01-27-2017 Issue

PROVIDENCE BUSINESS NEWS

JAN. 27-FEB. 2, 2017

PBN pbn.com

FOCUS ON: COMMERCIAL REAL ESTATE

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 31, NO. 44 | $2

COULD TRANSIT HUB RESHAPE SKYLINE? » 5Q: BRITTE JESSEN-BALINT » AMAZON KEY TO TUITION-FREE COLLEGE 2017

Care mit h t l a e m H Sum 8 -1 1 a m | r o a f z s Re e Pla r detail

The First 100 Days & Beyond

wn e 39 fo th | C r o 6 o pag 1 t y n r r a u u t Febr

CONTENTS

PBN

400 Westminster St., Providence, RI 02903 Main phone: 401-273-2201 Subscription Services: 855-813-5805 President & Publisher Roger C. Bergenheim, 680-4848 Publisher@pbn.com

ADVERTISING Advertising@pbn.com Fax: 401-274-0270 Director of Sales and Marketing Annemarie Brisson, 680-4800 Marketing and Events Manager Donna Rofino, 680-4832 Events Coordinator: Tracy Hoyt, 680-4818 Senior Account Managers Linda Foster, 680-4812 Shaughna Giracca, 680-4801 Jim Hanrahan, 680-4816 Advertising Coordinator Joyce Rylander, 680-4810

EDITORIAL

MIXED USE: A passenger waits to board a train at Providence Station. The state is seeking to build a transit hub on land surrounding the station that would also include construction of private development that feeds off the tens of thousands of commuters and visitors expected to use the transit center.

Editor@pbn.com Fax: 401-274-0670 Editor: Mark S. Murphy, 680-4820 Managing Editor: Michael Mello, 680-4826 Web Editor: Lori Stabile, 680-4836

PBN PHOTO/MICHAEL SALERNO

(TECHNOLOGY)

COVER STORY

Copy Editor: Matt Bower, 680-4824 Staff Writers: Emily Gowdey-Backus, 680-4828 (HOSPITALITY & TOURISM, EDUCATION/

TRANSIT HUB

WORKFORCE AND NONPROFITS)

Mary MacDonald, 680-4830 (GOVERNMENT, MANUFACTURING, REAL ESTATE/ DEVELOPMENT)

State eyes skyline-altering development around transportation center.

12

Eli Sherman, 680-4822 (ENERGY/ENVIRONMENT, ENTREPRENEURSHIP, FINANCIAL SERVICES)

Researcher: Nicole Dotzenrod, 680-4838

FOR STARTERS:

PRODUCTION

Editorials and Opinion | 36 One Last Thing: Meghan Hughes | 38

Business Best-sellers | 3 5Q: Britte Jessen-Balint | 4 Who’s On The Board? R.I. Hospitality Association | 5 Spotlight: CakeSafe LLC | 6 Something New: PetsEmpower Inc. | 6 Hot Topic: Amazon key to tuition-free college | 7 A Fresh Design: 32 Custom House | 8 News Briefs | 9 What’s Happening | 10

FOCUS: COMMERCIAL REAL ESTATE

Beer co-op set to brew two years after fire Jeremy Duffy and Devin Kelly found a new home for their co-op brewing company, Isle Brewers Guild LLC, in Pawtucket after a fire ruined their Providence space. | 26

Unique retail centers survive in ‘cold, cruel’ world Although online shopping continued to grow in 2016, consumers are still flocking to well-designed, well-managed retail centers with interesting or unique features. | 27

IT’S PERSONAL: People in the News | 32 Mackay’s Moral | 33 Guest Column: David Bussius | 33 Guest Column: Scott Dorf | 35

Lists:

Production Director: Darryl P. Greenlee, 680-4860 Art Director: Lisa Lagreca, 680-4868

CIRCULATION Circulation@pbn.com 1-855-813-5805

ADMINISTRATION Fax: 401-274-6580 Business Manager: Tammy D’Antuono, 680-4840 ©2017 Providence Business News Inc.

Providence Business News is published weekly

by Providence Business News, 400 Westminster Street, Provdence, RI 02903 (USPS 002-254) (ISSN 0887-8226)

Property Management Firms | 28 Commercial/Industrial Services Companies | 30

Periodical postage paid at Providence, R.I.

www.facebook.com/providencebusinessnews,

ON THE COVER PRIME SPOT: Peter Alviti Jr., head of the R.I. Department of Transportation, observes the downtown location of the future Providence Intermodal Transportation Center, a hub that should help reduce the transit presence at Kennedy Plaza.

PBN PHOTO/MICHAEL SALERNO

@provbusnews,

www.linkedin.com/company/providence-business-news

POSTMASTER: Please send address changes to 400 Westminster Street, Providence, RI 02903.

THIS WEEK’S FEATURED COMPANIES American Civil Liberties Union of R.I.

9

CakeSafe LLC

6

City Side Club

9

Marriott Courtyard Hotel

16

Rhode Island College

7

Marsella Development Corp.

16

Rhode Island Hospital

16

Rhode Island Mall

29

Mott & Chace Sotheby’s International Realty

14

Community College of Rhode Island 7

Narragansett Brewing Co.

26

Cornish Associates LP

9

R.I. Center of Freedom and Prosperity

Newport Marriott

16

R.I. Commerce Corp.

Garden City Center

27

Omni Hotel

16

R.I. Department of Transportation

Grow Smart Rhode Island

14

PetsEmpower Inc.

Isle Brewers Guild LLC

26

Providence Foundation

Keller Williams Realty

14

Providence Place

WHAT'S HAPPENING? SUBMIT YOUR NEWS AT PBN.COM/PRLINK/ 2 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

6

R.I. Office of Library and Information Services

9

R.I. Preservation Society

26

R.I. Retail Federation

7

7

R.I. State Police

9

9

The Washington Trust Co.

9

14

University of Rhode Island

7

R.I. Disability Law Center

9

Washington Trust Bancorp Inc.

9

14

R.I. Ethics Commission

9

Whiting & Davis LLC

9

16, 29

R.I. Office of Innovation

9

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FOR STARTERS

5Q: Britte Jessen-Balint Controller, Envision Technology Advisors

BY EMILY GOWDEY-BACKUS | Gowdey-Backus@PBN.com

1

What was the catalyst behind your application for an R.I. Commerce Corp.-funded Wavemaker Fellowship?

The Wavemaker Fellowship will allow me to pay off my student loans faster and, as a result, I can invest the money I would be paying back toward those loans in additional learning opportunities or other pursuits.

2

Why is this form of reimbursement [to help cover student-loan debts] so important for young professionals?

Programs such as the Wavemaker Fellowship reward those individuals for making the personal and financial sacrifices required when investing in their professional development. It’s important for young professionals to see there are programs [that] will help them pay for training that may be beneficial in growing their career.

When [such] programs are available, people are more likely to make smart investments in themselves.

3 IN CONTROL: Britte Jessen-Balint, controller at Envision Technology Advisors in Pawtucket, speaks with Jeremy Girard, director of marketing.

PBN PHOTO/MICHAEL SALERNO

Do you think there are enough state-funded resources encouraging Rhode Island-trained talent to remain in the state?

Many Rhode Islanders want to stay in the state, but they are challenged by the fact that average salaries here may not make it financially viable.

Programs such as the Wavemaker Fellowship are an investment in Rhode Island’s growing talent pool and a step toward showing young pro-

fessionals our state is a place where they can stay and build a career and a future.

4

What impact do you think the Wavemaker Fellowship will have on Rhode Island’s economy?

These fellowships provide candidates with a precious commodity – freedom of choice. The funds can give young professionals the financial freedom to get an apartment or home of their own. That freedom could also encourage recipients to start businesses and help fuel the future of our state economy.

5

What else could the state be doing to support young entrepreneurs?

Programs that provide training grants to employers who invest in their people is one area that Rhode Island needs to continue investing in.

I work for a technology company and our training needs are extensive. We want our people to be the best and we invest heavily in their development.

Programs that reward employers who proactively invest in employee growth and training will help ensure the young talent our state produces will stay in Rhode Island. n

The Wavemaker Fellowship [is] an investment in Rhode Island’s growing talent pool.

You would be wise to use a printer that can deliver great value and spot on color.

For all those jobs that need great color at an affordable price.

4 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

FOR STARTERS WHO’S ON THE BOARD? Mission: To develop and provide programs, services and support to our members by protecting their interests, promoting industry partnerships and providing education and leadership, such that members receive a definable value for their investment.

Year founded: 1962 President/CEO: Dale J. Venturini 2015 revenue: $1 million

Officers:

Board members:

Craig Sculos, chairman of the board

Mike Billone

David DePetrillo

Michael Lester

Assistant vice president, institutional field sales, Ecolab

Chairman R.I. Hospitality Education Foundation

On-premise manager, MS Walker

Brian Casey

Kristin Gennuso

Owner, The Company Picnic Co.

