PBN March 3, 2023

White-hot R.I. luxury market shows early sign of cooling off

CHILLING JUST CHILLING

BY JAMES BESSETTE | Bessette@PBN.com

most measures, 2022 was a banner year for Rhode Island’s luxury real estate market. A total of 617 homes sold for more than $1 million in 12 months – and two of them reached eight figures.

But when compared with 2021, the outcome was a little lacking, and most real estate observers say we should get used to it in 2023 and beyond.

After eight consecutive years of record sales – and an off-the-charts performance in

Your next home could be a school, church or bank

BY CHRISTOPHER ALLEN | Allen@PBN.com

REAL ESTATE AGENT Kira Greene is no stranger to selling high-end homes, but one of her latest listings in Pawtucket took things to a different level.

The flooring? Marble. The number of bedrooms? Eight. Livable space? 10,450 square feet.

Certainly, all the makings of a mansion. Except it wasn’t a mansion at all. Greene’s listing was a bank, complete with a working elevator and a massive vault with a thick, heavy door that even the best robbers wouldn’t be able to crack.

“What could be more luxury than owning a bank?” quipped Greene, the founding agent of Compass Real Estate’s Providence office.

The three-story former bank, constructed in 1901 on Main Street in downtown Pawtucket, is an example of what real estate experts foresee as a growing trend given the low inventory and the state’s limited developable land – reusing commercial, industrial

SEE HOME PAGE 23

MARQUEE SALE:

The coastal estate known as Treasure Hill, located at 2 Kidds Way in Westerly, was the most expensive home sale in Rhode Island in 2022 at $17.7 million and one of only two of last year’s top 10 home sales to reach eight figures.

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FOR STARTERS

5Q: Brett Luy

Rhode Island FC president

BY CHRISTOPHER ALLEN | Allen@PBN.com

1What is your soccer background?

You’re 35. Have you held an executive position like this before?

I’ve spent my entire career – in some form or another – working in high-level soccer. I was an executive vice president with [the United Soccer League] where I was responsible for a big part of the league’s growth and development. That experience with the league has given me an opportunity to build a global network within the soccer industry, which will undoubtedly help us recruit.

2You’re starting from scratch with a new team and a new taxpayer-aided $124 million soccer stadium that has its share of naysayers. What about this situation appealed to you?

I think it’s important to recognize that the Tidewater [Landing] development is going to be game changing for Pawtucket. The amount of private investment going into that project is unprecedented in recent Rhode Island history. I am confident that Rhode Islanders are going to see the Tidewater stadium as a community living room and that they’ll take full advantage of everything it will offer. That full experience is part of what drew me to this position. Rhode Island FC is going to be at the center of a community revitalization and we’re going to be a real pillar for civic pride.

3What do you, as team president, have to do to ensure that the team remains viable and continues to fill seats at this stadium?

That starts with two things. First, we need to continue to be firmly grounded in the community. We want every Rhode Islander to feel connected to this team. Second, we need to stay committed to putting a great team on the pitch. The amount of interest we’ve received from top-level coaching talent and from players and agents since we launched gives me great confidence that we’ll be a top club starting with our first match.

4

Rhode Island FC has received deposits for about 3,600 season tickets for a 10,000-seat arena that doesn’t exist yet. Does that match what was expected?

We knew there would be excitement for the club, but this has definitely exceeded our expectations. It goes to show that Rhode Islanders feel a connection to this team and that there is a huge appetite for professional sports that are specifically grounded in Rhode Island.

5

Is the stadium on track to be ready by the start of the 2024 season, and what is the contingency plan if it isn’t?

The stadium is on track to open during the 2024 season. We poured the foundation earlier in January and construction will accelerate. We have several strong options if we need to start the 2024 season in a temporary venue. n

PBN PHOTO/MICHAEL SALERNO

DINING OUT | BRUCE NEWBURY

Cooking up bright future

THE FUTURE OF THE food industry is looking bright, as there are a solid number of young people who are up and coming and pursuing a career in food service.

The Rhode Island Hospitality Association’s Education Foundation hosted the 11th annual Rhode Island ProStart High School Culinary Arts, Foodservice & Hotel Management Competition on Feb. 7 at the Crowne Plaza Providence-Warwick in Warwick. As in past years, teams competed in culinary, food service management and hotel management projects and challenges. Teams were from the Chariho Career & Technical Center, known as CHARIHOtech; East Providence Career & Technical Center; Exeter Job Corps Center; Newport Area Career and Technical Center; William M. Davies, Jr. Career and Technical High School in Lincoln; and the Woonsocket Area Career and Technical Center.

Categories included Culinary Arts, Foodservice Management, and Hotel Management. In the Culinary Arts challenge, student teams’ technical skills were put to the test, including safe food transportation, knife skills and a cook-off in which a three-course meal was prepared using only two burners. Students were also judged on teamwork, professionalism, appearance and plate presentation. In the Foodservice Management challenge, students presented a comprehensive restaurant concept and business plan, while in the Hotel Management challenge, teams had to design and present a hotel property concept to the judges.

More than 50 local industry professionals judged the events. Seven colleges and universities pledged $500,000 in scholarship money to be shared among the winning teams.

The Exeter team won the Culinary Arts portion of the competition, while the East Providence team won the Foodservice Management portion of the competition and the Chariho team won the Hotel Management portion of the competition. Exeter will go on to represent Rhode Island at the National Restaurant Association Educational Foundation’s National ProStart Invitational competition

in Washington, D.C., on May 2.

In addition, a recognition that began a year ago is continuing. Judges are adapting the student teams’ winning entries onto their menus to give a tangible, real-world aspect to the competition. Chef Kathryn Caine, a judge who is executive chef at Avvio Ristorante in Cranston, will feature an adaptation of the Exeter team’s winning dish on the restaurant’s menu: a pan-seared Tuscan-style veal chop served with mashed Yukon gold potatoes and

sauteed root vegetables. Avvio is part of Newport Restaurant Group

And proprietor, head baker and culinary judge Jennifer Luxmoore of Sin Desserts in Providence will feature a dessert created by the Davies team: a whipped white chocolate ganache with grapefruit curd.

Judges are adapting the student teams’ winning entries onto their menus.

Nearly 600 Rhode Island students are enrolled in ProStart, a two-year hospitality career-building program designed by the National Restaurant Association Educational Foundation. About another 100 Rhode Island students are enrolled in the Hospitality & Tourism Management program, the American Hotel & Lodging Educational Institute’s two-year, turnkey high school curriculum. As a past judge in this event, I find it impressive, encouraging and inspirational to see the level of enthusiasm and expertise from these students year after year. n

“Dining Out With Bruce Newbury” is broadcast locally on WADK 101.1 FM and 1540 AM and on WWRI 105.5 FM and 1450 AM. The show is also broadcast on radio stations in Vermont and Indiana. Contact Bruce at bruce@brucenewbury.com.

TOP CHEF: Henry Nguyen, a student at the Exeter Job Corps Center, prepares a dish during the 11th annual Rhode Island ProStart High School Culinary Arts, Foodservice & Hotel Management Competition on Feb. 7. The center’s team won first place in the Culinary Arts category.

FOR STARTERS

SOMETHING NEW SPOTLIGHT

Selling rare sneakers a real kick

BY CHRISTOPHER ALLEN | Allen@PBN.com

TO THE UNINITIATED, shelling out a half-week’s pay or more on a pair of sneakers is a tough sell. But for “sneakerheads,” a subculture of collectors who buy, sell and trade in the growing marketplace, it’s a way of life.

And for Ryan Enos, it’s also a business.

“This culture has become so advanced. In retail stores many shoes are out of stock,” he said. “But resale shops have the stuff you can get your hands on.”

In September, Enos opened Legit Sneakerheads LLC in Woonsocket in a building that was previously a gourmet food shop.

For years the former restaurant cook has been buying and selling hard-to-get sneakers online and at previous ventures that never panned out.

During the pandemic, a spike in sales justified a new storefront.

Already accustomed to marketing his products via Facebook and Instagram, holding raffles and posting new acquisitions, Enos has kept the same formula. He has no marketing budget.

Business has slowed this winter as consumers pull back spending. But Enos is hopeful the warmer seasons will bring new customers seeking fresh soles.

“It was a big gamble,” he said. “Right now, I’m losing money. Reselling can be a very hard game. But it’s been a good adventure so far.” n

Diving into a new career

Scuba shop also offers training

BY NANCY LAVIN | Lavin@PBN.com

TO SAY ALLISON FONTAINE-TRAINOR was a reluctant scuba diver is an understatement.

The Rhode Island native grew up avoiding the beach and refused to put her head underwater. But she was also eager to prove people wrong, so when a friend who owned a scuba diving shop challenged Fontaine-Trainor and her husband to take a class, she agreed.

“I was the most horrible student there was,” she said. She “overanalyzed everything” – helpful in her job on the accounting team for Citizens Bank, but not for preparing to dive into the open ocean.

But reluctance turned to reverie, and by the end of her class, Fontaine-Trainor was hooked, trekking out to Fort Wetherill State Park in Jamestown to dive multiple times per week and becoming a certified scuba diving instructor. She loved it, so much so that when the Cumberland scuba shop owner decided to close in 2016, Fontaine-Trainor bought the business.

Early on, she struggled to stay afloat. Dive On It Scuba had some name recognition and a small but loyal following of scuba enthusiasts who took classes and bought gear from the retail store.

Fontaine-Trainor had no business experience, however. Every-

OWNER: Allison Fontaine-Trainor

TYPE OF BUSINESS: Scuba dive shop and training center

thing from financing the business to scheduling classes and contracting with instructors, ordering supplies and setting up times to rent public pools, was new to her. Never mind that she was still working her fulltime banking job.

“I had no clue what I was getting into,” she said.

But the same stubborn mindset that forced her into the pool kept her going as a business owner. By 2019, she hit her stride, with a growing roster of instructors, several of whom were former students, and a steady business of classes filled with tropical vacation-goers, aspiring marine biologists, kids, and 20-somethings looking for a hobby. She and her husband, Christopher Trainor, who also serves as an instructor, also organized group diving trips to Cozumel, Mexico, the Dutch island of Bonaire off the coast of Venezuela, and Florida.

LOCATION: 1000 Mendon Road, Cumberland EMPLOYEES: Two

When COVID-19 hit, her carefully constructed business fell apart. Public pools, where she hosted the non-classroom part of training, closed. She taught a few lessons out of a friend’s backyard swimming pool, while anxiously waiting and watching for the government goahead to reopen.

“It was a crapshoot,” FontaineTrainor recalled. “We really didn’t know which way it was going to go.”

She attributed Dive On It Scuba’s survival to loyal employees and a little luck. Though the pandemic has eased, supply chain woes continue to cause headaches, forcing her to risk buying from “weird online places” rather than her brandname, go-to suppliers. Certain specialty items such as hooks and clips for deep-sea divers have been out of stock for over a year, she said.

Running the business gives Fontaine-Trainor less time to scuba dive for her own enjoyment, though she recently returned from a trip to Cozumel. But her wonder for the underwater world remains strong. She’s always looking for ways to share her passion with others, with plans to start a children’s scuba dive camp this summer.

“I think everyone should try it at least once, and then decide if it’s not for you,” she said. n

YEAR FOUNDED: 2017

ANNUAL REVENUE: $500,000

SCARCE SNEAKERS: Legit Sneakerheads LLC owner Ryan Enos resells rare, expensive sneakers out of his Woonsocket shop.

PBN PHOTO/MICHAEL SALERNO

SCUBA SESSION: Brady Watson, center background, dive master with Dive On It Scuba, teaches members of Boy Scout Troop 44 of Walpole, Mass., in the pool at Cumberland High School. From left are Danny Federer; his father, Chris Federer; and Mike Ahlfont.

PBN PHOTO/MICHAEL SALERNO

McKee’s plan to boost MBE program

BY NANCY LAVIN | Lavin@PBN.com

AFTER THE STATE last year exceeded the minimum requirements for awarding government contracts to minorityand women-owned businesses, Gov. Daniel J. McKee wants to raise those legal requirements even higher.

McKee has proposed boosting participation in the Minority Business Enterprise program from 10% to 15%, but some advocates say raising those mandates is meaningless unless there is a plan and money to get more minority firms ready and able to bid on state contracts, and a commitment to enforce the law.

