.
Posted by Tim Barmann at 12:34 PM | Permalink
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Rhode Island Housing's board of directors this morning approved spending $250,000 for four community developments aimed at preserving open space and minimizing resource use.
The "KeepSpace" proposals chosen for the funding are in Westerly, Pawtucket/Central Falls, Cranston and Providence's Olneyville section, said the state housing agency's executive director, Richard Godfey.
The developments will combine a mix of rental and owner-occupied homes, including "affordable" housing, along with commercial work space and stores. Details of the proposals will be released at news conference at 3:15 this afternoon at Johnston & Wales University, 321 Harborside Boulevard, off Allens Avenue in Providence.
Last August, the agency pledged $10 million to support the development of more integrated communities, designed to preserve open space. The agency, which has seen its state funding slashed in the wake of state budget cuts, had set aside $1.5 million for fiscal 2008, but will now spend just $250,000 to get the developments started, Godfrey said.
Posted by Lynn Arditi at 9:53 AM | Permalink
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Providence and Worcester Railroad Company (PWX:NASDAQ) yesterday reported a first-quarter loss of $922,000, or 19 cents a share, compared to a net loss of $1.2 million, or 26 cents a share in last year's first quarter.
Operating revenues increased $811,000, or 15.6 percent, to $6.0 million from $5.2 million in the first quarter of 2007. This increase is the result of a 26 percent increase in conventional freight revenues partially offset by a 52 percent decline in container freight revenues.
Shipments of ethanol and automobiles, as well as increased shipments of coal and steel ingots account for the increase in conventional freight revenues. Those increase were somewhat offset by decreases in shipments of construction aggregates, chemicals, building products and other commodities, largely attributable to the economic slowdown.
The sharp decrease in container revenue results from a continuing decline in container traffic volume which began midway through 2007. Diesel fuel expense for the quarter increased by $241,000, or 52 percent, from the first quarter of 2007, largely as a result of sharply increased prices for petroleum products.
Posted by John Kostrzewa at 8:55 AM | Permalink
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Davol Inc., a subsidiary of C.R. Bard Inc., has completed its relocation from its current location in Cranston to a new divisional headquarters at 100 Crossings Boulevard in Warwick.
The new facility will house Davol’s 200 employees working in research and development, marketing and administrative functions. Davol will also manage and support an additional 110 North American field sales representatives from the location.
“Virtually every need of our organization today and in the future will be accommodated in this new facility. This is a first-class building, designed with best practice work spaces and training areas for both our employees and customers with the vision of providing world-class customer support,” said John Groetelaars, Davol vice president and general manager.
The move is “an event to symbolize our renewed focus on providing innovative, cost-effective and indispensable surgical specialties products to our customers all around the globe,” said Groetelaars.
Davol was founded in Providence in 1874, and has been part of Rhode Island history for the past 133 years. It was acquired by C.R. Bard, Inc. in 1980, and is a leading developer and marketer of innovative life enhancing medical technologies focusing its business on key surgical specialties, including soft tissue repair, surgical fixation, and surgical irrigation Systems
Posted by John Kostrzewa at 8:51 AM | Permalink
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May 14, 2008
A Superior Court judge has ruled that insurance company FM Global can finish the foundation on its new headquarters in Johnston but it cannot do any other work on the project until he reviews permits issued by the town.
Judge Michael A. Silverstein’s order yesterday effectively extended a similar order by the town’s building official, which was set to expire today.
FM Global’s landlord, CapLease, has asked the Johnston Zoning Board of Appeals to review actions by the town’s Planning Board and building official in approving work at the site. FM Global’s new $60-million, 340,000-square-foot headquarters would be on 93 acres it owns adjacent to the 345,000-square-foot building it now leases from CapLease. That lease is due to expire next year.
FM Global received expedited approval of its project, which CapLease contends violated laws designed to give neighboring property owners time to object to a project.
After filing its appeal with the town, CapLease went to court when the town allowed work to continue on the foundation. CapLease argued that state law required work to stop until its appeal is decided.
In court yesterday, Johnston officials told Silverstein they expect a decision on CapLease’s appeal at a meeting scheduled for 7 p.m. today. Silverstein said he wants to see the parties in court again after the Zoning Board meets so he can decide how to proceed. That hearing is scheduled for Friday, if the board renders a decision tonight, or Monday, if it does not.
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Pawtucket-based Hasbro, Inc. (HAS:NYSE) this morning said it has reacquired for $7 million the worldwide distribution rights to the Sunbow Library of Hasbro Classics programming from TV-Loonland, which held the rights to license the content.
Under the terms of the deal, Hasbro has regained ownership of nearly 1,000 episodes of classic programming, including G.I. Joe, Transformers and My Little Pony. The acquisition increases Hasbro's content library to nearly 2,000 episodes of programming covering over 30 brands.
"As we deliver new immersive entertainment experiences to audiences worldwide, it was extremely important that we had the rights to fully control the usage of our intellectual properties," said Brian Goldner, Hasbro's Chief Operating Officer. "Entertainment is becoming increasingly important in helping us to strengthen and build our brands globally, and this will enable us to engage consumers in new and exciting ways."
Posted by John Kostrzewa at 8:48 AM | Permalink
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The Dutch Harbor Boat Yard has been put up for sale after the new owners ran into trouble with one of its lenders three years after buying the Jamestown marina.
The Providence County Superior Court has ordered the company’s business, assets and real estate to be sold for the benefit of its creditors, according to Joseph P. Ferrucci, a Providence attorney and the court-appointed “special master” selected to carry out the court’s directive.
Bank Rhode Island, one of the company’s two major lenders, said in a petition filed in March that the company “is in default of its obligations” to the bank because of a failure to make payments according to the loan terms. The bank sought to have the company taken over by a receiver in order to sell the business and its assets.
The boat yard is owned by DHBY LLC, a company whose partners include Robert and Barbara Paterson. The partnership purchased the land and business in July 2005 for $2.65 million, according to town records.
The creditors are owed a total of about $2.4 million, Ferrucci said. They include Bank Rhode Island, which is owed about $1.4 million, and Ocean State Business Development, which is owed about $1.1 million, he said.
In an interview, Barbara Paterson said that her company is in the process of refinancing its loans, and she is confident that she and her husband will be able to hold on to the business.
“We’re not going anywhere,” she said.
Posted by John Kostrzewa at 8:39 AM | Permalink
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May 13, 2008
Astro-Med Inc. (ALOT:Nasdaq) said today that sales for the first quarter that ended May 3 are anticipated to increase about 14 percent from the comparable period a year ago.
The company also expects to report earnings per diluted share of 11 to 13 cents, up from 7 cents a year ago.
During today’s annual meeting, Albert W. Ondis, chairman and chief executive, said, “We are pleased to report that the company will achieve the same double digit growth rate in the first quarter of fiscal year 2009 as we achieved in the last two fiscal years.”
The company’s actual results will be released on May 20
Posted by John Kostrzewa at 3:36 PM | Permalink
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