Owner, Chez Pascal

Director of hotel operations The Dean Hotel/ASH NYC

Glenn Chelo

Burnell Goldman

James Pezzullo

Owner, Chelo’s Corp.

General manager Omni Providence Hotel

District sales manager, Sysco Boston

Vice president and general manager Twin River Casino

Chris Tarro, vice chairman of the board Owner, Siena Restaurants

Robert Burnetti, treasurer

Eric Churchill

General manager. Hotel Viking

Vice president of operations Providence Marriott Hotel

Bahjat Shariff, immediate past chairman

Paul Conforti

Operating partner, Howley Bread Group

H. Robert Bacon, past chairman

Managing partner Encore Hospitality Group

Kristine Cox

Owner, Gregg’s Restaurants & Taverns

Kenneth Cusson, past chairman Director of new-business development Newport Harbor Corp.

General manager Newport Harbor Hotel & Marina

Anthony Pellegrino

Ellen Slattery

Kimberly Greene

Owner, Gracie’s

Regional vice president of operations TPG Hospitality

Tina Tomaselli

Brendan Kane

Owner, T’s Restaurant

Principal Peregrine Hospitality Management

Joe Vigliotti

George Kilborn

District sales manager, U.S. Foods

Al Zannella

General manager, Camille’s

Vice president, sales and marketing R.I. Distributing

Trudy Coxe

William Kitsilis

CEO and executive director Preservation Society of Newport County

Owner, Angelo’s Palace Pizza

Douglas Koenig General manager Providence Biltmore Hotel

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BYInteriors.com | 401.247.4499 | 6 Commercial Way Warren, RI 02885 www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 5

FOR STARTERS SOMETHING NEW

SPOTLIGHT

EMPOWERED: After college, Jordan Ross had trouble finding temporary housing that would accept his black lab, Jazz. The experience led him to start PetsEmpower Inc. The Providence-based nonprofit helps raise funds, distribute grants and connects displaced pets with temporary foster homes.

COURTESY JORDAN ROSS

Power of pets to heal

BY ELI SHERMAN | Sherman@PBN.com

JORDAN ROSS KNOWS the significance a pet can play in one’s life. It’s the reason he started Providence-based PetsEmpower Inc. After graduating from college, Ross couldn’t find a job and couldn’t move home because it was a “bad situation.” He found himself homeless in Boston, searching for temporary housing.

But most places wouldn’t take him in with his black lab, Jazz.

“I was unwilling to give him up,” Ross said.

That experience gave birth to PetsEmpower.org, a website that provides a multifaceted platform to raise funds, distribute grants and connect displaced pets with temporary foster homes throughout the country.

Ross originally thought to provide the services for those affected by domestic violence but quickly discovered other instances when people would be in need, including veteran and senior hospitalizations, addiction recovery, sudden job loss or foreclosures and natural disasters.

The nonprofit organization is piloting the program in Providence and Boston. n

WORLDWIDE APPEAL: Juli Chapin and her husband, Scott, own and operate CakeSafe LLC, which makes a device that safely encases and moves wedding cakes. The devices, known as CakeSafes, are sold all over the world.

PBN PHOTO/MICHAEL SALERNO

Cracking cake safety Box limits delivery mishaps

BY MARY MACDONALD

| MacDonald@PBN.com

FOR THE BAKERY that specializes in multitiered wedding cakes, no disaster is worse than the dropped cake, followed closely by the crushed box and the smeared icing.

A South Kingstown couple has created a small business that blossomed around sales of a seemingly simple box intended to quell those fears.

CakeSafe LLC ensures that elaborate cakes of all sizes arrive at their destination as intended, with nothing crushed or smeared.

Juli Chapin, who started the business with her husband, Scott, was originally a wedding cake baker. She understood the need for secure cake transportation as much as anyone.

Although wedding cakes are supported by a structure of cardboard discs underneath each layer, and interior dowels to support the tiers, none of that holds up if the cake slides or tips in the van on the way to the venue.

“Imagine putting your brakes on with something that’s 20 inches high and it’s fragile,” Juli Chapin said.

One day she asked Scott, then working as a biomedical engineer, to deliver a cake to the Quidnessett Country Club in North Kingstown.

OWNERS: Juli and Scott Chapin TYPE OF BUSINESS: Design, manufacture products for baking industry

He put the cake in the back of their vehicle, and saw a problem.

“Just driving out of the driveway, I’m watching it in the rearview mirror, and I’m saying to myself, ‘This is [just] nuts.’ ” On the ride to the wedding venue, the engineer thought about ways to solve the safety issue.

“I made the first box right after that,” he said.

Now a patented design, the CakeSafe secures cakes by fastening the traditional system of dowels and cardboard disks to a sturdy, reusable plastic box.

“If you assemble a cake, it doesn’t matter how big it is, if you drive a rod through the cake boards themselves, and if you support that rod on the top and the bottom so the rod can’t move, then the cake boards can’t move.”

Sold in nine different sizes, to fit cakes from 12 inches to 28 inches

LOCATION: 21 Blooming Place, South Kingstown EMPLOYEES: 7

6 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

YEAR ESTABLISHED: 2009 ANNUAL SALES: WND

in height (a seven-tier cake), the CakeSafe is now a full-time business for the Chapins.

Beyond that device, they also sell acrylic discs, a frosting tool that helps people ice layers evenly.

And a more recent product has extended their reach beyond cakemakers. The air-brush spray booth allows people who use decorative spray devices to contain airborne food coloring or sugar particles within a small area.

Customers for that include a supermarket chain, which uses it in supermarket kitchens to apply oilbased glazes on finished breads.

Since CakeSafe launched eight years ago, sales have jumped annually. The Chapins now employ five people. Although they do not release sales figures, the couple said in a recent interview that gross sales have increased an average of 41 percent annually since 2009.

The price for the safe ranges from $199 to $495. That’s not cheap, but it’s priceless if the idea is to deliver a wedding cake worth several thousand dollars.

“If it saves one cake, it pays for itself,” Scott Chapin said. n

FOR STARTERS HOT TOPIC

Amazon key to tuition-free college

BY ELI SHERMAN | Sherman@PBN.com

COULD AMAZON.COM INC. customers help pay for tuitionfree college in Rhode Island?

Gov. Gina M. Raimondo’s office isn’t saying that’s the anticipated funding source for her spending plan to pay tuition costs for in-state students attending the Community College of Rhode Island, the University of Rhode Island and Rhode Island College. The program, once fully enacted, is expected to cost $30 million each fiscal year.

But Raimondo expects an influx of about $34.7 million next fiscal year in revenue from the state’s 7 percent sales tax assessed on internet sales.

Before this year, the state collected about $3 million annually via the internet sales tax, according to the R.I. Department of Revenue.

So, how did the projected revenue suddenly grow to $34.7 million from $3 million?

Thank Amazon, or more specifically, its Rhode Island customers.

Rhode Islanders beginning Feb. 1 will start paying more for purchases made on Amazon.com, as the online retail giant confirmed recently it has

agreed to start collecting and remitting the state’s 7 percent sales tax.

The decision reverses a previous stance the online retailer made in 2009, when it cut ties with its business affiliates in Rhode Island to protest the passage of a new law requiring remote companies to collect the online

sales tax.

Amazon.com Inc. is the only major online retailer to announce plans to start forwarding the tax collections this year.

“The state is really focused on Amazon.com [Inc.] right now, because Amazon is the king of the online retail industry,” said Paul D. DeRoche, executive director of the R.I. Retail Federation.

Raimondo spokesman Michael Raia says the decision to pursue a tuition-free college plan is not due to newfound money expected from Amazon or any other funding source.

“The decision … [was] made possible by the work that has been done over the last several years to get our fiscal house in order,” he said.

But as Raia points out, new money doesn’t hurt when it comes to covering spending priorities, be they a freecollege spending plan or Raimondo’s

proposal to cut the car tax by at least 30 percent.

“Any additional revenue only makes the case stronger for why we’re able to make those types of investments,” he said.

The state expects more remote sellers to follow Amazon’s lead, which would further boost R.I. coffers.

“We believe this is the trend across the U.S.,” said Paul E. Grimaldi, R.I. Department of Revenue spokesman.

But not everyone is enamored with the governor being so quick to spend newfound revenue on initiatives that fail to benefit all Rhode Islanders.

“Letting a budget dictate what’s in the interest of Rhode Islanders is backwards thinking,” said Michael Stenhouse, CEO of the R.I. Center of Freedom and Prosperity, a conservative think tank. “If we raise new money here, give it back and allow Rhode Islanders to keep more money.” n

‘The state is really focused on Amazon.com [Inc.] right now.’

PAUL D. DEROCHE, R.I. Retail Federation executive director

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FOR STARTERS | A FRESH DESIGN 32 Custom House 32 Custom House St., Providence Owner:

HM Ventures Group 7 LLC

Tenants:

Apartments; KNEAD Doughnuts

Architect:

KITE Architects; South Coast Improvement Co.