As it is, the state has failed to meet the required 10% minimum mark nearly every year since the law was passed in 1986.

The 13.16% of state contracts awarded to women- and minorityowned businesses in fiscal 2022 is one of only three times – along with fiscal 2018 and 2019 – in which the state has exceeded the 10% minimum, according to data from the R.I. Office of Diversity, Equity and Opportunity

Lisa Ranglin, CEO and president of the Rhode Island Black Business Association, isn’t supportive of McKee’s proposal. “It’s a little premature, I think,” she said. “We need to see that we’re consistently meeting

the 10% goal before we think about going higher.”

But state officials say that increased participation in 2022 is the result of new leadership and a renewed focus on the MBE program.

“We feel strongly that, by building on our outreach methods, the state can achieve the 15% participation rate,” Tomás Ávila, associate director for the Office of Diversity, Equity and Opportunity, said in an emailed statement.

Ávila also says the governor’s proposal, which calls for separate thresholds for women- and minorityowned businesses – at 7.5% each –

was recommended in a state-commissioned study of the MBE program.

The 2021 study also urged better tracking of dollars awarded to women and minority contractors and subcontractors, and better enforcement.

In regard to enforcement, officials note that the state is considering suspending payments or ending the contract with a company for not complying with the 10% requirement for subcontracts, the first time the state would bring penalties related to the MBE program, according to Laura Hart, R.I. Department of Administration spokeswoman. Hart wouldn’t identify the contractor.

Still, Ranglin is worried by what appears to be a lack of plans to increase the number of local minority businesses able to compete for state contracts and purchases. She says building a pipeline of certified Blackowned businesses should be the

state’s first priority, and there should be dedicated funding to do it.

With remaining COVID-19 relief dollars and a projected $600 million surplus, the state should have ample money to invest in the MBE program, says Oscar Mejias, CEO of the Rhode Island Hispanic Chamber of Commerce

As of now, McKee’s $13.8 billion state budget plan includes $123,600 to hire someone for MBE enforcement, but the budget does not mention other allotments or changes related to the program. McKee’s office did not respond to inquiries for comment.

Meanwhile, Sen. Sandra Cano, D-Pawtucket, and Rep. Joshua J. Giraldo, D-Central Falls, have submitted companion bills to increase MBE participation from 10% to 20%, with a 10% minimum each for minority- and women-owned businesses.

Sen. Jonathon Acosta, D-Central Falls, co-chair of the Rhode Island Black, Latino, Indigenous, AsianAmerican and Pacific Islander Caucus, says structural changes and increasing the participation requirements can happen simultaneously.

Ranglin disagrees.

“If you increase the goal without having the protocols and businesses at scale, you will never reach that 15%,” she said. n

‘We need to see that we’re consistently meeting the 10% goal.’

LISA RANGLIN, Rhode Island Black Business Association CEO and president

abstract works since she graduated in 1989. In 25 years, she has exhibited in galleries around New England. It’s nice to be able to work on both her artwork and the business, she says.

“I think that’s what mentoring does,” she said. “You have an appreciation of where things come from and where they’re going.”

Gossler and her husband, Peter Cameron, bought American Trophy from her parents in 1990. Today, the business, now in East Providence, has expanded far beyond its original trusty line of plaques and awards, to include multiplatform brand marketing. The customer roster numbers roughly 500 to 750 repeat clients and some 1,000 one-timers.

The company targets the high end of the industry, offering custom capabilities for the client. Gossler, who is listed as American Trophy’s president, says this pivot was her idea when she came on board, extending the business over time to national and international accounts.

In 2020, American Trophy launched New England Graphic Services, with branding, apparel, large format printing and graphic design. About 20% of the business, however, is still designing and manufacturing awards.

She’s succeeding by giving all the accolades to others

BY SARAH FRANCIS | Contributing Writer

some, the path that life takes can emerge early on. For Kristen Gossler, it began unfolding when she was so small she could barely see above the top of the living room table as her parents, Virginia and Ralph, built a successful business.

“It was so fun. I did piecework for them as they crafted plaques and awards. Mark Twain had an adage in ‘Tom Sawyer’ about turning something that’s a chore into a privilege. I really believed it when my parents told me that,” Gossler said. “I felt like I was contributing.”

Founded in 1952, the Gosslers’ business, American Trophy and Supply Inc., produced and sold hundreds of mementos and plaques over the next two decades.

“When I was older, my dad took me on sales calls,” said Gossler, who grew up in the 1970s. “It was kind of weird for an 8-year-old to be chiming in, in front of clients but that’s when I discovered I really enjoyed screen printing. My other passion was art.”

American Trophy evolved due to a combination of her father’s vision and her mother’s team effort, Gossler says. Ralph Gossler was an Olympic-level

swimmer and pre-med student who began creating molds of body parts during school. Endlessly curious and entrepreneurial, he recognized that with some creativity, he could turn the process into a business.

Using melted-down car bumpers he found at junkyards, he fashioned molds in his basement, transforming hunks of metal into sports awards and medals. Virginia Gossler did all the words on the awards, handwriting with an engraving tool. At first, the couple sold the work out of their house in Pawtucket.

Kristen Gossler didn’t immediately go into the family business. She studied philosophy at Connecticut College but also took a couple of art courses. It didn’t take long for her to recognize how much she loved it. “I realized, ‘Oh my gosh, this is what I want to do,’ ” she said.

She transferred to the Rhode Island School of Design and graduated with a fine arts degree in painting. She found that she had absorbed her father’s dual vision of art and business.

In a nod to her passion for art, Gossler’s been painting and showing

REWARDING

JOB: Kristen Gossler, president of American Trophy and Supply Inc., has expanded the business with her husband, Peter Cameron, since buying it from her parents in 1990.

PBN PHOTO/MICHAEL SALERNO

As director of operations, Gossler brings in new clients and hands them off to a staff that ranges from a total of eight to 12, depending on the company’s project volume.

“Our strengths are in-house graphic design and manufacturing with consistency,“ she said.

Like many small businesses, the company had to scramble at the outset of COVID-19 three years ago. Gossler compares that time to sticking fingers in the dam to stop it from collapsing. Suddenly, they had to overhaul their planning. “Long range” no longer meant looking ahead a year or more. Now it was a matter of one month or six months.

“We learned we could pivot,” she said.

The company provided shirts for nurses on the front lines, signage to help people navigate through COVID-19 vaccine shots, and she launched a portal, PPE-NewEngland.com, to give a focus to personal protection equipment on one site.

Company clients range from NASCAR (a hand-cast trophy with custom logos) to Moet & Chandon (a brass and walnut plaque presented by Swarovski AG). Cameron, the special projects manager, handles some special custom projects and is overseeing a recent, unusual request: creating a memorial sculpture for a firefighter who died in the line of duty. The client is his widow.

Gossler points out that the works American Trophy creates are more than just the standard keepsake with an engraved brass plate. The award must stand for an idea and an accomplishment of someone, she says.

“Whether you’re making a hundred tennis trophies, or the one that’s going to Serena Williams, it represents why someone gets up every day,” Gossler said. “This is a serious business. It means we’ve seen that you’ve done this accomplishment.”n

‘This is a serious business. It means we’ve seen that you’ve done this accomplishment.’

KRISTEN GOSSLER, American Trophy and Supply Inc. president

FOR STARTERS

TRENDING

Most-read stories on PBN.com, February 2023

1

$27M grant could finish Providence’s bike lane network, but Smiley noncommittal

POSTED ONLINE: FEB. 17

A new, $27 million federal grant could hypothetically cover the cost to finish former Providence Mayor Jorge O. Elorza’s ambitious “urban trail” network. But after the squabbles over some of the 40 miles of protected bike lanes built before Elorza left office, Mayor Brett Smiley is pressing pause. bit.ly/3IDvW8T

2

CVS to close Woonsocket office building, relocating 90 workers to corporate park

POSTED ONLINE: FEB. 23

CVS Health Corp. is vacating one of its office buildings on the outskirts of downtown Woonsocket amid the pharmacy giant’s ongoing efforts to optimize office space. The company announced it is closing the building at 356 Clinton St. by the end of February. bit.ly/3EMvd3X

3

Honeywell to close Smithfield factory, 122 workers to be laid off

POSTED ONLINE: FEB. 22

Honeywell International Inc. is shutting down its Smithfield factory in November, with 122 workers set to lose their jobs. The manufacturing company gave notice of the Nov. 17 closure in a letter to the R.I. Department of Labor and Training. The letter does not say why the factory is closing but stated the closure and layoffs are permanent. bit.ly/3Z6IM6o

4

Rep. Cicilline resigning from Congress to lead Rhode Island Foundation

POSTED ONLINE: FEB. 21

Rep. David N. Cicilline, D-R.I., who was just reelected to another term in Congress representing the state’s 1st District, has been named the Rhode Island Foundation’s new CEO and president. bit.ly/3IYWOBy

5

Taco eyes new Cranston facility amid global expansion, hiring campaign

POSTED ONLINE: FEB. 6

Taco Comfort Solutions is seeking to expand its footprint locally, and internationally, as the company invests $1 million into plans for a new warehouse and lab facility in Cranston. Meanwhile, the manufacturer, which specializes in high-efficiency heating, cooling, plumbing and irrigation products, is looking to hire about 130 employees globally, with at least 75 of those positions located in Rhode Island. bit.ly/41vELKl

6

7

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Breeze announces new, nonstop flights from R.I. to Florida

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195 district commission is shifting its development focus

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Cicilline’s departure sets stage for special election

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Fidelity to hire 4,000 workers, including 230 in R.I.

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Prosecutors press forward after uncovering $8.9M in COVID-19 relief fraud across R.I.

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The Science of Leading With Trust

Carol Malysz, MBA Executive Director, RI Bio

LEADING TODAY

The need to move to a new style of leadership, one relevant for the new world of hybrid work, has never been more important. Today’s leaders are compelled to adapt to a fast-changing and distributed work environment where the command and control model is no longer relevant. It’s time to adapt.

For leaders to survive in the new world, they must be ready to lead in a style that empowers, develops and encourages their team. Engaged and dedicated employees are critical to exponential growth, and command and control leadership will only push away top talent.

EMPOWERING EMPLOYEES

Employees want to be respected at work, have the autonomy to make their own decisions, and work in an environment of psychological safety, where they can be candid with their managers. When employees trust leadership, they anticipate that leadership will do what’s best for all involved.

Leaders can make trust part of their organization’s culture by communicating a strong vision and clear expectations, showing high ethical and moral standards, creating clear structures and listening to people at all levels. When commitment to the shared vision is strong, people simply find ways to effectively communicate and cooperate with one another to achieve desired results.

BUILDING TRUST

With virtual teams being the new normal, building trust when teams are not physically together takes time and focus. In fact, building trust among virtual teams is a continuous process that never truly ends. By committing to open, frequent and transparent communication, providing opportunities to build intimacy and personal knowledge, and displaying a willingness to talk about wins and mistakes, leaders can help create a trusting environment and a successful team.

The best leaders build strong relationships with plenty of trust, so people feel safe to participate fully and motivated to put effort and energy into reaching something meaningful and important—together.

ABOUT RI BIO: As the Professional Trade Association and Hub for Life Sciences in the greater RI area, RI Bio advances the industry and professionals through education, collaboration and advocacy. Learn more about our Leadership Training on our website or contact us at connect@ri-bio.org.

PBN FILE PHOTO/DAVE HANSEN

COURTESY KIM FULLER

AP FILE PHOTO/CAROLYN KASTER

PBN FILE PHOTO/ELIZABETH GRAHAM

TALKING

TECH: Automated Business Solutions Inc. will hold its annual Technology Summit on March 15 at the Amica Mutual Pavilion in Providence.

EDITOR’S CHOICE

Automated Business Solutions to hold annual tech summit

AUTOMATED BUSINESS SOLUTIONS INC. will hold its annual Technology Summit, which will feature several of the company’s preferred vendors who will display, demonstrate and share the latest innovations for the office. Guest speakers will also deliver news regarding the industry, including trends and machines hitting the market. A raffle and door prizes will be offered. Funds raised will be contributed to charity.

WEDNESDAY, MARCH 15, 4-7 P.M. Free Amica Mutual Pavilion, 1 LaSalle Square, Providence.

