Waterplace Residential Towers

On August 17, 2005, the Rhode Island Building Trades and Gilbane Building Company entered into a Project Labor Agreement for construction of the Waterplace residential towers project in downtown Providence. This is the forth (4th) agreement the trades have entered into this year and the seventh (7th) in the last two years. “The trades continue to enter into more and more PLAs because knowledgeable construction users understand the unions’ value in providing them with skilled workers in an environment were they are scarce,” said Gregory Mancini, executive director and general counsel for the 21st Century Labor Management Partnership.

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. This project is the first residential project to break ground in the Capital Center District in the last 15 years.

BuildRI participated in the negotiations.