TASTY TREATS: The first floor of 32 Custom House is now home to KNEAD Doughnuts, an artisan doughnut shop in partnership with The Dean Hotel’s Bolt Coffee Co. The designer for 32 Custom House, ASH NYC, also designed The Dean.

PBN PHOTO/MARK S. MURPHY

Developer and interior designer: ASH NYC

Preservation consultant:

Providence Revolving Fund

Cost:

$4 million ($482,000 in state Historic Preservation Tax Credits)

Use:

RESTORED: From the newly rehabilitated retail space on the first floor, a set of brass doors opens to the building’s secondary stairwell. The stairwell, dating back to the building’s inception, was restored and kept in place.

EUROPEAN FLAVOR: Eat-in kitchens are equipped with white oak European cabinets, stainless-steel appliances, concealed range hoods and Corian counters, and finished with matte black Brizo fittings.

PBN PHOTO/MARK S. MURPHY

COURTESY ASH NYC

MODERN LOOK: The open-concept living spaces were designed to couple the building’s original features with a clean, modern design.

Large windows with updated casings overlook downtown Providence and the neighboring canal.

GUTTED: Originally a grocery store, 32 Custom House headquartered a variety of offices prior to being purchased by HM Ventures Group 7 in 2014.

COURTESY ASH NYC

COURTESY ASH NYC

8 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

The J.G. Eddy & Co. building was erected in 1875 to house the J.G. Eddy & Co. wholesale grocery firm. Situated in the Custom House Historic District of Providence, the five-story brick building was rehabilitated for office use in 1925 by Bodell & Co. and again in 1982 by Drexel Burnham Lambert. In November 2014, HM Ventures Group 7 purchased the property for $800,000 from Omni Property Group. Now referred to as 32 Custom House, ASH NYC has re-imagined the 16,531-square-foot High Victorian Gothic property as a residential and retail space. The restored, early20th-century Georgian Revival glass storefront welcomes passersby into a first-floor retail space, now occupied by KNEAD Doughnuts in partnership with The Dean Hotel’s Bolt Coffee Co. Upstairs, office space has been converted into 10 apartments. Oneand two-bedroom units are accessed through a private lobby, which boasts the building’s original grand staircase and elevator shaft. Other historic elements include an additional brass-detailed staircase at the back of the building and a woodpaneled meeting room with covered ceilings and built-in shelving.

NEWS BRIEFS | FOR STARTERS Commerce approves $12.7M in incentives for Prov. projects PROVIDENCE — The R.I. Commerce Corp. authorized state incentives for three companies on Jan. 23 that promise to rehabilitate vacant office buildings and build new housing, create high-salaried, high-tech jobs or move manufacturing operations to Rhode Island. n Johnson & Johnson was approved for $4.35 million in Qualified Jobs tax credits to bring 75 jobs to a new Health Technology Center at 1 Ship St. in Providence, as well as up to $250,000 in First Wave Closing Fund grants to offer new hires reimbursement for student loans. n Cornish Associates LP was approved for $7.5 million in a Rebuild Rhode Island Tax Credit Fund loan and $300,000 in sales tax reimbursements to redevelop three historic buildings on Westminster Street in Providence for apartments. n Whiting & Davis LLC was approved for $255,221 in Qualified Jobs incentive tax credits to move its manufacturing operations from Attleboro to East Providence, and bring 20 existing full-time employees to the Ocean State. n

Next-generation challenge supports public libraries PROVIDENCE – Gov. Gina M. Raimondo on Jan. 23 announced the Studio Rhode Next Generation Libraries Challenge, designed to support public libraries with new technology and training that includes developing a digital creation hub at one library.

Led by the R.I. Office of Innovation in partnership with the R.I. Office of Library and Information Services, any public library is invited to apply.

Once selected, one library will receive the following: 10 iPad Pro with Apple Pencil devices, 30 iPad Air devices, an Apple TV, an iMac, a MacBook Air, accessories, a lock and charge storage cart, Apple professional services and Apple Care protection for all devices.

All public libraries are invited to attend a Next Generation Libraries workshop to develop their next generation library vision and collaborate with other libraries on Feb. 6, from 9:30 a.m. to noon at the Warwick Public Library, 600 Sandy Lane, Warwick. n

Former House member charged with embezzlement PROVIDENCE – Former Rep. Peter Palombo, D-Cranston, appeared in Providence District Court Jan. 19 after being arrested by R.I. State Police and charged with embezzling campaign funds and filing false documents, WLNE-TV ABC 6 reported.

An audit by the Board of Elections found Palombo could not account for nearly $60,000 in campaign money.

The report also stated Palombo withdrew $16,000 from casino ATMs over the last five years.

Palombo was released on $5,000 personal recognizance.

Palombo lost his House seat in 2014, but is still under investigation by the R.I. Ethics Commission for allegedly violating ethics rules when bidding on beach-concession contracts.

If convicted of the embezzlement charge, he could face up to 10 years in prison. n

Settlement reached in lawsuit against Woonsocket police

R.I. Disability Law Center on Jan. 19 announced the settlement of a federal civil rights lawsuit on behalf of a deaf person who was not provided an interpreter after he was arrested and detained overnight in jail by Woonsocket police for allegedly making an obscene gesture.

Following a verbal altercation with a bouncer at City Side Club in Woonsocket in July 2015, David Alves made an American Sign Language gesture toward the bouncer that police interpreted as vulgar. Alves was arrested for violating a city ordinance against “[making] an obscene gesture.”

Among the provisions of the settlement, Alves will receive $25,000 in damages and legal fees, and the city has agreed to provide notice to the public about their rights to auxiliary aids and services, and train staff on working with people who are deaf or hard of hearing. n

Coastway is Ranked the Top SBA Lender in the State for the 3 rd Year in a Row! Every business has a story, especially a family business.

This is our dream and

Coastway helped

make it happen.

Find out how Rhode Island’s top SBA lender helped Jack Goodison expand his family owned, dockside repair company on the Quonset Point waterfront and position themselves to double their business.

Coastway has the tools you need to grow. Contact us today to get started.

Visit www.coastway.com/business-banking or call Business Lending Manager, Joseph Hindle at (401) 330-1658.

Jack Goodison, Owner, J. Goodison Company

Member FDIC Equal Housing Lender

4Q fuels record-breaking profit for WashTrust WESTERLY – Double-digit fourthquarter net income growth fueled record-breaking 2016 profit for Washington Trust Bancorp Inc., which posted earnings of $46.5 million on the year, an increase of 6.9 percent compared with 2015.

Earnings per diluted share totaled $2.70, compared with $2.54 in 2015.

The parent of The Washington Trust Co. on Jan. 25 reported profit for the quarter ended Dec. 31 of $12.2 million, which represented year-over-year growth of 13.2 percent. Earnings per diluted share totaled 70 cents, compared with 62 cents a year earlier.

“We are pleased with our continued success at growing our core business lines, expanding our local and regional footprint and consistently providing healthy returns to our shareholders,” said Joseph J. MarcAurele, chairman and CEO, in prepared remarks.

The bank realized a boost from its loan portfolio, which grew 7.3 percent to $3.23 billion year over year. Total securities grew 91.2 percent to $755.5 million compared with the prior year.

Total 2016 assets grew 16.2 percent to $4.38 billion. Total 2016 deposits grew 6.69 percent to $3.06 billion. n

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Media sponsors:

PROVIDENCE – The American Civil Liberties Union of R.I. and the www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 9

FOR STARTERS | WHAT’S HAPPENING Share ideas over coffee

Tools for marketing

GATHER WITH Girl Develop It Providence for Code & Coffee, an opportunity for local developers to get together to share products, ideas and questions. Code & Coffee is open to all skill levels. Bring your laptop.

SATURDAY, JAN. 28, NOON TO 2 P.M. Free

IN THIS FAST, information-packed seminar, SCORE and the Southern Rhode Island Chamber of Commerce will teach you the techniques and tools you need to navigate marketing your business. Attendees will learn how to track open and click-through rates, segment lists for better results, increase email-open rates and more.

MONDAY, JAN. 30, 10 A.M. TO NOON Free

Teas and Javas, 199 Wayland Ave., Providence.

INFO AND REGISTRATION: www. meetup.com/Girl-Develop-ItProvidence/events/235906484

KEYNOTE: Donovan Livingston delivered the student speech at Harvard Graduate School of Education’s 2016 Convocation. Livingston will speak at the University of Massachusetts Dartmouth on Feb. 3 in honor of Martin Luther King Jr. COURTESY HARVARD SCHOOL OF EDUCATION

EDITOR’S CHOICE

Livingston featured speaker at UMass Dartmouth’s MLK breakfast DONOVAN LIVINGSTON, an award-winning educator, poet and public speaker, will be the keynote speaker for the University of Massachusetts Dartmouth’s 15th annual Martin Luther King Jr. Breakfast.