INFO AND REGISTRATION: conta.cc/3WyGH1e

Talking turf

THE NEW ENGLAND Regional Turf Grass Conference and Expo will have various seminars and exhibits from leaders within the landscaping and turf management sectors over a three-day period. The expo is one of the largest turfgrass shows in the country. Seminars will discuss plant growth, in-house drainage and understanding fungicide, among other topics.

TUESDAY, MARCH 7, THROUGH THURSDAY, MARCH 9. $40/trade show only; $125/one-day pass; $175/two-day pass

R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: nertf.org

Business outreach

THE GREATER NEWPORT Chamber of Commerce will hold its Networking Coffee Hour event featuring representatives from the Rhode Island Small Business Development Center. Attendees will learn more about the no-charge, confidential business services available to assist new and existing businesses with planning, financing, human resources and marketing. Attendees will also meet with other business owners in the community to discuss trends and any issues

that might be affecting your business.

TUESDAY, MARCH 7, 8-9 A.M. Free Innovate Newport, 513 Broadway, Newport.

INFO AND REGISTRATION: bit.ly/3RfE3MR

Getting started

THE SOUTH EASTERN Economic Development Corp. will hold a workshop in cooperation with the U.S. Small Business Administration, Massachusetts Small Business Development Center and Score for those who are currently in business, starting a business or thinking about someday owning a business. Attendees will be provided with a free business plan guide and other materials and will be introduced to free and confidential business assistance resources available to them locally and regionally.

TUESDAY, MARCH 7, 10 A.M. Free Online.

INFO AND REGISTRATION: bit.ly/3j6eQb1

Interested in having your businessrelated event included in What’s Happening? Contact PBN Researcher James Bessette at (401) 680-4838 or Research@PBN.com.

PBN PHOTO/JAMES BESSETTE

Better mindset

THE GREATER PROVIDENCE

Chamber of Commerce will hold a workshop titled “The Networking Mindset: Enhance Your Marketing Skill Set.” Chamber President Laurie White will lead a discussion on what type of marketing works for businesses and marketing pain points. The event will also cover how organizations can enhance brand awareness to drive engagement among customers and potential partners.

WEDNESDAY, MARCH 8, 8:30-9:30 A.M. Free Online.

INFO AND REGISTRATION: bit.ly/3Hfc2l4

Workforce programs

THE NORTHERN RHODE ISLAND

Chamber of Commerce will hold an HR Roundtable event with the Governor’s Workforce Board and the R.I. Department of Labor and Training. The virtual event will cover services and programs to support Rhode Island employers for hiring and training. Work immersion, incumbent worker training and the workplace accessibility grant will be discussed.

WEDNESDAY, MARCH 8, NOON TO 1 P.M. Free

Online.

INFO AND REGISTRATION: bit.ly/3XTASfU

Building new relationships

THE CENTRAL RHODE ISLAND Chamber of Commerce will hold a Morning Coffee networking event, hosted by Pool and Patio Center. Local business professionals and entrepreneurs are invited to meet and build connections with one another. Coffee will be served.

THURSDAY, MARCH 9, 8-9 A.M. $5/members; $15/nonmembers

Pool and Patio Center, 475 Tiogue Ave., Coventry.

INFO AND REGISTRATION: bit.ly/3weeS3h

Raising funds

GIRL SCOUTS OF SOUTHEASTERN New England will hold its seventh annual Cookies & Cocktails fundraiser. Chefs from restaurants around the area will showcase their desserts. Proceeds raised will support the Scouting organization.

THURSDAY, MARCH 9, 5:30-8:30

P.M. $75

Crowne Plaza Providence-Warwick, 801 Greenwich Ave., Warwick.

WHAT’S HAPPENING | FOR STARTERS

INFO AND REGISTRATION: bit.ly/3wePEC5

Going fishing

THE NEW ENGLAND Saltwater

Fishing Show, sponsored by the Rhode Island Saltwater Anglers Association, will feature exhibitors from various fishing and marine businesses. Exhibits will include tackle, rods, reels, lures, electronics, boats, motors, accessories, clothes and more. Seminars will focus on newly abundant species in the Rhode Island area due to warming ocean waters.

FRIDAY, MARCH 10, THROUGH SUNDAY, MARCH 12. $12/adults; Free/children ages 11 and younger R.I. Convention Center, 1 Sabin St., Providence.

INFO AND REGISTRATION: nesaltwatershow.com

Startup support

THE CENTER FOR WOMEN & Enterprise will hold an in-person support group for women of color looking to start or grow their own business. The group is designed as a safe space to discuss anything and everything about a business journey. The organization will share advice on the trials and tribulations of entrepreneurship.

THURSDAY, MARCH 16, 11 A.M. TO NOON. Free

Center for Women & Enterprise, 132 George M. Cohan Blvd., Providence.

INFO AND REGISTRATION: bit.ly/3GWaeMm

Meeting Ruggerio

THE NORTHERN RHODE ISLAND Chamber of Commerce will hold its monthly Eggs & Issues breakfast event, hosted by Kirkbrae Country Club. Senate President Dominick J. Ruggerio, D-North Providence, will be the guest speaker. Attendees will have the chance to connect with Ruggerio and learn more about the R.I. Senate’s focus this year. There will also be a Q&A after Ruggerio’s presentation.

THURSDAY, MARCH 30, 8:15-9:30 A.M. $30/members; $50/nonmembers Kirkbrae Country Club, 197 Old River Road, Lincoln.

INFO AND REGISTRATION: bit.ly/3XOglJt

UPCOMING PBN EVENT:

The 2023 Health Care Summit and Health Care Heroes Awards hybrid event will be held on Thursday, April 6, from 9-11:30 a.m. at the Providence Marriott. For more information, visit PBN.com. For sponsorship opportunities, contact Advertising@PBN.com.

HOME SALES

LUXURY MARKET

CONTINUED FROM PAGE 1

2021 in which the market seemed to be supercharged – the red-hot luxury market cooled somewhat in 2022, in part because of a shrinking number of high-end homes available for sale and because concerns about the economy dampened the fervor of some potential buyers.

“You have to call [2021] an outlier,” said Paul Leys, co-owner and broker at Gustave White Sotheby’s International Realty. “I don’t think anyone forecast [the sales figures] were going to beat the numbers from 2021. It’s not bad news that we went down last year.”

Call 2022 a reality check.

David Huberman, a sales associate for Gustave White, said interest rates being low in 2021 plus a high rental market created a climate that fed a frenzy of high-end homebuying activity that year. Now properties are sitting longer on the market, he said, because sellers last year “were shooting for the moon.”

“[Sellers saw it as] if someone will pay me this, I’ll sell the house,” Huberman said.

Last year marked the first time since 2013 that there was a year-over-year decrease in the number of sales over $1 million across Rhode Island, which climbed from 148 in 2013 to 698 in 2021, before ticking down to 617 last year, according to data from the Rhode Island Association of Realtors

The marquee sale in 2022 was the 8,086-squarefoot Treasure Hill coastal estate at 2 Kidds Way in Westerly, acquired by Stuncko Properties LLC on Oct. 31 for $17.7 million. The asking price had been $18.5 million.

If the sale had occurred in 2021, it would have only been the fourth-highest sale of the year instead of No. 1. By comparison, the top sale in 2021 was $30 million, a mansion along storied Bellevue Avenue in Newport called Clarendon Court.

“Basically, real estate does not do well with

uncertainty,” Lila Delman Real Estate Ltd. associate broker Annie Becker said, “and 2022 was really all about uncertainty.”

Still, 2022 was record-setting in another way.

Rhode Island’s median high-end sales price reached $1.83 million last year, eclipsing the previous record of $1.55 million, set at the height of the COVID-19 pandemic in 2020.

Real estate agents say the lack of luxury homes on the market has pushed the median price higher.

“We have a shortage of homes,” Huberman said. “We don’t have a shortage of buyers.”

Typically, six months of inventory indicates a balanced market for supply and demand. Yet, the supply of homes on the market at all price ranges stood at 1.4 months in January.

In Rhode Island as of late February, 160 singlefamily homes were listed with asking prices at or above $1 million. When the market was at its hottest two years ago, that number stood at 185 in February.

Another way 2022 was markedly different: local agents say that while rising interest rates had a cooling effect on potential buyers looking at lower-cost homes, there was less of a deterrence among high-end buyers.

Instead, with higher borrowing costs and the possibility of a recession on the horizon, more well-heeled house hunters acquired properties with cash instead of credit.

Indeed, the Rhode Island Association of Realtors says nearly 54% of the home sales of more than $1 million were cash deals in 2022 – up from 51% the year before.

At the same time, out-of-state buyers continued to fuel high-end sales in Rhode Island because the Ocean State still offers bargain home prices compared with affluent oceanfront locations in Massachusetts, Connecticut, Long Island, and even Southern California, Realtors say.

Last year, more than 47% of homes that sold for more than $1 million were bought by non-Rhode Islanders, including people from Massachusetts, Connecticut, New York and California.

A SMALL STEP BACK

While the total number of homes sold for more than $1 million exceeded 600 for a second year in a row, 2022 saw an 11.6% decrease in sales from 2021. It is the first time since 2013 the state saw a year-over-year decrease in high-end home sales. Two of the top 10 home sales last year were in excess of $10 million.

YEARUNITS MEDIAN SALES PRICE HIGH SALES PRICE

2022617$1,829,506$17,700,000

2021698$1,430,000$30,000,000

2020480$1,550,000$14,300,000

2019293$1,350,000$17,600,000

2018254$1,382,500$9,000,000

2017253$1,360,000$13,500,000

2016193$1,457,000$16,100,000

2015184$1,400,000$15,000,000

2014176$1,500,000$12,000,000

2013148$1,386,500$17,750,000

2012175$1,495,000$16,000,000

2011111$1,600,000$11,650,000

2010118$1,395,625$7,800,000

200985$1,560,748$6,510,000

2008138$1,550,000$7,750,000

2007190$1,433,750$15,700,000

2006188$1,313,000$17,150,000

2005186$1,387,500$5,500,000

SOURCE: RHODE ISLAND ASSOCIATION OF REALTORS

And the attention of those buyers was focused largely on Washington County – five of the top 10 home sales for 2022 occurred in communities along Rhode Island’s southern coastline.

That came as no surprise to real estate agents since a year earlier, eight of the priciest sales took place in Newport, leaving luxury waterfront

COURTESY LILA DELMAN COMPASS

PRICE: $17,700,000

BUYER: Stuncko Properties LLC

SELLER: Diane McLean

BROKER(S): Lila Delman Compass (seller); Olga B. Goff Real Estate (buyer)

YEAR BUILT: 1988 | BATHROOMS: 8 full, 1 half | BEDROOMS: 7

LIVING SPACE: 8,086 square feet

PREVIOUS PRICE: Sold for $5,500,000 in 2007

COURTESY LILA DELMAN COMPASS

PRICE: $15,000,000

BUYER: 101 Harrison Holdings LLC

SELLER: Christopher J. Culver

BROKER(S): Gustave White Sotheby’s International Realty (seller and buyer)

YEAR BUILT: 1957 | BATHROOMS: 3 full, 1 half | BEDROOMS: 3

LIVING SPACE: 2,408 square feet

PREVIOUS PRICE: Sold for $5,700,000 in 2016

TREASURE HILL | 2 KIDDS WAY | WESTERLY

101 HARRISON AVE. | NEWPORT

Wafik El-Deiry,

It was never a matter of ‘if’ I’d be diagnosed with breast cancer, but a question of ‘when?’”

Michelle Rei, 43, has a long family history of breast cancer. Both of her grandmothers suffered from the disease, as did two aunts and a great grandmother. Her mother is a survivor, and most all the women were diagnosed in their 40s.

So, even after years of frequent self-checks and regular, clean mammograms at the Anne C. Pappas Center for Breast Imaging at Rhode Island Hospital, it didn’t shock Michelle when the sudden appearance of a lump led to a biopsy and then to triple-negative breast cancer. But instead of getting down, the 16-year veteran of Lifespan’s patient billing department wanted only to know what came next and when treatment could begin.

As fate would have it, one of the physicians on Michelle’s care team had treated her mother two decades earlier.

“It never crossed my mind to go anywhere else,” Michelle says. “Why would I leave the state when this level of care is in my backyard and is the same place that took great care of my mom.”

Within two weeks of her diagnosis, Michelle began chemotherapy to shrink the aggressive cancer before surgery would be performed. After fi ve months of chemo, she underwent a successful multi-hour surgical procedure.

