Posted by: Providence Chamber of Commerce | March 16, 2011

Good news on the knowledge economy front

The Knowledge District is growing. Brown University has completed the purchase of 198 Dyer St., a 41,000 square-foot building in Providence’s Jewelry District, from Extell Providence, LLC, a subsidiary of New York City based Extell Development Corporation.

The purchase of this largely vacant building will support broader efforts to enhance the growing Knowledge District. The University plans to renovate the building as a new home for the Continuing Education program. We anticipate the relocation of continuing education will bring employment, vitality, increased academic opportunities and new growth to this area of the city.

The transaction was completed on March 14, 2011. The property includes 130 parking spaces and 75 spaces on adjacent land leased from the State of Rhode Island. The City of Providence leases approximately 12,500 square feet of the property for its Department of Licensing and Standards. Brown intends to honor the existing lease agreement. The University will manage the property as a taxable commercial facility.

Laurie White, president

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