FRIDAY, FEB. 3, 8:30-10:30 A.M. $25; free for students

Change up your image WHETHER YOU’RE a fashionista or know nothing about style, this seminar will help you discover your inner image and show you how to use it as a tool for success.

MONDAY, JAN. 30, 9:30-11:30 A.M. $10 Center for Women & Enterprise, 132 George M. Cohan Blvd., Providence.

INFO AND REGISTRATION: (401) 2770880 or cweonline.org

University of Massachusetts Dartmouth, Woodland Commons, 285 Old Westport Road, Dartmouth.

Southern Rhode Island Chamber of Commerce, 230 Old Tower Hill Road, South Kingstown.

INFO AND REGISTRATION: (401) 359-1602 or http://events.r20. constantcontact.com/register/event?ll r=d56auxbab&oeidk=a07edml6w50d b95a3c0&utm_medium=email&utm_ source=govdelivery

RISD director to speak at Rotary JOIN JOHN SMITH, director of the RISD Museum, for the latest installment of the Providence Rotary Club’s speaker series.

MONDAY, JAN. 30, 12:15 P.M. $21 for lunch Providence Marriott, 1 Orms St., Providence.

INFO AND REGISTRATION: (508) 999-8008

Focus Report 2017

TECHNOLOGY FEBRUARY 3 | MARCH 24 |

LIST: RI CIO’s, Tech Funding LIST: College Tech Programs;

Regional IT Employers MAY 26 | LIST: Telecom Dealers; Internet Access Providers; The Internet of Things JUNE 30 | LIST: IT Services; BioTech & Life Sciences Cos. OCT. 27 | LIST: Software Dev. Cos.; Web Development Cos.

Contact Shaughna Giracca at 401.680.4801 or giracca@pbn.com for details 400 Westminster Street, Suite 600, Providence, RI 02903 401-273-2201 www.pbn.com 10 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

WHAT’S HAPPENING | FOR STARTERS INFO AND REGISTRATION: (401) 4654706

Achieve your goals for 2017 DEBORAH PANNULLO of SCORE will present a seminar on discovering your plan for 2017. Attendees will revisit their mission and identify goals and the steps necessary to achieve their goals.

TUESDAY, JAN. 31, 8-10 A.M. Free Northern Rhode Island Chamber of Commerce, 6 Blackstone Valley Place, Suite 402, Lincoln.

INFO AND REGISTRATION: (401) 2260077 or www.eventbrite.com/e/goalsetting-a-pathway-to-a-successful-2017tickets-31159880040

Learn tips for optimization THE EMPOWERMENT FACTORY and Keno Mullings, owner and lead software engineer of The Mullings Group, will team up to walk you through the tools and processes that will help save you time and money in your day-today business operations.

TUESDAY, JAN. 31, NOON TO 1 P.M. Free Hope Artiste Village, The Empowerment Factory, 999 Main St.,

Studio #707, Pawtucket.

INFO AND REGISTRATION: www. eventbrite.com/e/optimizingoperations-for-non-profitsand-small-businesses-tickets30342433034?aff=es2

Should you be self-employed?

EXPLORE ENTREPRENEURSHIP and small-business ownership in this information session by the Center for Women & Enterprise. The seminar will cover common traits of entrepreneurs, risks and rewards of selfemployment, business planning and more.

WEDNESDAY, FEB. 1, 9-11 A.M. Free Center for Women & Enterprise, 132 George M. Cohan Blvd., Providence.

INFO AND REGISTRATION: (401) 2770880 or cweonline.org

Learn basics of LinkedIn

who are new to LinkedIn. Attendees will learn LinkedIn basics, including how to set up a profile to benefit from the online networking hub.

WEDNESDAY, FEB. 1, NOON TO 1 p.m. $5/nonmembers; free for members East Bay Chamber of Commerce, 16 Cutler St., Warren.

INFO AND REGISTRATION: (401) 2450750

O’Donnell talks YMCA at Rotary JOIN STEVEN G. O’DONNELL, CEO of the Greater Providence YMCA, for the latest installment of the Providence Rotary Club’s speaker series.

MONDAY, FEB. 6, 12:15 P.M. $21 for lunch Providence Marriott, 1 Orms St., Providence.

Marketing bootcamp

INFO AND REGISTRATION: (401) 4654706

CIVIC SUPPORT invites you to marketing bootcamp, a full-day workshop for members of community organizations to learn about marketing best practices from a team of industry professionals.

SATURDAY, FEB. 4, 10 A.M. TO 4 P.M. Free (application required) Groundwork! 1213 Purchase St., New Bedford.

INFO AND REGISTRATION: civicsupport. org/marketing-bootcamp

Discuss arts at Gamm Theatre SIX TEACHING ARTISTS will present six-minute talks on various topics at this month’s 6x6 event hosted by The Sandra Feinstein-Gamm Theatre. The event provides an opportunity to meet local creatives and discuss the arts, education and teaching artistry. The February theme is “inclusion.”

MONDAY, FEB. 6, 5:30-8 P.M. $6 The Sandra Feinstein-Gamm Theatre, 172 Exchange St., Pawtucket.

THE EAST BAY CHAMBER OF COMMERCE will offer a workshop for those

INFO AND REGISTRATION: (401) 7234266 or gammtheatre.org

Upcoming PBN event: The PBN Health Care Summit, The First 100 Days & Beyond: Health Care, will be held on Thursday, Feb. 16, from 8-11 a.m. at the Crowne Plaza Providence-Warwick. For event details, contact Events@PBN.com.

For sponsorship inquiries, contact Advertising@PBN.com.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2,1/10/17 2017 3:30 | PM 11

TRANSIT HUB

State eyes skyline-altering development around transportation center

BY MARY MACDONALD | MacDonald@PBN.com

THE

transit buses converge on Kennedy Plaza in Providence every few minutes throughout the week, circling the historic site and pausing at their designated stops.

More than a quarter-mile away, separated by buildings and several lanes of auto traffic, MBTA commuter and Amtrak trains pass through Providence Station.

A seamless transition between public transportation modes isn’t yet a reality here, more than two years after Rhode Island voters authorized funds for a transit hub that would remove most buses from Kennedy Plaza.

The state is quietly moving forward, however, pursuing what could become

a signature, skyline-altering development. And the plans have moved far beyond a transit hub.

CONTINUES ON PAGE 14

12 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

ON THE GO: James Kennedy, a transportation blog editor, in Kennedy Plaza near the RIPTA bus stops.

Kennedy uses a bike, rides the bus and occasionally drives.

PBN PHOTO/MICHAEL SALERNO

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 13

TRANSIT HUB CONTINUED FROM PAGE 12

The state is actively pursuing a public-private partnership that could exceed $100 million in value, featuring new construction of private development that feeds off the tens of thousands of commuters and visitors expected to use the transit center.

Up to $35 million authorized by Ocean State voters for a transit hub will remain set aside for that aspect of the development. The private development, meanwhile, could take many forms. But the state has made clear in published documents that it’s looking for something that will be transformational for Providence.

The goal is a bus hub and a transportation center that supports Rhode Island’s growth for the next century “with a timeless, skylinealtering development,” according to documents published by the R.I. Department of Transportation, intended to solicit interest from development teams.

The best way to do that is to solicit proposals from private industry, says RIDOT Director Peter Alviti Jr., rather than design something and put it out for public bids.

“We had a bond referendum that was approved, $35 million to build a bus hub,” he said.

“The track that things were on before the new administration came here was that they would have taken the $35 million and they would have built a $35 million bus hub. And [we] basically would have ended up with a Soviet [Politburostyle] structure and facility that would have just provided a bus station.”

Gov. Gina M. Raimondo, on taking office, asked Alviti to look at ways to couple the transportation infrastructure with efforts to attract new economic development.

P3 CONCEPT The public-private-partnership model, which has been used previously in many other cities, is now coming to Rhode Island on a first major project, to be called the Providence Intermodal Transportation Center.

“Every other major transit facility [similar to] the bus hub that we have, in most other states and larger cities, is being built in a way to capitalize on private-sector development that comes along with it,” Alviti said.

For example, Boston Properties Inc., one of the firms that is seeking to be qualified for the Providence project, is now engaged in a significant transit-oriented development at North Station in Boston, near TD Garden, which includes a 38-story residential skyscraper.

The concept of a P3, as they are called by government and industry officials, involves an

CENTER OF ATTENTION: The state has identified nine parcels that form a semicircle around Providence Station, pictured, as the potential location for the development of a new transit hub that would help relieve bus traffic on Kennedy Plaza.

PBN PHOTO/MICHAEL SALERNO

LOTS TO CHOOSE FROM:

internal review of the qualifications of development consortiums and companies that have expressed interest in the project, and then a formal submission by the development teams of projects that they would build, and manage, to meet the state’s requirements.

That process began with a Request for Qualifications by the state in June 2016. Four companies or consortiums responded, and the state is now evaluating their credentials.

While the state has not specified the exact mix of development it would like to see in the Capital District, the RFQ includes the potential mixes: retail, residential, office, commercial space, along with the required bus terminal and se . public parking.