And while Michelle continues to recover and receive special immunotherapy to lessen the likelihood her cancer returns, she is cancer-free and as upbeat and positive as ever.

“The support I’ve received from everyone at the cancer institute has been incredible— it defi nitely helped to push me forward. I may have had cancer, but it isn’t the cancer that defi nes me.”

Meet Michelle and hear more about her journey with breast cancer during Day of Giving on March 23.

Thank you to our media sponsor

“It never crossed my mind to go anywhere else. Why would I leave the state when this level of care is in my backyard and is the same place that took such great care of my mom.”

—Michelle Rei

MD

HOME SALES

3 8 WESTERLY ROAD | WESTERLY

4 648-A WEST BEACH ROAD | CHARLESTOWN

PRICE: $9,950,000

BUYERS: Christopher B. Combe and Christina Van Munching

SELLER: A trustee of Penelope Kelly

BROKER(S): Mott & Chace Sotheby’s International Realty (seller and buyer)

YEAR BUILT: 1899 | BATHROOMS: 6 full, 1 half | BEDROOMS: 9

LIVING SPACE: 5,525 square feet

PREVIOUS PRICE: NA

CONTINUED FROM PAGE 12

properties scarce in the City by the Sea. Becker says a flurry of sales like that won’t occur on Aquidneck Island again anytime soon.

Indeed, Huberman notes that there are only two high-priced properties currently for sale in Newport County. “On an island in Newport, it’s rare [to not have waterfront availability],” he said.

That will continue to lead wealthy buyers to go hunting for estates across Narragansett Bay in communities such as Westerly, Charlestown, South Kingstown and Narragansett, agents say.

Apparently, they found what they liked there last year.

Aside from the Treasure Hill estate, an 1899era shingle-style home with nine bedrooms and six baths at 8 Westerly Road in Westerly went for $9.95 million in 2022 – the third-highest sale in the

5

| NEWPORT

PRICE: $6,676,300

BUYER: 673 Bellevue LLC

SELLER: Oliviajuliet LLC

BROKER(S): RE/MAX Professionals (seller); HomeSmart Professionals Real Estate (buyer)

YEAR BUILT: 1855 | BATHROOMS: 6 full, 2 half | BEDROOMS: 7

LIVING SPACE: 9,803 square feet

PREVIOUS PRICE: Sold for $5,995,000 in 2020

PRICE: $9,500,000

BUYERS: David H. and Tracy L. Overbeeke

SELLER: Kimberley S. Connolly Revocable Trust

BROKER(S): Lila Delman Compass (seller and buyer)

YEAR BUILT: 1995 | BATHROOMS: 5 full, 1 half | BEDROOMS: 5

LIVING SPACE: 3,996 square feet

PREVIOUS PRICE: Sold for $6,500,000 in 2020

state – and a 3,996-square-foot Charlestown beachfront property at 648-A West Beach Road with five bedrooms and five baths sold for $9.5 million.

The sale of Long Pond Farm at 527 Ministerial Road in South Kingstown on Jan. 20 broke a town record at $6.6 million. In nearby Narragansett, a home at 250 Ocean Road overlooking the Atlantic Ocean sold for just under $6 million.

Rhode Island Association of Realtors President Bryant Da Cruz, a Realtor for Century 21 Guardian Realty in South Kingstown, said Washington County is an attractive location for buyers because the area is “the best of all worlds.”

In South Kingstown and Westerly, “You have proximity to the water. [And] you have a farm rural aspect of it and a little bit of city,” Da Cruz

CONTINUES ON PAGE 16

PRICE: $6,595,000

BUYERS: Peter Gabriele and Alexandra Gabriele

SELLERS: Hugh Weidinger, Catherine Gruhler and Jessica Weidinger, as part of The Weidinger Family Trust

BROKER(S): Mott & Chace Sotheby’s International Realty (seller), Berkshire Hathaway Home Services New England Properties (buyer)

YEAR BUILT: 1929 | BATHROOMS: 4 full, 2 half | BEDROOMS: 8

LIVING SPACE: 6,364 square feet

PREVIOUS PRICE: Sold for $2,400,000 in 2008

673 BELLEVUE AVE.

6 LONG POND FARM 527 MINISTERIAL ROAD | SOUTH KINGSTOWN

COURTESY MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY

COURTESY LILA DELMAN COMPASS

COURTESY LILA DELMAN COMPASS

COURTESY MOTT & CHACE SOTHEBY’S INTERNATIONAL REALTY

‘We have a shortage of homes. We don’t have a shortage of buyers.’

DAVID HUBERMAN, Gustave White Sotheby’s International Realty sales associate

SPRING HEALTH CARE SUMMIT & HEALTH CARE HEROES AWARDS

April 6, 2023 ❤ Providence Marriott ❤ 9-11:30am

This hybrid event will begin with a panel discussion about the latest trends in health care. It will be followed by an awards ceremony recognizing people in the health care field who are making a difference. A buffet breakfast will be served. Registration begins at 8:30am.

PANEL DISCUSSION: 9 to 11am

Health Care Summit

The Spring Health Care summit will feature a panel of health care experts and business leaders as they explore the multiple facets of this key industry from current challenges to workforce shortages, access, affordability and health care inequities to collaboration and innovation within the state.

AWARDS CEREMONY: 11 to 11:30am

PRESENTING SPONSOR

PARTNER SPONSORS

#PBNHCSummit ❤ #PBNHCHeroes

For sponsorship, advertising and exhibitor opportunities, contact 680.4800 or Advertising@PBN.com

HOME SALES

CONTINUED FROM PAGE 14

said. He also said Washington County is one of the few places on the East Coast that has very little light pollution at night. And he said some properties in Newport “may be out of reach” for some buyers.

Will the high-end cool down continue? It’s uncertain.

While rising interest rates have little effect on transactions involving multimillion-dollar properties, there are other economic concerns that can have an impact such as inflation and a recession – which can dampen the performance of the financial markets.

Da Cruz believes issues such as rising inflation will be reined in this year but he does see the inventory shortage continuing. For that reason,

he predicts 2023 will be a “more normal type of market” in which homes will take a little longer to sell, but not unreasonably long.

Leys is somewhat concerned about a lack of available properties affecting the market throughout the coming year but is confident that transactions will still take place at a healthy clip.

“I think that buyers will be patient,” he said. “If what they want is not out there, they will wait. If they won’t [purchase a high-end home] in 2023, they’ll do it in 2024. I’m very optimistic that when things come on the market, they will sell. If [highend properties don’t come on the market], we’re going to go out there and find them.” n Correction: An earlier version of this story gave inaccurate sales information about Rhode Island’s No. 5 residential transaction in 2022.

MERRILLTON | 25 BOWERY ST. | NEWPORT

PRICE: $6,125,000

BUYER: Merrillton LLC

SELLERS: Peter L. Jenkins and Mary C. Marwick

BROKER(S): Vanderbilt International Properties Ltd. (seller); Gustave White Sotheby’s International Realty (buyer)

1849 |

PRICE: $5,925,000

BUYERS: Michael Vickers and Lesley Vickers

SELLER: Essex LLC

BROKER(S): Mott & Chace Sotheby’s International Realty (seller); Lila Delman Compass (buyer)

1993 |

2 full |

2,365 square feet PREVIOUS

4

PRICE: $6,000,000

BUYER: Wallace Holdings RI LLC

SELLER: BP Realty Trust

BROKER(S): Lila Delman Compass (seller and buyer)

4

PRICE: $5,700,000

BUYER: Andrew Kraus, trustee of 611 Indian Avenue Realty Trust

SELLERS: Linda Cerce and Indian Avenue Realty LLC

BROKER(S): Lila Delman Compass (seller and buyer)

7 full, 2 half |

7

really

Motivated to balance scales of justice for people of color

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

(Editor’s note: This is the 31st installment in a monthly series speaking with minority business owners and leaders. Each will be asked their views on minority-business conditions in the state and for ways to improve those businesses’ chances for success.)

SAIKON GBEHAN ISIJOLA started seeing injustices around her at a young age when growing up in Providence, especially in the legal system in how penalties differed drastically based on race. While this might have discouraged some, Gbehan Isijola was motivated to change things.

“I’ve been passionate about doing my part in changing these systemic injustices, using my role as attorney,” she said. “I felt like I’d be empowered to make a difference and advocate for systemic change and for people who look like me.”

This is what she does daily now, as an attorney at her law firm, the Law Office of Saikon Gbehan LLC in Providence, focusing on civil litigation, personal injury and immigration law.

“I enjoy helping people in vulnerable positions,” she said. “For me it’s a blessing to be able to use my skills and knowledge to help people facing life-changing losses.”

As the daughter of immigrants, Gbehan Isijola’s work in immigration law is particularly close to her heart. Her parents migrated from Liberia years ago, after fleeing a civil war. But adjusting to a new life in the U.S. was not easy for them. While Gbehan Isijola was born in the U.S., she clearly remembers the struggles her parents went through.

“I realized how important immigration is and how it can drastically change the lives of people seeking immigration opportunities,” she said. “It’s important to have people who can advocate for you, who can empathize with you.”

Navigating the U.S. immigration system can be daunting, especially amid ever-changing rules and laws. Yet despite the evident need for experts and advocates, there are only a small number of immigration attorneys today, Gbehan Isijola said, and an even smaller number of Black immigration attorneys.

“There’s a need for more attorneys of color and attorneys who share the passion to help the immigrant community,” she said. “When people are represented by advocates who look like them, there is more of a connection.”

But for people of color, the path to become an attorney is scattered with obstacles. Gbehan Isijola’s journey into the field was far from easy, despite receiving full support from her family and educators. After earning her law degree from Northeastern University School of Law in Boston, she was laid off from her first job at a law firm, in the middle of an economic recession, and doors kept closing in her face.

In 2010, she decided to take the plunge and invest in her own business, a challenging decision that forced her to work from home and watch credit card debt piling up as she tried to find her footing. But eventually, her business took off. Now, Gbehan Isijola works on her own, but she is looking to expand and hire interns and eventually more attorneys.

Above all, she is hoping to inspire other young Black women and people of color.

“It’s important for me to be able to represent other young women and men that are from communities that are disadvantaged, disenfranchised or under-resourced,” she said. “It’s important to share that if I – a young Black girl from Washington Park in [Providence] – can do it, if I can step out of the barriers society set for me to achieve my goals, anyone can.”

1

Do you believe racism is keeping minorities from starting businesses in the Ocean State or succeeding when they do?

I recognize that there is not enough information targeted toward Black, Indigenous and people of color who are entrepreneurs and business owners about resources that are available to support business development and sustainability. There are systemic barriers in place that prevent or hinder the growth of Black and brown entrepreneurs and business owners who seek to grow their businesses.

and construction projects, as well as vendor opportunities. The state … can further boost the growth and sustainability of businesses owned by people of color by proactively enforcing the laws that are currently on the books.

Have you had to turn somewhere other than a bank for a loan? Do you believe the state’s lending institutions generally treat minorities fairly?

4

How dependent is your business on the support of other minority groups? Is that a sustainable business model?

2

I provide legal services for many individuals in Rhode Island, Massachusetts and beyond in the areas of immigration, personal injury and civil litigation. As an African American woman and a daughter of Liberian … [emigrants], my background and experiences have fueled my passion to advocate and represent individuals from diverse backgrounds. … By providing quality work for my clients, my law firm has grown into a sustainable business over the years.

3

What one thing could Rhode Island do to boost the odds for minorityowned business success?

Rhode Island has … laws to level the playing field for businesses owned by people of color. A few examples of this are laws requiring minimum set-asides for minorityowned business enterprises, including but not limited to set-asides for procurement

While I have never applied for business loans, the data indicates that there are clear and present disparities when it comes to the lending industry and the treatment of minority loan seekers. Certain lending requirements create obstacles for people of color, particularly those disproportionately affected by poverty-limited access to education and resources.

5If another minority entrepreneur asked you where they could turn to for support for their business, where would you direct them?

I would recommend that they take advantage of many of the programs that helped me, such as Social Enterprise Greenhouse. … I recently completed the SEG Impact Accelerator program, and it has given me access to new networks, which directly translates into growth and opportunity, which are integral to small-business expansion. SEG’s emphasis on inclusive entrepreneurship and social enterprise is so important for business owners like me who face a range of barriers, and that benefit extends well beyond our companies. n

Saikon Gbehan Isijola

Law Office of Saikon Gbehan LLC

When people are represented by advocates who look like them, there is more of a connection.

