Thursday, June 13, 2024

TIDEWATER STADIUM FINANCING IN PLACE

Fortuitous Partners and Public Partners Close on Financing for Tidewater Stadium

Stadium will be the anchor of broad transformation in Pawtucket; Stadium on track to open for 2025 USL season

PAWTUCKET, RI – The City of Pawtucket, the Pawtucket Redevelopment Agency, Rhode Island Commerce, and Fortuitous Partners have closed on all aspects of funding for the multi-purpose stadium at Tidewater Landing, including the bonds, private debt and equity capital. Construction on the stadium began last year with private investment and has accelerated in recent months. Construction is scheduled to be completed for the 2025 USL Championship season.

“We are all extremely pleased to reach this important milestone and further accelerate the construction of the stadium at Tidewater Landing,” said Fortuitous Partners, the City of Pawtucket, the Pawtucket Redevelopment Agency, and Rhode Island Commerce in a joint statement. “We all look forward to cutting the ribbon on the stadium, taking our seats for the opening Rhode Island FC match in this world-class venue that will provide people and families across our state with opportunities to enjoy for years to come.”

The Pawtucket Redevelopment Agency served as an issuer of $54,285,000 in tax-exempt bonds in a collaboration between the City of Pawtucket and Commerce Rhode Island. Fortuitous Partners has raised $50 million of private capital and invested $33.9 million into the stadium construction to date. The City of Pawtucket has made available $10 million of ARPA funds to support construction, approximately half of which has been spent to date. No State dollars will be invested into this project until the stadium is complete and any increases in construction costs will be borne by the private developer.

Once complete, the stadium at Tidewater Landing will be home to Rhode Island FC and will host concerts, community activities, festivals, and collegiate and professional sports (including soccer, American football, lacrosse, rugby, and other sports). The 10,000+ seat stadium will provide Rhode Islanders with a world-class experience and amenities.

Rhode Island FC will launch its inaugural season next month at Bryant University’s Beirne Stadium. The club recently signed an exceptional roster of players including last year’s reigning USL Championship MVP and Golden Boot winner and has formed strategic sponsorships with several leading companies including Breeze Airways, Centreville Bank, Highbar Physical Therapy, Ortho RI, and Rhode Island Energy.