R.I tehou Several statewide, city-planning and civicSta engagement organizations have signed on with support for the project.

Dan Baudouin, executive director of the Providence Foundation, said the nonprofit is Owner: Capital Properties excited about the P3 approach because it could Square Feet: 74,774 bring additional development to help complete TOTAL VALUE: $5,470,100 the Capital Center District.

“The project offers many transportation improvements, transit-rider amenities and community benefits, including the continued Owner: State of Rhode Island transformation of Greater Kennedy Plaza into a Square Feet: 79,238 world-class, public space,” he said. e Tax Assessment: N/A enc Although the district has attracted some $1.3 vid o r P tion billion in private real estate investment, he said, Sta it has the potential on undeveloped acres to attract even more activity.

“The foundation was one of the originators of the Capital Center project, and it’s been very successful, but there are still some sites to redevelop,” he said. “If this can be used as a way to get more development, more benefit, for the city and the Owner: AMTRAK state, let’s try it.”

Square Feet: 81,509 Scott Wolf, executive director of Grow TOTAL VALUE: $3,426,400 Smart Rhode Island, which along with the Providence Foundation supported the $35 million bond referendum two years ago, said the transit center’s downtown location is exactly where new development should go. “This is right out of the smart-growth playbook,” he said, “to be ce able to have mixed-use, transit-friendly, pla Owner: State of Rhode Island ter a pedestrian-friendly development.”

W k Square Feet: 37,883 Although the mix of proposed develPar Tax Assessment: $2,364,400 opment is unknown, it is conceivable it could feature new apartments. The pattern of downtown development has veered toward retail at ground level, with apartments on upper floors, for several years.

IGT Realtors who specialize in higher-end, newconstruction apartments say there is a demand for it among transplants moving to Rhode Island Owner: Capital Properties for the first time, and among state residents Square Feet: 45,932 looking for a change in lifestyle, and moving TOTAL VALUE: $3,395,100 closer to city amenities.

The rapid inflation in the Boston market has also had an impact, and is prompting renters, d yar as well as buyers, to seek alternatives in Proviurt ence o C vid dence. n Pro wntow Benjamin Scungio, manager of the Provio D dence offices for Mott & Chace Sotheby’s International Realty, said at least half of the rental market for high-end units prefers new construction. “I do think if they developed, they would have demand for it,” he said of the area around the train station. “The higher end of the rental market is really hot. The reason for that is people are willing to spend more money on a premium rental because they’re much nicer.”

Commuters to Boston jobs represent about one-quarter of his recent transactions, he said.

Danielle Almeida, a Realtor at Keller Williams Realty in Bristol, said if the new construction includes apartments tied into the transit center, there could be sufficient demand. Already, she has commuters wanting access to the publictransportation lines.

14 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

65 PARK ROW WEST

STATION PARK PARCEL

150 FRANCIS STREET

1 PARK ROW WEST

1 MOSHASSUCK COURT

TRANSIT HUB The R.I. Department of Transportation has identified nine parcels around Providence Station that could be used to develop the Providence Intermodal Transportation Center. Most of them are privately held, but the state has said it will acquire the land, if needed, for the development.

SOURCE: R.I. DEPARTMENT OF TRANSPORTATION

25 PARK ROW WEST Owner: 261 LLC Square Feet: 66,748 TOTAL VALUE: $5,816,600

10 PARK ROW WEST Owner: Capital Properties Square Feet: 23,502 TOTAL VALUE: $1,361,100

BEST PRACTICE: RIDOT Director Peter Alviti Jr. says its best to solicit proposals from private industry, rather than design something and put it out for public bids, when it comes to the planned transit hub for Providence.

PBN PHOTO/MICHAEL SALERNO

6 MOSHASSUCK COURT Owner: Capital Properties Square Feet: 24,842 TOTAL VALUE: $1,394,800

“What I find now, with my rentals and my sales, is I have a lot of people coming from Boston and moving this way because it’s more affordable. Providence is so close to Boston, they can still commute to Boston and afford something much nicer than in Boston,” she said.

In many cases, they are taking their perception of the buying process with them and are expecting to offer full price on properties. “Because in Boston, everything is going over the list price, I see the buyers coming from Boston.

If they want to make an offer on a property, they expect they’re going to pay full price. Which is not what the market is here,” Almeida said.

WHERE WILL IT GO?

5 MOSHASSUCK COURT Owner: Capital Properties Square Feet: 37,448 TOTAL VALUE: $2,422,800

KENNEDY PLAZA i An nd er a x t Ale y Cen t Ci

ce en ll d i ov Ha Pr ity C

an m g r pe in Su uild B

e od d t h R lan ric Is ist rt D ou C

In the Capital Center District of Providence, the movement of railroad lines and the uncovering of the Providence River more than 20 years ago recovered 48 acres of developable land. Of those acres, 15 remain undeveloped, according to the state.

The state has identified nine parcels that form a semicircle around Providence Station as the potential location for the new development. One or all could be used, and the state has pledged to acquire the land as an enticement to attract interest from developers, according to Alviti.

Six of the parcels are privately owned.

Five are held by Capital Properties, which leases them as parking lots. These lots are located at 1 Moshassuck Court, 5 Moshassuck Court, 10 Park Row West, 6 Moshassuck Court, 65 Park Row West.

Two parcels are owned by the state, at 1 Park Row West, a triangular lot, and the Station Park parcel at the corner of Francis and Gaspee streets.

Amtrak owns a small parcel at 150 Francis St., and it has agreed to consider “mutually beneficial” terms for participating in the project, according to RIDOT documents. These could include improvements or expansions of the Amtrak station and granting air rights over the existing station.

While RIDOT intends to collaborate with the private owners, the agency is open to using eminent domain, if needed, Alviti said. “We have that ability to do that, for transportation purposes, and in a more limited nature for development purposes as well,” he said.

An executive at Capital Properties did not immediately respond to several requests for comment.

To help facilitate interest, the state and city

‘Every other major transit facility … is being built in a way to capitalize on private-sector development.’

PETER ALVITI JR., RIDOT director

also are offering a host of public incentives for developers.

They include state financial incentives for development and job creation, through the Rebuild Rhode Island tax credit, for example, which provides the largest credit percentage – up to 30 percent of the project cost – for projects that are close to transit centers. The city of Providence also has generous tax-relief programs aimed at projects in the district, such as a tax-stabilization policy that will defer full taxes on private development for up to 20 years.

PRIVATE PARTNER Four consortiums of companies have expressed interest in being considered for this work.

They include Boston Properties Inc., one of the largest commercial real estate development companies in New England. It owns the Prudential Center, the Shops at Prudential Center retail development, and the tallest building in New England, the 62-story former John Hancock Tower, now known as 200 Clarendon Street.

The company would not comment on its interest in Providence, according to a statement from Bryan Koop, executive vice president of the Boston region for Boston Properties.

“It is our policy not to speculate on potential projects unless and until a formal agreement has been reached,” he said.

In Boston, which is undergoing a development boom, the company is investing in major projects at critical transit centers.

In collaboration with Delaware North Companies, Boston Properties has started development of The Hub on Causeway, which will include a 38-story residential tower at North Station, near TD Garden.

When completed, it will include more than 1.5 million square feet of retail, office, hotel and residential space, as well as an expansion of the TD Garden itself, according to a statement.

“This transit-oriented development is a significant investment that will bring substantial improvements to North Station, will create major economic impact for the area and strengthen the viability of this important district in the city of Boston,” Koop said.

The company has proposed another dramatic remake for the Back Bay MBTA Station. The project, called the Back Bay/South End Gateway, is now before the Boston Redevelopment Authority.

Boston Properties would develop four parcels adjacent or above the station and its tracks, us-

www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 15

TRANSIT HUB

FINISHED PRODUCT: A rendering shows what the The Hub on Causeway in Boston will look like when completed. In collaboration with Delaware North Companies, Boston Properties Inc. has started development on the project, which will include a 38-story residential tower at North Station, near TD Garden. When completed, it will feature more than 1.5 million square feet of retail, office, hotel and residential space. Boston Properties has expressed interest in being considered for work on the Providence transit hub.

COURTESY BOSTON PROPERTIES INC.

ing air rights. The proposal includes a 26-story residential tower with 600 apartments, and would encompass 1.26 million square feet of mixed-use space, including office, retail, residential and restaurant space, according to the application.

Another Providence aspirant is Marsella Development Corp., wellknown in Rhode Island as the chief architect of the Capital Center project, which created the district that now includes Providence Station, as well as Providence Place mall, the Omni Hotel and Marriott Courtyard Hotel, and Waterplace, two towers of residential condominiums.

Marsella also developed the Newport Gateway, a project that includes the welcome center, a 750-space parking garage and the 300-room Newport Marriott.

Two additional Massachusettsbased entities also have responded to the state’s RFQ. They are Boston Development Collaborative LLC and Redgate Capital Partners.