INSPIRED TO HELP: Saikon Gbehan Isijola, owner of the Law Office of Saikon Gbehan LLC in Providence, launched the business in 2010 to represent and advocate for people from “communities that are disadvantaged, disenfranchised or under-resourced.”

PBN PHOTO/MICHAEL SALERNO

FOCUS | BANKING & FINANCE

Deborah Jones, senior vice president of mortgage capital markets for Citizens Bank, expressed similar concerns. Changes in pricing during a 60-day closing period threaten to erode borrowers’ trust in lenders, she says.

It’s not all bad news for borrowers. The FHFA’s changes also reduce fees for first-time homebuyers with lower credit scores, which could make homeownership more attainable for historically disadvantaged groups.

Also, higher rates for cash-out refinance loans and investors looking to buy second or third properties might ease the housing crisis. By making it harder for rich investors and aspiring Airbnb hosts to buy up the limited inventory, those homes could instead be available to people looking for a place to live, Gravelle says.

A 1.5% adjustment in pricing – up or down – is not insignificant. For example, applied to a $400,000 home – the median value in Rhode Island – that translates to a cost or savings of $6,000. But most industry experts think the changes aren’t going to sway potential buyers one way or another.

Sparse supply will keep demand and overall prices high through the rest of the year, Baptista says.

Changes in mortgage fees may shake up industry

BY NANCY LAVIN | Lavin@PBN.com

CHARGING

higher fees to a borrower who makes less money and has more debt has historically been the best way for mortgage lenders to offset the higher risk that the loan wouldn’t be repaid.

But the federal regulatory agency that sets those standards is now turning those rules upside down, with plans to implement what local lenders say is the biggest overhaul of loan level pricing adjustments – risk-based fees applied to loans – in history.

And not everyone is on board.

“Anytime there are too many changes at once, there are going to be unintended consequences,” said Peter J. Nigro, Sarkisian chair of financial services at Bryant University

And the Federal Housing Finance Agency certainly did not hold back when it came to changing the thresholds and risk factors used to calculate the fees tacked on to a conventional mortgage loan. Among the biggest changes to the pricing scheme, set to take effect on May 1, is the introduction of a borrower’s debt-to-income ratio as a factor in determining fees; previously, credit score and loan-to-value ratio were the main variables.

Considering how a borrower’s debt impacts their ability to repay a loan seems like a logical addition to Joseph Baptista, a mortgage broker and president of Anchor Financial Mortgage Inc. in Pawtucket.

But lenders see it differently. Debt-toincome ratio is not always fixed, especially in the gig economy and side hustle era in which people’s income fluctuates, says David Gravelle, senior vice president of residential lending for HarborOne Bank

How to calculate income and debt is also unclear. Does overtime get counted if the amount fluctuates? What about items purchased using the “buy now, pay later” option increasingly popular among retailers, which technically isn’t considered debt?

“It’s extremely up to the interpretation of the underwriter,” Gravelle said.

Even a minor difference in calculation could mean a big hike in fees if it puts the borrower above the 40% debt-toincome ratio threshold set by the FHFA. That means what a lender initially tells a potential borrower to expect in loan fees could grow by several thousand dollars when the loan is finalized.

“I worry consumers will feel like it’s a bait and switch from the lender,” Gravelle said.

IMPROVED FORMULA?

Joseph Baptista, president of Anchor Financial Mortgage Inc. in Pawtucket, says the Federal Housing Finance Agency’s plan to change the way risk-based fees are applied to home loans seems logical.

PBN PHOTO/MICHAEL SALERNO

What the new fee structure will influence is what banks decide to do with their mortgages once the loans have been made. The FHFA price changes only apply to the federally backed mortgage companies, colloquially known as Fannie Mae and Freddie Mac. Fannie and Freddie don’t originate mortgages but instead buy and guarantee them, buying from banks through the secondary market. This gives lenders more cash to originate more loans.

If a bank doesn’t sell its loans to Fannie or Freddie, it doesn’t have to follow the FHFA rules. That looks increasingly appealing to The Washington Trust Co. given the complexities and consequences of the new fee structure. The Westerlybased bank already started holding a greater percentage of its loans in its portfolio rather than selling them on the secondary market. In 2021, about 75% of the bank’s $1.7 billion in new mortgage loans were sold. By contrast, the bank held about 75% of the $1.2 billion in mortgages originated in 2022, said Mary E. Noons, senior executive vice president and chief retail lending officer.

Noons expects the trend of keeping loans in the bank’s portfolio to continue in the year ahead. Another option: sell to private-label mortgage-backed securities, rather than those backed by government agencies, which again lets lenders avoid making the FHFA price changes that don’t benefit them.

Noons lamented what a growing private market could mean for Fannie and Freddie.

While both government-sponsored entities received partial blame for fueling the housing bubble that burst in 2008, the agencies also have played an important role in providing stability and liquidity in the housing market for more than 40 years.

“It’s sad to see that role diminished,” Noons said. n

‘Anytime there’s too many changes at once, there are going to be unintended consequences.’

PETER J. NIGRO, Bryant University Sarkisian chair of financial services

Blue and green startups avoiding funding crunch

BY JACQUELYN VOGHEL | Voghel@PBN.com

OVER THE PAST YEAR, declining investments, layoffs and uncertainty about the future have plagued tech companies throughout the U.S. And while tech giants such as Google and Amazon.com Inc. have made headlines for mass eliminations, startups haven’t been immune to these downturns, either.

But there’s an exception, observers say: startups focused on “blue” and “green” innovation.

“Compared to their peers in other verticals, blue tech startups are faring better,” said Toby Stapleton, director of the Newport-based Blue Venture Forum, a program to connect existing and emerging blue tech firms, investors and other groups. In other sectors, he said, “we’re seeing VCs [venture capitalists] maybe pull back a bit in light of the current climate and general economy.”

But blue tech startups have benefited from new sources of capital formed specifically for this field, Stapleton says, including funds established for startups “at the nexus of blue and climate tech.”

This uptick is a relief for many

startups in Rhode Island, which tends to attract ocean-focused innovation, and has also seen rapid growth in the offshore wind industry in recent years, seemingly sparked by Danish renewable energy company Orsted A/S establishing an innovation hub in Providence in 2020.

Amid this climate, the Blue Venture Forum in January hosted its first Blue Venture Investment Summit, which brought local and international startups and investors to Roger Williams University for a series of panel discussions focused on current and anticipated interest in funding the blue economy, as well as how startups can connect with

investors.

Among those local innovators were startups such as Jaia Robotics Inc., which closed on a $2 million seed funding round in November; and Regent Craft Inc., a North Kingstown-headquartered startup developing fully electric “sea glider” technology, which has raised more than $45 million as of February.

National tech trends, meanwhile, largely aren’t signaling the same fundraising success stories. According to tech industry data provider Crunchbase, more than 140,000 work-

ers in U.S.-based private and public tech companies lost their jobs last year amid inflation and stock market shocks. This disruption continues to gain speed, with more than 93,000 tech workers already laid off in 2023 as of mid-February.

Meanwhile, according to KPMG International Ltd.’s 2022 fourth-quarter Venture Pulse report, the number of venture capital deals and overall investment continued to decline throughout the U.S. in late 2022, with investments at less than one-third of

‘We need to make investments on understanding the ocean’s impact.’

TOBY STAPLETON, Blue Venture Forum director

FOCUS | MORTGAGE BANKERS & BROKERS (ranked by total residential mortgage volume in Rhode Island and Bristol County, Mass., in 2022)

FOCUS | MORTGAGE BANKERS & BROKERS (ranked by total residential mortgage volume in Rhode Island and Bristol County, Mass., in 2022)

CLOSER LOOK

Ranked by number of loans: 1

Citizens Financial Group Inc.

Number of loans: 2,112

2

Rocket Mortgage LLC

Number of loans: 1,761

3

Navigant Credit Union

Number of loans: 1,678

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS

March 17: General Contractors, Property Management Firms; March 31: Advertising & Public Relations Agencies; Rhode Island Independent Insurance Agencies.

WANT TO JOIN?

For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.

FOOTNOTES

j Market share percentage is based on total mortgages issued in Rhode Island and Bristol County, Mass.

 Formerly Residential Mortgage Services Inc., which was acquired by Guild Mortgage Co. in May 2021.

 Formerly Pawtucket Credit Union, which rebranded on May 18, 2022.

 Also known as BankFive.

CONTINUED FROM PAGE 19

the amount raised during the fourth quarter of 2021.

The report does not comment specifically on blue technology, but it notes that environmentally focused, renewable energy companies globally saw strong investments due to an ongoing energy crisis in Europe.

Stapleton sees the comparative success of blue and green technology startups as drawing from a shifting focus toward the ocean’s role in overall environmental well-being as climate change concerns heighten internationally.

“There’s a general understanding today that oceans impact the climate, and climate impacts the oceans,” Stapleton said. But “we don’t really understand the ocean, so we need to make investments on understanding the ocean’s impact. … We’re seeing a lot of investors use that as a fund thesis.”

That’s in contrast to less than a decade ago, Stapleton says, when most investment in the country’s blue economy came from the defense sector.

“The institutional investors were almost completely absent from investing in blue tech companies seven years ago,” Stapleton said. “And it’s really because those blue tech companies were focused on one customer – the U.S. Department of Defense, or more specifically, the U.S. Navy – so it was really hard to get those VCs excited about an investment oppor-

tunity” with a limited customer and sales base.

“Growing and attracting companies here that are focused on our oceans and are developing solutions for these big climactic challenges … helps to diversify and bring a fresh perspective you wouldn’t see if they were being solved only by big corporations,” Stapleton said.

Representatives from some of these specialized funding groups, such as the Norway-based Katapult and Boston-based Propeller, were present on some of the panels at the Blue Venture Investment Forum, as were regional angel fund sources, such as investor David Ford from the Blue Angels Investment Group in Boston.

In Rhode Island, blue tech startups have relied largely on these angel investors for funding, Stapleton says, though he’s noticed more venture capital firms are beginning to look to the Ocean State for investments.

And as KPMG forecasts that U.S. venture capital will “remain subdued, except in high priority sectors, including energy and B2B solutions” throughout the first quarter of 2023, Stapleton expects the blue tech sector will continue to attract investors.

“I’m optimistic for the sector because we’re seeing an increase in activity that I think will continue, will buck the trend we’re seeing in other tech sectors where investors are pulling back a bit or being more cautious.” n

MONEY TALKS: Toby Stapleton, left, director of Newport-based Blue Venture Forum, speaks with Erin Donovan-Boyle, CEO and president of the Greater Newport Chamber of Commerce, at Innovate Newport. Stapleton says many blue and green tech startups have been avoiding a funding crunch that other new ventures are facing at the moment.

PBN PHOTO/KATE WHITNEY LUCEY

SMALL BUSINESS is the BACKBONE of RHODE ISLAND.

2023 RHODE ISLAND SALUTE TO SMALL BUSINESS

The Rhode Island District Office – SBA Salute to Small Business will feature the 2022 RI Small Business Week Awardees. Feature your company in this special section, hyper-targeted to reach the affluent, influential and active PBN audience in Rhode Island and Bristol County, Massachusetts. In addition to being included in the April 28 issue of PBN, this special section will be distributed to over 400 attendees of the SBA Small Business Week awards luncheon on May 3, 2023.

Publication Date: Friday, April 28, 2023

Deadline: Wednesday, April 19, 2023

HIGH-END RESIDENTIAL REAL ESTATE | FOCUS

and educational structures and even former houses of worship for homes.

A recent report by listing service RentCafe found that adaptive reuse conversions have spiked 25% nationwide since 2019.

And with societal changes come new opportunities. Greene says conversions of old churches, schoolhouses, mills and even banks offer an alternative to the traditional home, what she called “an investor sweet spot.”

“At a time where [commercial] usage is down and residential demand is very high … looking at commercial spaces with an eye for residential or mixed uses is [becoming more] worthwhile,” she said. “This could spur more people in that direction.”

Michael Russo, managing broker at Rhode Island Real Estate Services, recently listed a property in Warwick that includes a former church and a school. He agrees the number of adaptive reuse properties will accelerate in the coming years.

There are currently only 750 single-family homes for sale in the entire state.

