Former Providence Mayor Blasts Streetcar Proposal

Former Mayor of Providence and property developer Joseph Paolino, Jr. has come out opposing the city's current proposal for a 2.5 mile streetcar line, for its cost to Providence taxpayers.

"We've already got 'streetcars'," said Paolino. "What they're looking for is $100 million to lay tracks down."

Providence unveiled its latest streetcar proposal this spring after an unsuccessful bid last year to obtain federal TIGER funds to move the project forward.

"The intention is well-meaning, the idea is well-meaning. It's a nice idea if you want the Feds to pay for 100% of it, but the project calls for over $50 million in city taxpayer dollars," said Paolino. "Tell me the last time a project like that stayed on budget."

Earlier this week, transportation analyst Yonah Freemark looked at recent census data in Atlantic Cities for a piece entitled, "Have U.S. Light Rail Systems Been Worth the Investment?" writing that of the initial five light rail systems established in the 1980s -- Buffalo, Portland, Sacramento, San Diego, and San Jose -- "neither rescued the center cities of their respective regions nor resulted in higher transit use — the dual goals of those first-generation lines."

Paolino: Look to High Speed Rail

"What surprises me is that there's not more outcry for high speed rail in the northeast corridor, which would really create jobs," continued Paolino. "New York in an hour and half. Boston in 20 minutes. That's what New England needs."

The Providence streetcar proposal touts an of economic impact that spark economic development, create 6,000 new jobs over the next 20 years and 250 construction jobs, increase surrounding property values by $1.1 billion, and attract 1500 new city residents over the next 20 years."

Paolino acknowledged the strong Rhode Island rail legacy. "Senator [Claiborned] Pell was the father of the New England corridor,' said Paolino.

However, in 2010, Paolino called the train station at TF Green Airport a "boondoggle" when the project was unveiled, and Amtrak announced it would not be stopping there.

As for the Providence streetcar proposal, Paolino said, "We can just buy some new streetcars, hire some drivers, and have them go around the loop proposed in project. We don't need the actual rail."

Paolino Setting Sights on Providence, Newport

Earlier this year, Paolino Properties announced a $60M acquisition of three downtown Providence properties including 100 Westminster Street, 30 Kennedy Plaza and the surface parking lot and historic facade at 110 Westminster Street.

The postmodern 100 Westminster Street building, which opened in 1984, is home to Providence Equity Partners, Hinckley Allen, Nortek, Bank of America, the US Attorney, Wells Fargo and others. With Paolino's purchase, it is now the only locally owned high-rise in Providence.

Recently, Paolino accounced along with investors an agreement to purchase Newport Grand, contingent upon a successful table games referendum this fall.

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