The identities of the component companies in each collaboration have not been released by the state.

Among other things, each team is required to disclose any prior P3 experience, describing specifically its experience in developing transportation-oriented urban projects.

Teams are required to explain how they would finance the project and demonstrate capacity to pay or finance a project exceeding $100 mil-

lion.

To assist, the state has engaged several consultants for the review.

They include legal adviser Ashurst, technical consultant Mott MacDonald, and financial adviser Ernst & Young.

The consortium, or consortiums, that are deemed capable of proceeding will then be invited to submit proposals, spelling out how they plan to sequence and develop the project.

The state expected to wrap up its internal assessment by late January.

The transit hub will include a new bus terminal, and RIDOT wants it to be constructed in the first phase of any multiphased project.

The facilities need to include strong links for Amtrak and MBTA trains, which will run from Providence Station, as well as RIPTA and other vehicle-based transportation services such as taxis, and bicycles.

The new center will be expected to have ready connections for pedestrians and commuters to the downtown, I-195 Redevelopment District and other areas of the city. Parking is also expected to be included.

Kennedy Plaza, now the exclusive hub in the state for the RIPTA bus services, has 34,000 passengers arriving or leaving daily, and that number is expected to increase, according to planners.

Because jobs have begun to shift away from the traditional office center of downtown toward the Jewelry District, state offices and Rhode Island

16 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

Hospital, transportation planners envision a series of hubs in the future that would relieve significantly the transit presence on Kennedy Plaza.

The city, meanwhile, is planning for a fast-service bus route through RIPTA that would connect the major employment centers of Providence, rather than a street car with dedicated tracks. This more-frequent service, running continuously from the hospital district to the train and transit center, would need a landing site.

At a minimum, the planned center will have bus berths with enough space for 12-16 buses, with fully accessible passenger-loading areas, comfortable passenger-wait areas, and a covered pedestrian connection between the existing train station and the transit facility, according to the RIDOT documents.

Supporters believe the transit hub would encourage more development in the city near the amenity, but also

may help speed economic recovery in Rhode Island, by making public transit more readily accessible.

It all sounds promising to James Kennedy, a Providence-based writer and environmental advocate, who edits a widely read transportation blog called Transport Providence. He remains cautious, however, adding that he hopes the state will de-emphasize construction of new parking near the transit center, in part because its construction expense could detract from other service options truly needed in Providence – such as more frequent bus service.

“A lot of successful transit is based on coordination between land use and the transit itself. To the extent we’re thinking of these as development projects, that makes sense,” he said.

“I’d like to see less parking, and more money put into the frequency of buses that do come.” n

‘This is right out of the smart-growth playbook.’

SCOTT WOLF, Grow Smart Rhode Island executive director

k Y n a o h u T

to the nearly 400 Executives who joined PBN on January 19th at the Providence Public Library to celebrate our 17th Annual Book of Lists Premier Event.

It was a lot of fun, and we all truly enjoyed the great food prepared by Russell Morin Fine Catering and the wine and spirits from The Savory Grape.

Sponsors

KELLY & MANCINI PC AT TO R N E Y S AT L AW

www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 17

18 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

Colleen Gouveia and Jay Placencia, US Trust/Bank of America

Randy Shatz, Frank Shatz & Co.; Chris Ducharme, RIAGC; Melissa Gregoire & Sara Bauerle, Omni Hotels & Resorts; Dave Ducharme, RIAGC and Diana Ducharme, Hinckley Allen (seated) Ann Redpath, Merrill Lynch with Nicole Fontaine & Celina Krupski, BCBSRI (standing) Beth Schaad, Gina Sahagian & Karen Russotti, BCBSRI

Emily Colton with Carolyn Rush, Neighborhood Health Plan of RI

Daniel Cregan & Tom Barry, CB Richard Ellis w/ Neil Amper, Capstone Properties

Linda Foster, PBN; Dawn Arpin, BlumShapiro; Jessica Ketrow, FM Global and Jim Hanrahan, PBN

Mark Scott, Cox Business, Mia Coetzner, Brown University; Jessica Granatiero & Tulay Lawton, The Savory Grape; Nino Granatiero & Lisa Carroll, Bristol Yacht Interiors & Colleen Gouveia, US Trust/Bank of America

Kris & Kristopher Cummings, The Kimberly Group

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Stephen Ucci, Adler Pollock & Sheehan w/ Daniel Charland, NetCenergy

to community

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to jobs

At Bank of America, we’re connecting our resources and people to the things that make life better in communities across the United States. From working with local businesses that create jobs and supporting nonprofits that address critical needs to revitalizing neighborhoods and funding safe and affordable housing. Our mission is simple: to help Rhode Island thrive.

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to compassion

to each other

Bank of America, N.A. Member FDIC. © 2017 Bank of America Corporation. AR83HKB6

www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 19

Dan Holmander, Adler Pollock & Sheehan talks with Michael Karolewski, BlumShapiro

One of the night’s sponsors Gallo l Thomas Insurance

The staff of SK Wealth Management, one of the sponsors for the event

Brendan Kane, Peregrine Group; Lindsay Mitchell; Frank Zaino, Thielsch Engineering & Anthony Autiello, A. Autiello Construction

Michael Hanna and Michael Karolewski, BlumShapiro

George Paskalis, MG Commercial Real Estate; Rodney Jacques, William Stark Architects; David Gomez Red DWG Library, Daniel Gauvin, MG Commercial Real Estate & Daniel DiLeonardo, William Stark Architects

Michael Bent, All Occasion Transportation with Steven Ricciardi, Renaissance Providence

Roger Bergenheim; PBN; Jim Scanlan, CFP; Liz Catucci, Batchelor Frechette McCrory Michael & Co.; Doug Scala, Webster Bank; Michael Gamboli, Partridge Snow & Hahn, Sharon Santos, Panera Bread

Terrence Strong with Sarah Bauerle, Omni Hotels & Resorts

Colin Coleman; Partridge Snow & Hahn with Michael & Sharon Mancuso, Cartridge World and Office Recycling Solutions

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401.272.5600 blumshapiro.com 20 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 21

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50 Holden Street, Providence, RI 02908 401-331-1575 www.skwealth.com 22 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

Neil Steinberg, RI Foundation, Colin Coleman, Partridge Snow and Hahn, Daniel Doucette, BraveShift

Lisa Carroll & Nino Granatiero, Bristol Yacht Interiors with Mark Scott & Suzanne Elsbecker, Cox Business

Angelo Pezzullo, Ann Murphy & Keith Whitt from Delta Dental

Kevin Butera, Creative Office Environments, Bronwyn Dannenfelser, WaterFire Providence & George Paskalis from MG Commercial Real Estate

Brent Barrows, Amica Mutual Insurance w/ Rob Barrows, Gallo | Thomas Insurance

Meggin Smith, Salve Regina University; Alysha Beaudry & Carly Donovan, Longwood Venues

Ashley Somyk, Brandon Dasilva & Alex Iwuc, RI Association of General Contractors

thank you

to our sponsors and we look forward to seeing you at next year’s premier event!

Kristin Macmannis, Colleen Gouveia & Rob Belmont, US Trust/Bank of America

Michelle Coppolino, Sonia Sharma & Tom DiSanto, Gallo | Thomas Insurance

From Blue Cross Blue Shield RI Jay Heimgartner, Beth Schaad & Karen Russotti

Stephen Connaughton, Oppenheimer & Co., Chris Santilli; Roger Williams University; Ross Nelson, Cox Business & Roger Bergenheim, PBN

Randy Scott, Holly Paras, Beth Ulicnik & Bob Zompa from WPRO/WPRV

Cullen McKain, Int. Tennis Hall of Fame (center) w/ Erin Guerra, Tracy Becker, Steve Popko & Carly Donovan, Longwood Venues

www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 23

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FOCUS | COMMERCIAL REAL ESTATE

Beer co-op set to brew two years after fire

BY ELI SHERMAN | Sherman@PBN.com

IT

was mid-March 2015 when Jeremy Duffy woke up at 5 a.m. to a text on his cellphone that showed two images of a burning manufacturing building in Providence.

He was shocked.

For the preceding eight months, the building at 498 Kinsley Ave. in Providence had been the focus of Duffy and partner Devin Kelly. It was where they wanted to set up their co-op brewing company, Isle Brewers Guild LLC. The building was ruined, temporarily dashing Duffy’s hopes for the project. But before too long, his phone started buzzing for a different reason: Community leaders from around the state started reaching out to see if he’d be interested in setting up shop in available commercial space in their communities.

“Several mayors called us while we were deliberating on what we should do,” he said.

Within a week of the fire, Duffy and Kelly were sitting in Pawtucket Mayor Donald R. Grebien’s office, and before too long they started visiting possible locations.

“Right away we could tell [Grebien] was very pro-business and understanding of economic development,” Duffy said.

Pawtucket was already home to three Rhode Island breweries.