“There should be triple that number. So people are now looking at any opportunities. There is value to keeping a historical property intact,” he said. “There is a demand for preservation. But it takes a unique buyer. It’s not likely to be your average Joe.”

With inventory at record lows, public officials may need to rethink how current zoning regulations are set, Russo says.

“A lot of these types of properties are not going to come back to what they were,” he said. “We need local cities and towns to get with the age.”

Buyers of unique properties, especially those requiring renovations and residential upgrades, turn to companies such as Newport Collaborative Architects Inc., a firm that has completed numerous conversions in recent years.

“There is a collapse in the commercial rental market. These structures are empty,” said J. Michael Abbott, Newport Collaborative principal and former president of the American Institute of Architects Rhode Island Inc. “These properties should be preserved. Otherwise, they would just be demolished and turned into another drugstore on the corner.”

John Grosvenor, another Newport Collaborative principal, says preservation tax incentives exist to help defray the costs of renovation. He has completed over 200 such residential projects, the latest being the conversion of a historical mill in New Bedford to condominiums.

The process can be time-consuming. But the creative collaborations between designer and owner make for interesting discoveries, what Abbott called “structural surprises.”

“It’s a challenge to see

how you can keep the building without taking the flavor out of it,” he said. “You start ripping into it and what you thought was being held up by a wall over here was really a beam over there.”

Besides historical properties, the architects at NCA said that shifts in technology and consumer demand will bring even more adaptive reuse opportunities. An example of this is the shopping mall boom that began in the 1950s that has since gone bust.

These more modern buildings create a different set of challenges. Many weren’t built with the expectation they would still be standing centuries later.

“It’s like planned obsolescence,” Grosvenor said.

Meanwhile, for Realtors such as Greene, obsolescence spells opportunity.

The former bank –once home to Providence County Savings Bank –was “cross listed” for $749,000 as a property that could be used for

commercial or residential space.

The property, owned by a mixed-media artist, hit the market last month and is already under contract.

“This property stood out to me immediately as needing a unique approach to deliver a multichannel buyer reach,” Greene said.

That unique approach included partnering with Jonathan Kaufman, a commercial real estate specialist at Compass Providence. The building, although set in a commercial zone, was eligible for a residential variance because the address is part of Pawtucket’s redevelopment zone. “This blend of skills provided the best strategy and opportunity for our clients,” Greene said.

For the luxury market, owning a more-thancentury-old bank would seem to qualify. But putting a price tag on a building’s “uniqueness” can be difficult.

“When you are buying something that has historical value, what is the intrinsic value of that?” Greene said. “How does that translate?”

Greene says the building generated interest immediately, mostly from out-of-state buyers. She held 45 showings in less than a week.

“I knew it would be [a] hit with people,” she said. n

‘People are now looking at any opportunities.’

MICHAEL RUSSO, Rhode Island Real Estate Services managing broker

TAKE IT TO THE BANK: Kira Greene, founding agent at Compass Real Estate’s Providence office, is handling the sale of a former bank in Pawtucket that was marketed as a residential-commercial property. The building is already under contract.

PBN PHOTO/MICHAEL SALERNO

Green features favored among luxury buyers

BY CLAUDIA CHIAPPA | Chiappa@PBN.com

BUILDING GREEN has never been so popular.

From solar panels on rooftops to water heaters with remote control, many features that were once a rare find in real estate are now on their way to becoming the standard. At least, among luxury homebuyers.

“It’s been growing,” said Dave Caldwell, vice president of the Rhode Island Builders Association. “At the high-end level it’s … on the path to become the standard. We’re going to hit that point.”

Builders and architects have seen the increase in popularity of energy efficient features in recent years. There are many ways to make a house “greener,” from small design details to the home’s orientation.

Some of the most common green features include finding alternative sources of heat that don’t rely on gas or oil, such as air and water heat pumps or geothermal heating; installing solar panels to produce energy; and including watersaving landscape elements.

Remote control is also a big hit, with more buyers requesting wireless control over their systems. This allows them to turn them on and shut them off from anywhere.

But it goes beyond these features: the way the house is built can also contribute to making it more environmentally friendly and efficient, from the inclusion of good insulation all the way down to how you source and recycle the material used.

“We want to build a home for the future,” said Adam Titrington from Estes-Twombly + Titrington Architects Inc. in Newport, which designs homes throughout New England. “To get ahead of that, we encourage people to consider super-insulating the house. And I think people are really receptive when they hear the benefits, that you don’t get cold spots in your home, that your energy bills will be lower. It’s not a hard sell.”

Not a hard sell indeed. Mark Horan, owner of Horan Building Co. in Newport, sees it every day. The construction company builds homes ranging from $2 million to $10 million and most of these share similar features. High-efficiency equipment, in particular, is present in almost every single house he builds.

“What’s commonplace and what’s been the norm now is the equipment that’s really efficient, well-insulated homes,” Horan said. “That’s been getting progressively better over time to the point where now it’s the norm.”

A recent project in Newport is the perfect example of green luxury real estate: it features blown-in foam insulation, a high-efficiency furnace, and on-demand hot water heaters that owners can program to produce hot water at specific times.

Solar panels, often one of the features most easily associated with green building, are actually not as popular as some may think, Horan said, especially in some New England areas.

“We build on areas where there are a lot of historic homes and people don’t want to see solar panels on a Second Empire Victorian roof,” Horan said.

One of Titrington’s recent projects in Cape Cod is another great example of how a home’s features can be environmentally friendly. The client of the 5,000-square-foot house wanted a green and sustainable home, with a focus on the materials. Titrington’s team saw an opportunity to incorporate a material called hempcrete.

“By using this material as the insulation both in the walls and the roof, we were able to vastly reduce the carbon footprint of the house,” he said. “We really scrutinized all of the materials that went into the house to ensure that they’re healthy materials and environmentally responsible choices.”

Including green features in a home is not only good for the environment, but it can also often be a financially smart move in the long term for luxury homebuyers.

“They’re able to look at their house and say, ‘If I make the house net zero and pay for solar, I can lock in my utility costs over a 20-year horizon’

and avoid the variances that you’re seeing with the spikes in electricity this year,” Caldwell said. “That’s where the real money was made.”

Buyers can be hesitant sometimes, worried about higher costs of construction. But this has gradually become less of a problem as the price difference between traditional construction and ecofriendly construction narrows. Caldwell said the cost for a 3,000-square-foot house with an air source heat pump is approximately only 5% more than one with a traditional heating source. And that gap is closing.

“What I find is people want to do the right thing; they want to do their part for climate change, and they still want to have a really nice home,” Caldwell said.

The government has been trying to encourage buyers and builders to adapt energy-saving features through a series of eco-certificates. The most common are Energy Star, run by the U.S. Department of Energy and the U.S. Environmental Protection Agency, and the U.S. Department of Energy’s Zero Energy Ready Home program, but these are only two of the dozens of federally funded programs.

“It’s almost an overwhelming amount,” Titrington said. “I think that speaks to how urgent it is for designers and builders to adopt some of these better building methods.”

For luxury homebuyers, the cost has long stopped outweighing the benefits.

“The luxury buyer in general, the type of client that builds custom homes, is looking to keep the home. They want quality, they want something done right,” Caldwell said. “And they like to feel good about it; it gives them a chance to feel good about going green and trying to do their part to combat climate change.” n

CLIMATE CONTROL: Mark Horan, owner of Horan Building Co., shows the energy-saving features of a home he is building in Newport, including closed cell foam insulation, which is used on the walls to make the attic space comfortable in winter and summer.

PBN PHOTO/ MICHAEL SALERNO

‘People want to do the right thing; they want to do their part for climate change.’

DAVE CALDWELL, Rhode Island Builders Association vice president

FOCUS

| RESIDENTIAL REAL ESTATE AGENCIES

FOCUS | RESIDENTIAL REAL ESTATE AGENCIES (ranked by

(ranked by residences sold in 2022)

in 2022)

CLOSER LOOK Ranked by value of residences sold in 2022: 1

Residential Properties Ltd.

Value of residences sold: $934 million 2

Mott & Chace

Sotheby’s International Realty

Value of residences sold: $623.5 million

3

Keller Williams Coastal Realty

Value of residences sold: $513.3 million

LIST RESEARCHED BY James Bessette

NEED A COPY?

To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

UPCOMING LISTS

March 17: General Contractors, Property Management Firms; March 31: Advertising & Public Relations Agencies; Rhode Island Independent Insurance Agencies.

WANT TO JOIN?

For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 6804838 or write to Research@ PBN.com.

FOOTNOTES

j Numbers reflect sales of single-side transactions of single-family homes, multifamily homes and residential condominiums within Rhode Island and Bristol County, Mass.

 RE/MAX Preferred also operates RE/MAX Town & Country in Cumberland and RE/MAX Properties in Smithfield.

 Also known as Your Home Sold Guaranteed Realty - The Nathan Clark Team.

residences sold

March 17, 2023

Highlighting women in architecture, construction and engineering who are shaping their own organizations as well as the path forward for other women in their industries.

Profile the leaders and rising stars in your company who are making a difference in this special feature in the PBN Construction and Design Focus on March 17, and available within the sponsored content section on PBN.com for the entire year.

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DEADLINE: March 8, 2023

Don’t miss this chance to share your success with your customers and employees. Reserve your ad space by calling Linda Foster

Panel: Offering flexible workplace is now a must

FROM

BY JACQUELYN VOGHEL | Voghel@PBN.com

an employer perspective, the labor market may appear to be in poor shape as many fear the U.S. is nearing, or is already in, a recession, says Matthew Weldon, director of the R.I. Department of Labor and Training.

But according to some data, the hiring difficulties many companies are experiencing have a bright side, he notes: last year, more Rhode Islanders were in the workforce than ever recorded, and the state’s December unemployment rate of 3.5% was down year over year.

That’s not to discount the troubles caused by a tight labor market.

At Lifespan Corp., “we’re feeling the crunch,” said Bill Schmiedeknecht, interim senior vice president of human resources and chief human resources officer of the health system. “And on top of that, the burnout that’s happening with our clinical partners has been really challenging.”

Weldon and Schmiedeknecht spoke alongside other business leaders on a panel at the Providence Business News 2023 Workforce Development Summit, held Feb. 16 at the Providence Marriott Downtown.

At the two-hour summit, panelists discussed how employers can overcome issues such as the hiring difficulties seen at Lifespan, as well as what to expect and how to prepare for a potential recession.

CONTINUES ON PAGE 30

WORK-FOCUSED:

Panelists lead a discussion at Providence Business News’ 2023 Workforce Development Summit on Feb. 16. The panel included, from left, Julie Matthew, Nina Pande, Bill Schmiedeknecht, Doug Sherman and Matthew Weldon.

PBN PHOTO/MIKE SKORSKI

CONTINUED FROM PAGE 28

While Lifespan continues to struggle with staffing needs, the health system has moved beyond the worst of pandemic-induced workforce shortages: as the state’s largest private employer, Lifespan has around 1,700 vacancies, compared with a high of 2,400 openings last year. In the same year, Lifespan hired around 500 nurses and lost 600.

Just before the pandemic, the number of job openings sat at around 800.

Now, Lifespan hires around 100 new employees per month, though that still isn’t enough to keep up with staffing demands.

“We’re holding our own,” Schmiedeknecht said. “We’re losing about as many as we’re hiring.”

Worker shortages have impacted nearly every industry over the past few years, although the difficulty finding qualified employees has been particularly severe in two of the state’s more significant economic sectors, health care and manufacturing.

But it’s vital that employers keep pushing to find new ways to attract and retain employees, said Nina Pande, executive director of Skills for Rhode Island’s Future, a nonprofit providing employment and professional advancement assistance to unemployed and underemployed Ocean State residents.

“Human capital is your single greatest investment,” Pande said.

As such, employers need to stay on

ATTENTION-GETTING: Providence

top of current employee values, such as flexible workplace and remote or hybrid arrangements, to remain competitive, panelists said.

For companies hiring at least some workers on a fully remote basis, such as Lifespan, Schmiedeknecht noted pros and cons: while remote hiring gives the health system access to a larger pool of candidates, local workers now have more opportuni-

ties to take a new, remote job without uprooting geographically – sometimes with significant salary boosts if their new company is based in a large metropolitan area such as Boston or New York City.

In improving workplace values, employers must also think critically about their efforts to promote diversity, equity and inclusion in the workplace, Pande said.

