Capital Cove Condo Interior
Johnson & Wales announced that it has signed a three-year agreement with Capitol Cove LLC to lease 96 newly constructed luxury condominiums on Canal Street in Providence for use as student housing complete with granite counter tops, stainless steel appliances and one of the best views in Providence.
When classes start this fall 300 students will live in upscale condos that had been languishing on the market.
Developer Robert Roth began marketing Capitol Cove condos last fall for $350,000 to $550,000, getting four reservations and no sales.
Students at Johnson & Wales will pay yearly rents of $10,383 for one-bedroom apartments and $9,249 to share a two-bedroom unit — comparable to dorm rates. Roth said this deal would not come close to recouping the $30 million already invested by him and his bank.
On the downside, these students will miss out on bits of Americana that make the college housing experience a pivotal growing experience for a young man or woman.
Remember fellas, in your fraternity, when flushing the toilet meant an instant 400 degree shower temperature? How about that shared dorm bath where flip flops weren’t just a fashion statement, they were the only barrier between you and athletes foot? And what sorority gal doesn’t fondly recall posting up for position in front of the bathroom mirror like Shaquille O’Neal in a hostile environment. And just how many electronic devices can we jam into a non GFI water soaked power source?
Above – my sweet paneled room at URI complete with rotary phone.
The project has come under some scrutiny as members of the Providence City Council question whether Capitol Cove violated its tax-stabilization treaty with the city by using the building as a dormitory.