Isle Brewers eventually found its new home at the former William H. Haskell Manufacturing Plant on Main Street. In November 2015, the group bought the red-brick, 131,000-squarefoot industrial complex that spans three-quarters of a city block.

The complex reaches back to Pawtucket’s industrial beginnings, according to the R.I. Preservation Society, as it was the nation’s oldest continually operating bold and coldpunched nut producer.

Isle Brewers is turning the space into a brewing campus at a project cost of about $12 million. The compa-

NEW HOME: Isle Brewers Guild LLC co-founders Jeremy Duffy, left, and Devin Kelly will use the former William H. Haskell Manufacturing Plant on Main Street in Pawtucket for their brewing campus operations.

PBN PHOTO/ RUPERT WHITELEY

‘Being able to brew here may not matter to most people, but it matters to me.’

MARK D. HELLENDRUNG, Narragansett Brewing Co. owner 26 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

ny received two small-business loans totaling about $500,000 and a five-year tax treaty from Pawtucket.

The 12,000-square-foot, 100-barrel brew house is actually separate from the 40,000-square-foot packaging area, which is somewhat unorthodox for brewing operations but not unprecedented.

“Devin worked at a [brewery] in Belgium that used to run a city block, so he saw how we could make it work,” Duffy said.

The two buildings will be connected by a run of pipe that will carry beer from the brew house to the packaging area, separated by a little less than 100 yards.

Isle Brewers is a cooperative and doesn’t brew any of its own brands of beer, but rather helps craft breweries that have exceeded space to use its facility. The group has already contracted with Newburyport Brewing Co., a craft brewery in Newburyport, Mass., and Narragansett Brewing Co., which makes the Rhode Island stalwart Narragansett Beer. The two companies hope to start brewing this winter.

Narragansett Brewing last April moved its headquarters from Providence to the new facilities in Pawtucket. The company for years has brewed its signature lager in Rochester, N.Y., where it has large-enough facilities to meet the high level of demand for the stalwart brand. Those operations will continue, but the company will work in Pawtucket to brew its selection of craft beer.

Mark D. Hellendrung, president and owner of Narragansett Brewing, has been looking for a way to move some brewing operations back to the Ocean State ever since he took over the brand about 12 years ago.

Once Isle Brewers is fully operational, Narragansett will be brewed in the Ocean State for the first time since 1983.

“Being able to brew here may not matter to most people, but it matters to me,” Hellendrung said.

Duffy says Isle Brewers is nearing more deals with other breweries but declined to divulge any details. Regardless of how many partner breweries sign on, Duffy added, the company will have about 30,000 square feet in leftover space, which he’d like to see be used by the food and beverage industry.

Isle Brewers has hired a specialty brewing team, charged with replicating and perfecting whatever recipes come from the partner breweries. The staff is also there to assist individual brew masters. Jack Streich, a manufacturing and brewing veteran, was appointed vice president of brewing operations, and will be responsible for overseeing all brewing and packaging operations.

The campus will also have a temporary tap room for about 10 months, and Duffy hopes to open a beer hall during next year’s fourth quarter.

Hellendrung sees the entire project as an opportunity to build out the beer industry in Rhode Island.

“It’s great to be back home,” he said. “It’s something we’ve been talking about for a long time.” n

COMMERCIAL REAL ESTATE | FOCUS Unique retail centers survive in ‘cold, cruel’ world

BY MARY MACDONALD | MacDonald@PBN.com

BRICK-AND-MORTAR RETAIL has more staying power than recent high-profile closures of department stores might indicate.

Online shopping continued to gain strength in 2016, according to retail analysts, but consumers are still flocking to well-designed, well-managed retail centers with interesting or unique features.

In Rhode Island, Garden City Center in Cranston plans to move forward on a fourth phase of development later this spring. In the past year, the center attracted several new tenants to open spaces, including L.L. Bean, which renovated an existing space for its only retail store in the Ocean State, and Fat Face, a British retailer that chose Garden City for one of its few U.S. locations.

The fourth phase of the center will include more restaurant options for

LATEST ADDITIONS: In the past year, Garden City Center in Cranston has attracted several new businesses, including British retailer Fat Face, Barrington Books, and L.L. Bean, which renovated an existing space for its only retail store in R.I. PBN PHOTO/MICHAEL SALERNO

CONTINUES ON PAGE 29

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2017

The law Quarterlies include updated IP Lawyer and RI Lawyer lists.

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Contact Linda Foster at 401.680.4812 or Foster@pbn.com for details 400 Westminster Street, Suite 600, Providence, RI 02903 401-273-2201 www.pbn.com www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 27

FOCUS PROPERTY MANAGEMENT FIRMS (ranked by total square footage) 2017 rank

1

2016: 1

2

2016: 2

3

2016: 3

4

2016: 4

5

2016: 5

6

2016: 6

7

2016: 7

8

2016: 8

9

2016: 9

10 2016: 10

11

2016: 11

12 2016: 12

13 2016: 13

14 2016: 14

15 2016: 15

16 2016: 16

17

2016: 17

Company President

Website

Address Phone

No. of buildings

Square footage Sample clients/properties

Peregrine Property Management LLC peregrinepm.com Brendan C. Kane; Jeffrey P. Spratt, principals

20 Newman Ave. East Providence, R.I. 02916 (401) 270-0600

120

5.50 mil.

American Locomotive Works, Belvedere at Bristol, Rumford Center

Chestnut Hill Realty chr-apartments.com George McHugh, president of property management

300 Independence Drive Chestnut Hill, Mass. 02467 (617) 323-2100

44

4.38 mil.

Bay View Estates, Regency Plaza Apartments, Village Green Apartments

Carpionato Group carpionatogroup.com Alfred Carpionato, owner

1414 Atwood Ave. Johnston, R.I. 02919 (401) 273-6800

26

Olympus Group Management Co. Ed Webb III

151 Broadway Providence, R.I. 02903 (401) 751-9600

ogmcri.com

Armeny Inc. Property Management Armeny Apkarian

P.O. Box 6758 Warwick, R.I. 02887 (401) 884-6900

KGI Properties LLC Richard J. Bornstein

10 Memorial Blvd.

Providence, R.I. 02903 (401) 273-8600

50

3.90 mil.

Alex & Ani, Citizens Bank, Employers Mutual Casualty, Lowe's Home Improvement, Met Life, Stop & Shop

2.70 mil.

Courtyard at Metacom, Cranston Medical Associates, King Estates, Mill at Allendale, Village at Spring Green

2.50 mil.

Bagy Wrinkle Cove, Pine Glen, Polo Club

25

2.14 mil.

BJ's Wholesale Club, CVS Pharmacy, Home Depot, Kohl's, Lowe's Home Improvement, Stop & Shop, Target

475 Kilvert St. Warwick, R.I. 02886 (401) 732-3300

21

1.90 mil.

Residential and commercial properties in Conn., Mass. and R.I.

217 Waterman St. Providence, R.I. 02906 (401) 831-5995

89

1.65 mil.

Residential and commercial management in East Providence, North Providence, Pawtucket and Providence

Bliss Properties blissproperties.net Aram G. Garabedian, president and CEO; Gary B. Garabedian, vice president

245 Waterman St. Providence, R.I. 02906 (401) 272-0804

14

1.60 mil.

10 Weybosset St., Providence; 155 South Main St., Providence; Bellevue Gardens Shopping Center; Warwick Mall

Summit Management Corp. c/o Michael Integlia & integliaco.com Company Michael Integlia Jr.

220 South Main St. Providence, R.I. 02903 (401) 274-3600

19

1.50 mil.

Atrion, Canon Business Solutions, The Cornerstone Group, DiSanto Priest & Co., MassMutual, MetLife, Progressive

Urban Smart Growth urbansmartgrowth.net Lance Robbins, principal

1005 Main St. Pawtucket, R.I. 02860 (401) 722-0752

10

1.45 mil.

Greystone Lofts, Hope Artiste Village

Premier Property Management premierpm.biz Ronald A. Grandchamp, senior property manager and president

26 Valley Road Middletown, R.I. 02842 (401) 845-2128

181

1.43 mil.

Bridgeview Condos, Eastside Commons, Oakland Farm, West Davisville Small Business Center

Capstone Properties capstone-properties.com Paul E. Griesinger, president and co-owner; Chris Greenman, senior VP and co-owner

180 Westminster St. Providence, R.I. 02903 (401) 454-4660

48

1.30 mil.

WND

Universal Properties Nicholas E. Cambio

207 Quaker Lane West Warwick, R.I. 02893 (401) 828-3500

111

1.26 mil.

BJ's Wholesale Club, Fairfield Inn & Suites, Hampton Inn, Home Depot, Super Wal-Mart

CB Richard Ellis - N.E. Partners LP cbre.com/providence Alden M. Anderson, sr. vice president and partner; Andrew Hoar, president and co-managing partner; Kevin Doyle, chief financial officer and co-managing partner

1 Financial Plaza Providence, R.I. 02903 (401) 331-0350

8

1.15 mil.