That means not just basing success on overall organizational statistics but on how those numbers are distributed across the company’s levels. While a workplace may seem diverse when looking at broad figures, Pande said, companies need to make an effort to ensure that this representation extends to executives and hiring managers.

CONTINUES ON PAGE 32

Business News Editor Michael Mello, standing at far right, moderates the panel discussion at PBN’s 2023 Workforce Development Summit. The event took place at the Providence Marriott Downtown on Feb. 16.

PBN PHOTO/MIKE SKORSKI

CONTINUED FROM PAGE 30

Employers also need to be mindful of the multigenerational nature and differing values of today’s applicant pool, panelists said, including those in the rapidly emerging Gen Z workforce.

Younger workers in particular place a strong value on flexibility and work-life balance, said Doug Sherman, senior vice president and provost at New England Institute of Technology, in addition to benefits that can help them offset high levels of student debt.

“Of course, they look for competitive salaries, but one of the things we

see employers offering are sign-on bonuses and also loan forgiveness plans,” Sherman said.

At the West Greenwich manufacturing plant of Amgen Inc., a California-based biopharmaceutical company, connecting with and retaining employees has meant an increased emphasis on treating employees as individuals and making an effort to accommodate personal needs.

This value shift helped the company start to reverse high turnover rates, said Julie Matthew, manufacturing director at Amgen Rhode Island. It also increased morale in the workplace.

“When your people see and feel heard … people feel a sense of purpose,” Matthew said.

Workers also need to feel a sense of trust, Matthew noted, especially if they’re working remotely or in a hybrid setup. “We find the time for connection if we build that flexibility and trust people to deliver what they need to for their roles,” she said.

But when offering these opportunities, employers also need to make an extra effort to keep employees connected to the company.

These efforts can be as straightforward as catered social events for employees, Pande said, with emphasis on the social aspect.

“You’ve got to get that sense of belonging,” she said. “You can’t just sit in your office and build culture behind a Zoom wall.”

For now, Weldon wasn’t overly concerned about how the state and its workforce will fare in a poten-

AMGEN IS MAKING A DIFFERENCE. Thanks to

employees who are doing the same.

Amgen is proud to be recognized as a rewarding place to work by the people who work here. In everything we do, Amgen’s highly skilled workforce aims to fulfill our mission to serve patients. Amgen does this by transforming the promise of science and biotechnology into therapies that have the power to restore health or save lives. And every step of the way, we are guided by the values that define us.

Amgen is a proud sponsor of the PBN Workforce Development Summit.

tial recession compared with other states. But regardless of the economic uncertainties that lie ahead, employers that are inflexible in the workplace or don’t make their companies more attractive to talent are at risk, panelists agreed.

A shift back to office norms from before the COVID-19 pandemic is “not going to happen in most industries,” Weldon said. “I don’t think where it’s at today is where it will be next year, and I don’t know that it’s going to go further in terms of employees feeling they need all these things. But it’s certainly not going to go all the way back.”

“The employers that are fighting the change or resisting the change are not going to be able to keep up,” Pande said. For those who aren’t willing to be innovative and flexible, “it’s not going to be pretty for the next several years.” n

‘Employers ... resisting the change are not going to be able to keep up.’

NINA PANDE, Skills for Rhode Island’s Future executive director

ATTRACTION PLANS:

Panelist Nina Pande says employers need to keep finding ways to appeal to job candidates or find themselves left behind when trying to hire top talent.

PBN PHOTO/MIKE SKORSKI

FINANCIAL ADVISING

OceanPoint Investment Solutions is pleased to announce that Bradford C. Corbett has joined LPL Financial as a financial advisor. A wealth manager with over 20 years of industry experience, Corbett works with each client to create a customized financial plan that best speaks to their individual circumstances, goals, timeline, and risk tolerance. Through its relationship with LPL Financial, OceanPoint Investment Solutions provides a broad range of competitive investment advisory services to customers that addresses their needs in an effort to help bring them to the next successful chapter of their lives, in addition to access to industry-leading, independent investment research and tools, resources and technology.

BANKING

BankNewport is pleased to announce that Lynette M. Dawley has been named vice president, project manager. In her new position, Dawley will lead crossdisciplinary teams to deliver new systems in support of transformational change, ensuring proper management of project risks, scope, schedule, and budget. Dawley joined BankNewport in 2019 as assistant vice president, retail lending systems manager, and most recently was assistant vice president, project manager. Prior to joining BankNewport, she held the title of vice president, lending at People’s Credit Union. A native of Portsmouth, Rhode Island, Dawley currently resides in Newport, Rhode Island.

CONSTRUCTION

Gilbane Building Company is pleased to announce that Oliver Majewski will expand business development in Rhode Island, driving strategic growth in the region’s commercial, education, healthcare, and life sciences markets. Since joining Gilbane in 2022, Oliver assumed roles in business development and project management. He will work to expand business development activities and client relationships in the state, while also overseeing a diverse portfolio of projects. Oliver is a graduate of the New York College of Environmental Science and Forestry, where he earned a Bachelor of Science in Construction Management with a minor in Sustainable Construction and Renewable Materials, LEED emphasis.

PEOPLE ON THE MOVE

BANKING

BankNewport is pleased to announce that Elena Yates Harootunian has been named senior vice president, director of human resources. She will continue to be responsible for all human resources functions for BankNewport and its mutual holding company, OceanPoint Financial Partners, MHC and affiliates, including strategic planning and managing HR programs, compensation, and benefits in an employee-oriented, high-performance culture. Prior to her new role, she was vice president, director of human resources. Prior to joining BankNewport in 2019, Harootunian was director of benefits at Talbots in Hingham, Massachusetts. She resides in Cranston, Rhode Island.

BANKING

BankNewport is pleased to announce that Mark Moreau has been named vice president, commercial lending. In his new position, Moreau is responsible for developing commercial loan production and cross sell opportunities, managing commercial loan portfolios, and supporting the Bank’s lending department in conformance with its policies and procedures. Prior to his new role, Moreau was a vice president of commercial lending and credit manager at St. Anne’s Credit Union in Dartmouth, MA, and at HarborOne Bank in Brockton, MA. He is a graduate of the University of Massachusetts Dartmouth and resides in Lakeville, MA.

CONSTRUCTION

Gilbane Building Company is pleased to announce that Calvin Matthes has been promoted to business development manager for Gilbane in Rhode Island, driving strategic growth in the region’s commercial, education, healthcare, and life sciences markets. Since joining Gilbane in 2013 as a project engineer, Calvin has worked on numerous projects throughout the state, serving notable clients such as Bank of America, Brown University, and General Dynamics Electric Boat. He is driven by his passion for Rhode Island and his desire to make a positive impact on its communities. Calvin holds a Bachelor of Science in Architecture with a minor in Construction Management from Roger Williams University.

BANKING

BankNewport is pleased to announce that Brian Sousa has been named vice president and manager of the Warren branch. In his new position, Sousa will be responsible for providing excellent customer relations; leading, coaching, and developing a team of successful branch professionals; and maintaining a strong community presence. Prior to joining BankNewport, Sousa was a mortgage loan officer at St. Anne’s Credit Union in Fall River, Massachusetts. He previously spent 13 years at Santander Bank, where he worked as a branch manager and mortgage development officer. He is a graduate of the University of Massachusetts Dartmouth and currently resides in Dartmouth, Massachusetts.

BANKING

BankNewport is pleased to announce that Steven Carneiro has been named vice president, commercial loan officer. He will be responsible for developing new and growing existing commercial relationships throughout the Bank’s footprint, and working closely with banking service partners. Prior to his new role, Carneiro was vice president, business and commercial lending officer since joining the Bank in 2018. Carneiro earned an Associate of Science in Business Management from the Community College of Rhode Island. He is a board member of the Rotary Club of Cranston and resides in West Warwick, Rhode Island.

BANKING

BankNewport is pleased to announce that Pamela LaBreche has been named vice president, business and commercial lending officer. In her new role, LaBreche is responsible for working with the Bank’s branch managers, residential lending officers, merchant services and cash management partners to assist business clients throughout Rhode Island in achieving financial goals. LaBreche earned a Bachelor of Science in Business Management and Master of Business Administration from Providence College. She currently serves as vice president of the Gateway Real Estate Board, a division of Lifespan. In 2019, LaBreche was named a Rhode Island SBA Financial Services Champion. She was also recognized as a New England Financial Services “Woman of Fire” by American Business Media.

Foulkes to lead Follett board

HELENA B. FOULKES, a former executive for CVS Health Corp. and former CEO of Hudson’s Bay Co., was recently appointed as executive chairwoman of Follett Higher Education Group Inc.’s board of directors. Follett Higher Education, based in Westchester, Ill., is a national education service provider and retailer that provides students, parents and faculty learning tools and retail services to support academics for college.

Foulkes also ran for R.I. governor in 2022, losing in the Democratic primary in September to Daniel J. McKee. In your campaign for governor, you were heavily focused on education. What was it about Follett Higher Education that prompted you to become involved in the company in this role?

I have been looking at this issue of success for college students for the last couple of years, and looking at the industry and looking at what is happening in the educational tech sector. I think it reminded me in many ways of the pharmacy business. A big problem I was trying to solve when I was at CVS is how do you keep people on the right medication so that they stay out of the hospital. What I discovered in [the education] sector is how do you get kids their books and materials so that they can achieve the educational outcomes they want. That has been the appeal of the sector for me.

What are your goals for Follett as executive chair?

The most important thing I’ll be doing is guiding the CEO [Emmanuel Kolady] and the team to make sure that we have the talent in place, the strategy and we’re monitoring execution and performance, and ultimately achieving the goals we set out for ourselves.

W here in Rhode Island do you feel higher education can be improved?

I do think there is much more opportunity in Rhode

Island to combine the education sector, government and business together to really go after big opportunities. In my [gubernatorial] race, I talked about the blue economy, where for example we have this incredible strength of 400 miles of coast and waterways. Yet, we’re not harnessing all the power of the academic community, business community and government to figure out a roadmap to really win in that sector. I also think about workforce development opportunities. What are the skills for the future that our kids need and are we preparing for them? … I think there is not enough going on at the high school level and college level.

How can workforce initiatives be strengthened? Is it creating partnerships between high schools and colleges?

Yes, and also with the business community. What are the skills that are required for entry-level jobs? Are we graduating kids with the skills to succeed? There are so many basic skills such as Microsoft Office or skills that our kids are not graduating with. I hear business leaders saying, “I can’t hire some of these kids; they don’t have the basic math skills.” So, listening to what the business community sees as the opportunity and then asking ourselves how do we evolve these trade programs. n

(Editor’s note: This is the seventh installment of a monthly column on the growing number of cyberthreats facing businesses of all sizes and what they can do about it. A version of this column was first published on PBN. com on Feb. 20.)

WITH THE POSSIBILITY of a recession looming on the horizon, small and midsized businesses are likely planning strategies on how they will navigate the negative effects a poor economic outlook might bring about.

As part of those strategies, many businesses may be looking to reduce spending, and my fear is that cybersecurity investments might be an area singled out for cuts.

In our modern hyper-connected world, organizations of all sizes depend on technology to operate. We communicate with clients, manage employees, collect information, sell, market, and provide your goods and services to customers. Any threats to these systems and data present significant risks to the long-term resilience of a business. We are challenged with an ever-advancing threat landscape that is getting more difficult to protect. Like all businesses, small and midsized ones must invest in cyber-

A

security and make it fundamental to their strategies.

There is no denying that cybersecurity is critical for all businesses, but small and midsized companies are especially vulnerable. The National Cybersecurity Alliance recently released data that showed 43% of cyberattacks target small and midsized businesses, and that number is steadily rising.

Why? Because cyberthreat actors are opportunistic. While some are driven by malicious intent, simply looking to disrupt your business, others may be affiliated with foreign governments targeting you for political gain. But the biggest threat most businesses face is attackers looking to extract money. No matter their intentions, they all achieve their missions in a similar fashion: by disrupting your business and stealing your data. In the end, it’s not the size of your business that makes it valuable to criminals, it’s how vulnerable you are.

Small and midsized businesses

are at higher risk because there are fewer resources that can be dedicated to managing risk. Only half of small and midsize businesses have even the beginnings of a cybersecurity plan in place. Now marry that with recent data that shows that 42% of small businesses have been severely impacted by a cyberattack in the last year.

