PAWTUCKET – The city’s aggressive riverfront transformation took a big step forward this week with the announcement of a $21.1 million state housing investment to support development of 76 new affordable homes.
The homes are part of Pennrose’s Tidewater School Street development within the larger Tidewater Landing redevelopment along the Pawtucket/Seekonk River, with Centreville Bank Stadium as its cornerstone.
The award, announced earlier this week by Gov. Dan McKee, the Rhode Island Executive Office of Housing, and RIHousing through the state’s 2026 consolidated “One Stop” housing funding round, represents a significant step forward for the project.
Tidewater School Street will include 76 affordable homes serving households earning between 30 percent and 80 percent of area median income (AMI) and rented at below-market rates. The development will include 12 efficiency units, 28 one-bedroom units, 20 two-bedroom units, and 16 three-bedroom units. Nearly half of the homes will have two or three bedrooms, providing additional affordable housing opportunities for families.
“This is another important investment in Pawtucket and another example of the momentum we are seeing throughout our city,” said Mayor Donald Grebien. “Bringing 76 new affordable homes to Tidewater Landing will allow more families and individuals to live in a high-quality, growing neighborhood while adding to the incredible transformation taking place along our waterfront. We thank Gov. McKee, RIHousing, the Executive Office of Housing, and Pennrose for their partnership in making this project possible.”
“Pennrose’s Tidewater School Street project represents an important investment in Pawtucket’s future and ensures that affordable housing is part of our city’s continued growth,” said City Council President Terrence Mercer. “Adding 76 new affordable homes along our waterfront will create more opportunities for families and individuals to live in a vibrant, growing neighborhood. The Council is proud to support projects that expand housing options while strengthening our community.”
“Tidewater Landing was always envisioned as more than a stadium – it’s a complete riverfront community, and affordable housing has been part of that plan from day one,” said Brett Johnson, founder and partner of Fortuitous Partners. “Partnering with Pennrose on the Tidewater School Street project brings (76) new housing units to Pawtucket families right on the beautiful Seekonk River across from Centreville Bank Stadium, and we’re excited to see this project move forward as another piece of that vision comes to life, one of two housing developments advancing on the same timeline, together bringing over 400 new homes to Pawtucket.”
“At a time when the need for affordable housing has never been greater, this award represents a meaningful investment in the future of Pawtucket,” said Karmen Cheung, regional vice president at Pennrose. “These 76 homes will provide stable, affordable housing for residents and help strengthen the fabric of the community. We are deeply appreciative of the state and city’s partnership and shared commitment to creating housing opportunities for all.”
The project also qualifies for 4 percent federal low income housing tax credits, expected to bring approximately $14 million in private investment to the development.
Tidewater School Street is part of the broader Tidewater Landing redevelopment, which includes market-rate housing, retail and event space, recreational amenities, and a planned pedestrian bridge connecting both sides of the river.
