195 Providence Innovation & Design District

Stlin said:
I'm not holding out any particular expectation that Hasbro will be interested in building a new HQ building - sure it's returned to profitablity in FY24 after selling off E1, but adjusted revenues are still declining and it's still in the middle of a fairly major cost savings exercise. They've stated an intent to cut 750M of expenses through 2025, with 250M of that in FY24 - spending say $300M on a new HQ building isn't exactly consistent with the current messaging coming out of the C-suite.

The Boston area has a load of vacant newer office buildings with 150k+ vacant square feet, to choose from at currently attractive lease rates - either Downtown or suburban. Even within their stated preferences, Something like 1 Post Office Sq, 75 State, the former GE HQ Necco complex or something like Southline or one of the vacant Quincy office park buildings all could fairly easily work for Hasbro with the flick of a pen. The Providence area just doesn't have the vacancies that Hasbro presumably wants - it's a problem for Boston, which it's presumably trying to solve it by pulling Hasbro up. I grew up in RI, and from a macro perspective I want them to stay there as I think they're a valuable anchor. I just have the feeling that spending a lot of money and waiting x years to design and build something isn't in the cards.
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Agreed. I certainly don't think the Commission should wait on Hasbro. They said they will make a decision in 18 months. So basically two years before we even know. and the odds aren't great considering they seem focused on Boston. I would love to see them stay of course, but its also telling that the Commission and other state interests were very quick to bypass almost all of the red tape for them. To me, this means there is way to much red tape to begin with. I wonder how much progress could have been made this past decade plus if they were more accommodating to other companies and developers, esp. with how interest rates were. Unfortunately more disappointment and lack of urgency.
 
If cutting costs were the main aim of Hasbro, they would stay in their current Pawtucket-EProv buildings as most of this space is owned by company.
 
Foundation work ongoing. Photos from today:
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