Threat actors may not even consider your business the end goal. These cybercriminals could be using your organization as a conduit to attack your clients.

The consequences of a successful cyberattack on a small and midsized business can be devastating. Reports from the U.S. Small Business Administration say 60% of small businesses that fall victim to a cyberattack end up going out of business within six months. I have seen accounts of the costs of a data breach for a small business ranging between $100,000 to $1.2 million, and more for midsized businesses.

Cybercriminals are getting more sophisticated. We are in a cyberwar. Cybercriminals can be part of syndicates of organized crime. They operate in black markets selling tools, ransomware, access to your systems and your data. These criminals can hold your systems and data hostage and will blackmail your organization.

We always hear economists say that small and midsized businesses are the backbone of our economy. For that same reason, they are a highvalue target for cybercriminals. By taking steps to become a more resilient organization, the owners of these businesses can be more confident that they are mitigating modern crime risks.

Remember that the financial burden of a cybersecurity breach will always be much greater than the preventative investment of stopping one.

Next month: The cybersecurity skills gap and how organizations can overcome that challenge. n

Jason Albuquerque is the chief operating officer of Pawtucket-based Envision Technology Advisors LLC. You can reach him through www. envisionsuccess.net.

EDITORIALS

High-end home shortage sparks interest in adaptive reuse Make the case for MBE expansion

CONVERSATION

STARTER:

Compass Real Estate agent Kira Greene stands outside the vault that comes with a former Pawtucket bank she is marketing as a candidate for residential conversion.

Nothing goes up forever, though when it comes to high-end Rhode Island home sales, down is a relative term.

Last year was the first since 2013 that the number of million-dollar homes sold fell from the previous year. But as this week’s cover story reports, the drop was hardly precipitous, with the 617 high-end homes sold still by far the second-most since 2005.

And thanks to two sales topping $10 million, last year’s $1.8 million median sales price for luxury homes easily set a new record, according to the Rhode Island Association of Realtors.

Realtors say 2021’s white-hot market will likely prove to be an outlier, but as long as buyers outstrip supply, the high-end real estate party will continue at albeit reduced decibels.

One related trend expected to continue this year is adaptive-reuse conversions of commercial properties for residential use.

For well-heeled buyers looking for unique properties, this may be a way around Rhode Island’s ongoing shortage of high-end residential homes.

These properties can include former schools, churches and even a bank. Compass Real Estate agent Kira Greene recently listed a 10,450-square-foot Pawtucket property that was once a bank. It still features a working elevator and massive vault, along with marble floors.

The three-story property, built in 1901, was under contract in less than a month.

“What could be more luxury than owning a bank?” she said.

Indeed, and at a list price of $749,000 that, unlike just about any true waterfront property, might not leave the vault empty when it’s time for upgrades. n

POLL CENTRAL

EXECUTIVE POLL

Housing and the economy

Do you feel more housing can boost the local economy?

Yes: 75%

No: 25%

Do you feel additional housing could positively impact your business?

Yes: 75%

No: 25%

In what ways do you feel more housing can be economically beneficial? (Select multiple)

More opportunities for economic gain: 100%

Creates job opportunities: 50%

More community diversity: 25%

Other: 25%

More access to overall health care: 0%

Where do you feel additional housing is most needed?

Statewide: 75%

In cities and urban neighborhoods: 25%

In rural neighborhoods: 0%

In suburban neighborhoods: 0%

The state last fiscal year exceeded its minimum 10% minority contracting standard for just the third time, and the first since 2019.

Now Gov. Daniel J. McKee wants to expand the Minority Business Enterprise program to a minimum of 15% of government contracts going to minority- and women-owned businesses. It’s a laudable goal, though even some program advocates think the state should show it can repeat last year’s gains before looking to expand.

Such lack of trust is understandable given the state’s poor track record in meeting the current standard. But the state should be able to strengthen the current program, including boosting enforcement, and set moreaggressive minimum standards at the same time.

Tucked in Gov. McKee’s fiscal 2024 budget plan is a request for $123,000 for additional enforcement but no other details on planned program changes.

Sharing those details publicly will be the first step in convincing skeptics the state is ready to take a significant step forward with the program. n

Are you confident in the direction of Providence’s I-195 Redevelopment District Commission? FEB. 17-23

Yes, it has done a good job and will continue to under the new chairman 36%

Yes, the plan to focus on more commercial development is overdue 31%

No, the market should dictate how the district is filled 20%

No, the new plan is the same as the old 8%

I’m not sure 4%

THIS WEEK’S POLL: Should Rhode Island boost from 10% to 15% its minimum requirement for awarding government contracts to minority- and women-owned businesses?

• Yes, they are not getting their fair share

• Yes, it will encourage more minorities to start businesses

• No, the state must show it can better manage the program first

• No, there are not enough qualified businesses in some industries

• I’m not sure

To vote, go to PBN.com and follow the link on the home page

Corporate use of tax havens skyrocketing

About a decade ago, the world’s biggest economies agreed to crack down on multinational corporations’ abusive use of tax havens. This resulted in a 15-point action plan that aimed to curb practices that shielded a large chunk of corporate profits from tax authorities.

But, according to our estimates, it hasn’t worked. Instead of reining in the use of tax havens – countries such as the Bahamas and Cayman Islands with very low or no effective tax rates – the problem has only gotten worse.

WIER AND G ABRIEL ZUCMAN GUEST COLUMN

By our reckoning, corporations shifted nearly $1 trillion in profits earned outside of their home countries to tax havens in 2019, up from $616 billion in 2015, the year before the global tax haven plan was implemented by the group of 20 leading economies, also known as the G-20.

In a new study, we measured the excessive profits reported in tax havens that cannot be explained by ordinary economic activity such as employees, factories and research in that country. Our findings show a striking pattern of artificial shifting of

paper profits to tax havens by corporations, which has been relentless since the 1980s.

The current effort to curb the legal corporate practice of using tax havens to avoid paying taxes began in June 2012, when world leaders at the G-20 meeting in Los Cabos, Mexico, agreed on the need to do something.

The Organization for Economic Cooperation and Development, a group of 37 democracies with market-based economies, developed a plan that consisted of 15 tangible actions it believed would significantly limit abusive corporate tax practices. These included creating a single set of international tax rules and cracking down on harmful tax practices.

In 2015, the G-20 adopted the plan officially, and implementation began across the world the following year.

Our research shows all these efforts appear to have had little impact.

We found that the world’s biggest multinational businesses shifted 37% of the profits – or $969 billion – they earned in other countries (outside the headquarter country)

to tax havens in 2019, up from about 20% in 2012 when G-20 leaders met in Los Cabos and agreed to crack down. The figure was less than 2% back in the 1970s. The main reasons for the large increase were the growth of the tax avoidance industry in the 1980s and U.S. policies that made it easier to shift profits from high-tax countries to tax havens.

In 2019, the total government tax loss globally was $250 billion. U.S. multinational corporations alone accounted for about half of that, followed by the U.K. and Germany. How do policymakers fix this?

The root cause of profit-shifting is the incentives involved, such as generous or lenient corporate tax rates in other countries. If countries could agree on a global minimum corporate tax rate of, say, 20%, the problem of profit-shifting would, in our estimation, largely disappear, as tax havens would simply cease to exist.

Our research suggests implementing this type of tax reform is necessary to reverse the shift of ever-greater amounts of corporate profits going to tax havens – instead of being taxed by the governments where they operate and create value. n

Ludvig Wier is an external lecturer of economics at the University of Copenhagen. Gabriel Zucman is an associate professor of economics at the University of California Berkeley. Distributed by The Associated Press.

The ethics of homeownership in an age of inequality

For many Americans today, homeownership is an unattainable dream

In 2022, the average long-term U.S. mortgage rate rose to 7% for the first time in more than two decades. The median sales price of existing homes climbed to a record $416,000 while demand for mortgages dropped to a 25-year low

DÉSIRÉE

LIM

GUEST COLUMN

Experts forecast a turnaround in 2023, predicting a fall in home prices and mortgage rates. With the housing market likely to cool modestly, the prospect of a gradual return to affordability may sound like music to buyers’ ears.

But should people be purchasing property at all?

My research examines the negative impact of property ownership. Despite the current state of the housing market, property is still considered a sound investment – at least for the limited group who can afford it. However, property ownership can have serious consequences on others’ lives.

There is a difference between the two main categories of property buyers: those purchasing property as a primary home versus property for investment.

Purchasing property as a primary home is considered more ethical than acquiring property for investment, as housing is considered a basic necessity.

Property for investment, however, is owned for personal profit, often without the owner intending to ever live there. Investors may purchase homes that can be “fixed and flipped” and sell them at a profit or lease them to renters.

As of 2019, renters headed around 36% of the nation’s 122.8 million households

Census data shows that there are 48.2 million rental units in the U.S., roughly 70% of which are owned by individual landlords.

Landlords have often been criticized for being callous and greedy COVID-19 exacerbated landlords’ poor reputations because the pandemic increased renter payment difficulties and triggered widespread evictions and homelessness

Some renters complained about uncaring landlords who were accused of pressuring and threatening vulnerable tenants. The federal and state governments stepped in to help people with such interventions as the federal eviction moratorium and New York City’s rent freeze program

Yet landlords also provide rental opportunities for those who prefer not to buy and for those who wish to buy their own home but cannot afford it. Furthermore, landlords can be seen as offering a valuable service to those who are not seeking long-term occupancy, such as university students who plan to leave upon graduation or temporary visitors to the U.S.

The ethics of renting out property, then, seems to turn partly on whether renters need it for long-term basic shelter.

Landlords are often blamed for the housing crisis. However, it is the responsibility of the government to ensure the right to longterm shelter

Individual landlords may contribute toward a poor housing system, but they act within the confines of the system. Only governments have the power to change the system, through investment in affordable housing.

Homebuyers also have ethical obligations

to others.

Choosing to own property in a gentrifying neighborhood, or one considered at risk of gentrifying, may contribute to the forced displacement of existing long-term residents

The harms of having to leave one’s former neighborhood include the severing of community networks or enduring the strain of extraordinarily long work commutes. Additionally, persons of color are disproportionately affected by gentrification, which may create new patterns of racial segregation.

Given these consequences, aspiring homeowners should perhaps avoid purchasing homes in neighborhoods with vulnerable residents. But, with housing unaffordability writ large, first-time buyers may be able to afford properties only in neighborhoods at risk of gentrification.

How can governments mitigate risks such as racial segregation while also providing affordable housing?

One example is Singapore’s system of affordable public housing. To prevent segregation, Singapore introduced racial quotas in public housing that require minimum levels of occupancy of each of its main ethnic groups – Chinese, Malay, Indian, and others. Though intrusive and imperfect, the Singaporean approach shows that a more proactive approach to housing is possible.

Landlords may have moral duties, but the government’s role in recognizing and protecting the right to stable long-term housing must not be ignored. n

Désirée Lim is an assistant professor of philosophy at Pennsylvania State University. Distributed by The Associated Press.

LUDVIG

U.S. policies … made it easier to shift profits from high-tax countries.

ONE LAST THING

Jeffrey C.

Hall

Audubon Society of Rhode Island executive director

Rhode Island native Jeffrey Hall joined the Audubon Society of Rhode Island in 2000, serving as the first director of the Nature Center and Aquarium in Bristol, and later as Audubon senior director of advancement. Hall was named executive director in 2022.

FORover 125 years, the Audubon Society of Rhode Island has been connecting people with nature. Whether it’s reaching students, the public or even government leaders, we know the value of educating and engaging communities. It’s that connection with people that allows Audubon to be a vibrant and effective steward of the environment.

Audubon is only able to continue the fight to protect birds, wildlife, and their habitats with the support and generosity of individuals throughout our region. Keeping supporters engaged is the key to increasing awareness and the growth of the organization. Our communications prioritize:

n Multiple channels. Reach your members and supporters with timely information in a number of ways: print, email, text, social media, the press, other forms of media, and inperson events.

n Personalization. Everyone experiences nature differently. We try to personalize our messaging and offer unique programming that covers a variety of interests. Your clients or customers will feel more connected to your organization if you target them individually.

n Speed of response. Nothing surprises people more than a quick answer to a question or comment. If someone is taking the time to reach out, respond quickly, respectfully and with accurate information. If it’s important to them, it should be important to you. n

Personalize your message

of America Rhode Island