The two-mile North Main Street corridor is among Providence’s
most diverse and active areas. However, the contrasting array of
socioeconomics and demographic conditions, revitalization needs,
and urban characters of the College Hill, Mount Hope, and Hope
neighborhoods have challenged previous development efforts. To
better understand and unlock the area’s transit and development
potential, the City of Providence hired a consulting team led by
Principle Group and supported by Karp Strategies to conduct a
corridor study. This effort aimed to identify development opportunities,
examine existing residential and commercial market conditions, and
determine strategies to encourage the preferred development types.
Karp Strategies delivered a high-level market analysis of the North
Main Street corridor, based on a targeted review of recent research
regarding economic and demographic trends and developments,
and reports about COVID-19’s impact. Karp Strategies conducted
quantitative market analyses to ascertain demand, including
employment and industry trends, and supply, including pipeline
developments, vacancy, absorption, and price. The team also
conducted targeted broker, property owner, and other relevant
real estate stakeholder interviews to assess market viability and
provide critical context to understand quantative data. The analysis
resulted in clearly articulated, identified practical proposals, potential
development sites, and revitalization strategies that will guide the
City’s efforts to bring targeted investment into the neighborhood and
unlock its economic potential.