Fortuitous Partners Takes Major Step Forward on Tidewater Landing with National Real Estate Leaders Wood Partners and Pennrose
USL Rhode Island FC

Fortuitous Partners Takes Major Step Forward on Tidewater Landing with National Real Estate Leaders Wood Partners and Pennrose

Published on April 17, 2025 under United Soccer League Championship (USL)
Rhode Island FC News Release


PAWTUCKET, RI - Fortuitous Partners today announced the next phase of Tidewater Landing, a transformative multi-phase residential and community development project along the banks of the Seekonk River, complementing the highly anticipated debut of the new state-of-the-art Centreville Bank Stadium, home to Rhode Island FC.

Recognizing Rhode Island's critical housing needs, leading real estate investment and development company Fortuitous Partners has significantly expanded the Tidewater Landing project since its initial announcement in 2019. This next phase, developed in partnership with two prominent real estate developers - Wood Partners and Pennrose - will deliver market-rate and affordable housing, public amenities, and dynamic commercial spaces, representing a continued and transformative investment in Pawtucket's future.

"We are incredibly proud to see this vision for the riverfront and Tidewater Landing continue to come to life," said Dan Kroeber, Managing Partner at Fortuitous Partners. "This next phase of the development will not only support the new Centreville Bank Stadium, but also create a vibrant, connected community where residents, visitors, and fans can live, work, and enjoy everything Pawtucket's riverfront has to offer."

Nationally recognized real estate development company Wood Partners will lead the development of two residential buildings on both sides of the Seekonk River. The building on the east side will feature approximately 300 market rate units, while the west side building will hold approximately 250 units and commercial space. It will also front the new stadium plaza and riverfront, designed to create an energetic hub that enhances the game-day experience and year-round community engagement. Development will begin following the completion of the east side building.

"We share Fortuitous Partners' vision for Tidewater Landing as a game changing, transformative project for the City of Pawtucket and the State of Rhode Island," said Jim Lambert, Managing Director and Partner with Wood Partners. "We could not be more excited to do our part to bring that vision to reality by delivering high-quality housing options to the area. Together with the new stadium, the mixed-income housing being provided by Pennrose and the infrastructure improvements and enhancements underway, we believe Tidewater Landing is a going to be a gem that all stakeholders will be proud of."

Not far from Pawtucket in Warwick, Rhode Island, Wood Partners is in the final stages of a new development, Alta Altitude. The residential community is expected to have units available this summer and bolsters Wood Partners' portfolio in Rhode Island.

Pennrose, a nationally recognized leader in mixed-income housing development with over 50 years of experience in creating high-quality, affordable communities, will spearhead the development of a midrise building along School Street, which will provide approximately 72 mixed-income housing units. Their expertise in building sustainable and inclusive communities will play a key role in expanding accessible housing options in the region and address a significant market gap. The project is currently under review for state and federal tax credit funding through Rhode Island Housing, while design and permitting efforts continue to ensure readiness for future funding opportunities.

"We are excited to be part of the Tidewater Landing project, bringing much-needed high-quality affordable housing to Pawtucket, said Karmen Cheung, Regional Vice President with Pennrose. "Together with the development led by Wood Partners and the new Rhode Island FC stadium, this project will create a vibrant community that enhances the region's growth and quality of life."

Pennrose's recent grand opening of Tempo and the groundbreaking of Tandem, together a two-phase mixed use and mixed income community nearby in Providence reflect a strong commitment to bettering the entire region.

Together with the new Centreville Bank Stadium, the home of Rhode Island FC, these residential and community projects reflect a bold vision for the future of Pawtucket. The Stadium is expected to bring community engagement, local pride, and economic growth to the area, and this development will play a vital role in enhancing quality of life for residents and visitors.

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