BIG NEXUS NEWS: PAWTUCKET-CENTRAL FALLS FINALLY ON BOSTON RAILROAD LINE
There have been plans to reopen a Pawtucket train station and reconnect the city to both Providence and Boston via rail for over two decades. This week, that plan finally became a reality. Monday, January 23rd, the Pawtucket-Central Falls Transit Center finally opened to much fanfare including a ceremonial first ride by Governor Dan McKee and other elected officials.
Why does this matter to us? In 2013, Nexus opened its first office not in Providence, the most-populous and capital city of Rhode Island, but instead in Pawtucket, a couple miles north up Route 95. A big reason Pawtucket was more attractive was the prospect of planned revitalization of downtown and importantly, the addition of this train station. Nexus’ founder and CEO, Nick D’Agnillo went all in on the prospects of the train station project by buying and relocating the business to the vacant Feldman Furniture building downtown, “conveniently” in walking distance of the proposed train station location.
DOWNTOWN LOFTS:
Nexus is currently in the process of redeveloping the 19th century structure that once housed horse-drawn carriages into 27 affordable market-rate units in the heart of the city. The rental units will include indoor parking, which is a major asset when it comes to downtown residences. The prospect of leaving your car somewhere safe is even more attractive to those tenants who decide to take advantage of the commuting options presented by the new train station. Within a 5 minute walk, tenants will have access to Boston to the north and Wickford and T.F. Green Airport to the south. Of note, 72 trains passed through Pawtucket daily and until now, residents had no access. The $63 million project is expected to help spur economic growth throughout the area and Nexus is excited to be in the heart of it.
THE VIABILITY OF RAIL TRAVEL POST-COVID:
The Covid pandemic changed the workplace considerably and public transit has had a slow recovery. Subvariants and hybrid work schedules have indeed decreased overall ridership but multiple state agencies reference trends that show confidence in public transportation is returning. While commuters might be taking the train into the office less frequently, it appears the reliance on that option is still strong. In other words, the tenant at one of Nexus’ North Union Street lofts might only commute to State Street Bank in Boston 3 days a week (versus 5 before the pandemic), but more and more people are likely to turn to trains for those 3 days they need to travel.
With less frequent office time comes less tolerance for a major city’s traffic should an employee opt to drive instead. And most importantly, the pandemic created a world where there are no more walls between where and when we work. When given the opportunity to sit on a train, with wifi, people are more likely than ever to spend their commute actively engaged in their jobs than ever before. Time is money, and sitting in a car appears more inefficient than it did three years ago. This reality isn’t necessarily a win for ticket counters, but it’s a win for those with real estate interests along these commuter lines.
RENTAL OPPORTUNITIES IN PAWTUCKET AND CENTRAL FALLS:
Nexus’ Rhode Island office manages over 700 units across the state and many of those are in Pawtucket and Central Falls. While some areas of these cities have historically been deemed unattractive for investment, Nexus has been keeping a close eye on areas where value exists and can be created. The opening of this train (and bus) station could be a game changer for some areas that lacked previous investment potential. Nexus Property Management® offers buyer’s agency services for all of our clients through our Nvest® program. As the opportunities created by this new stop on the Providence-Stoughton MBTA line become more and more apparent, check in with our leasing team to see if you can take advantage. Whether you live locally or are a client of one of our other New England locations, Nexus is dedicated to helping you maximize your real estate portfolio.