Albany Road Real Estate, CW Capital Asset Management, First Bank & Trust of Illinois

Churchill & Banks Cos. churchillandbanks.com Richard P. Baccari, president and CEO

10 Greene St. Providence, R.I. 02903 (401) 273-8010

25

785,000

Anytime Fitness, Atwood Medical Center, Benrus, Brown University, Lifespan, Westgate Condominium

Douglas Pike Management Inc. Axel Stepan

900 Douglas Pike Smithfield, R.I. 02917 (401) 232-2020

6

380,000

Alexion Pharmaceuticals, Citizens Bank, Honeywell

Dimeo Properties T. Paul Dimeo

kgiproperties.com

dimeoproperties.com

Bilodeau Property Management Inc. condori.com Harrison Bilodeau, president

rentri.com;

universalri.com

douglaspike.com

28 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

120

CLOSER LOOK

Re-ranked by no. of buildings managed:

1 Premeir Property Management Buildings: 181

2 (tie) Armeny Inc. Buildings: 120

2 (tie) Peregrine Property Management LLC Buildings: 120 LIST RESEARCHED BY Nicole Dotzenrod NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit pbn.com/lists.html for more information.

UPCOMING LISTS R.I. CIOS; High-Tech Funding (Jan. 27); Residential Real Estate (Feb. 2) 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.

COMMERCIAL REAL ESTATE | FOCUS CONTINUED FROM PAGE 27

patrons, and additional retail shops.

It replaces a small office building that has been razed in recent months.

Down the highway, Providence Place invested nearly $20 million in its traditional mall facilities last year, reclaiming for additional parking the empty space vacated in 2015 by former anchor J.C. Penney Co., and revamping the technology and appearance of its parking garage.

Almost immediately after Christmas, Macy’s announced closures of nearly 10 percent of its stores in the U.S. But the Providence Place anchor store, which occupies 200,000 square feet, was not included.

Generally, sales were up at the mall this past Christmas season, based on reports of customer traffic and activity in stores, said Mark Dunbar, its general manager. He did not provide figures.

Another remaking is underway at the once-traditional Rhode Island Mall, which is now operating under new ownership. Its 200,000-squarefoot interior space has been gutted and divided into two distinct levels.

Discount retailer Burlington Coat Factory opened in late September. It is the first new tenant under owner MCB Real Estate LLC. Throughout 2016 and into the new year, the national retail landscape has been challenged by continuing shifts in shopping behavior, away from traditional malls and large all-purpose department stores, and toward online purchases and more recently constructed outdoor “lifestyle centers,” such as Garden City Center.

At retail centers, the social experience of shopping and meeting with friends and other people is being emphasized as much as the retail mix, according to managers.

As a result, retail is starting to look more like mixed-use.

Garden City Center, which grew around a traditional retail center, has grown steadily since 2009, when The Wilder Companies was hired to manage the facilities and growth. It now covers 544,000 square feet of retail, restaurant, services and office space.

The company has modified original buildings and developed in stages, based on demand. In 2016, it opened several new stores, including an Ethan Allen Design Center, which moved from Warwick, and children’s retailer Hanna Andersson. Its restaurants are either unique and owneroperated, or regionally known, said Thomas Wilder, a principal at The Wilder Companies.

“Today’s successful developments

are more about place-making,” he said. “That was the grand opportunity at Garden City. Here, we had this somewhat tired but iconic open-air center that had seen better times. We thought it had great bones, a great base and obviously great regional access. We thought it would be a great opportunity to unite all of those elements today that make for a place.”

The market is not aimed necessarily at high-end consumers. It has shops that appeal to residents with a variety of incomes, Wilder said. And surveys have indicated its shoppers are traveling a good distance to reach it, including beyond Rhode Island into Connecticut and southeastern Massachusetts.

“It’s a pleasant experience. It’s a nonmall experience. It’s open-air,” he said.

Although Providence Place is a mall, developed with nearly 1.2 million square feet of retail space, it also has aspects of mixed-use. Its IMAX movie theater, Providence Place Cinemas 16 and IMAX, is the only one in Rhode Island, as are many of its restaurants, such as The Cheesecake Factory.

The investments made over the past year in improving the parking system are a part of that experience, said Dunbar.

“What differentiates us from online shopping is the experience,” Dunbar said. “Coming here, and touching and seeing and putting on and having dinner, and going to see a movie, that’s what differentiates us. So, the experience of the garage is important.”

In retail, flux and change should be expected. Not counting the J.C. Penney anchor space, Providence Place has had low vacancies among smaller stores in recent years. Prior to the exit of J.C. Penney, the mall occupancy was listed at 97 percent, according to company papers made public in January 2015.

The Limited, for example, recently announced it will shutter all of its stores, in a transition to online-only sales. This affects Providence Place, like all other locations for the retailer.

“The Limited closed everywhere,” Dunbar said. “You lose stores like that, but that gives you another opportunity to find a store or fashion that’s more to your customers’ liking.

In essence, the customer has voted The Limited off the island. That’s what you can count on when you have something like this, is change.

If you don’t stay up with what’s going on, you get left behind and it’s a cold, cruel world in retail.” n

‘Today’s successful developments are more about place-making.’

CBRE/NEW ENGLAND KNOWS RHODE ISLAND. As the industry’s leading provider of advisory and transaction services, investment sales, property management, project management and appraisal services, we have insight and perspective to anticipate what’s next and what it means for Rhode Island and the New England communities we serve.

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THOMAS WILDER, The Wilder Companies principal www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 29

LIST COMMERCIAL & INDUSTRIAL SERVICES COMPANIES (ranked by number of employees) CLOSER LOOK

2017 rank

1

2016:

2

2016:

3

2016:

3

2016:

5

2016:

6

2016:

7

2016:

8

2016:

9

2016:

10 2016:

10 2016:

12 2016:

13 2016:

14 2016:

Company President

Website

Dimeo Properties T. Paul Dimeo

dimeoproperties.com

Ruggieri Brothers Inc. ruggieribros.com William J. Ruggieri, president; David A. Ruggieri, vice president and treasurer

MaidPro Providence maidpro.com/providence Brian OToole, owner; Tom St. Germain, president

Address Phone

No. of employees

475 Kilvert St. Warwick, R.I. 02886 (401) 732-3300

68

110 Comstock Parkway Cranston, R.I. 02921 (401) 463-9100

2 Regency Plaza, Suite 10 Providence, R.I. 02903 (401) 723-4400

Top services

Commercial/industrial maintenance, grounds care and janitorial services

Year founded

1986

60

Commercial flooring contractors

1949

40

Home and office cleaning

2007

40

Tavares Cleaning Services Inc. Carlos M. Tavares, owner

PO Box 73093 Providence, R.I. 02907 (401) 461-4495

30

Janitorial and maintenance services

1990

A&A Window Cleaning aawindowcleaning.com Alfred M. D'Andrea, president

200 Lavan St. Warwick, R.I. 02888 (401) 944-8877

23

Window cleaning and pressure washing

1930

Sheehans Office Interiors Jack Sheehans, owner

524 Park Ave. Portsmouth, R.I. 02871 (401) 683-3150

20

Office furniture, commercial interiors

1979

Office Concepts officeconceptsinc.net Wayne Maguire, president

2250 Pawtucket Ave. East Providence, R.I. 02914 (401) 435-4200

12

Office furniture and related services

1968

TJ Russell Supply tjrussellcompany.com Erik Warner, president

86 Tupelo St. Bristol, R.I. 02809 (401) 253-2882

6

Distributor of maintenance and shipping supplies, paper products, cleaning chemicals, safety supplies and equipment

1971

Office Direct offdir.com Phyllis Cannava, president

380 Jefferson Blvd.

Warwick, R.I. 02886 (401) 732-3040

5

Space planning/design, furniture, flooring, workstations

1989

1093 Elmwood Ave. Providence, R.I. 02907 (401) 722-4599

5

Janitorial and maintenance supply distributor

1991

4

Commercial power washing

2008

15 North Cobble Hill Road Warwick, R.I. 02886 (401) 352-1030

2

Installing energy efficient lighting through National Grid and other utility incentive programs

2014

2130 Mendon Road, Suite 3 Cumberland, R.I. 02864 (401) 248-4489

1

Decks, patios, kitchens, bathrooms, carpentry and painting

2002

Intercity Paper Company Inc. Carlos M. Tavares, owner

intercitypaper.com

J & M Power Washing powerwashjm.com Jim Lape; Michael T. Lape, co-owners

Superior LED Light LLC Trish Audette, owner

superiorledlightsolutions.com

The HandyMan Can LLC handymancanri.com Michael D. Maguire, owner/operator

Smithfield, R.I. (401) 595-0726

30 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

A&A Window Cleaning Year founded: 1930

Ruggieri Brothers Inc. Year founded: 1949

3 Office Concepts Year founded: 1968

20 Dunnell Lane East Pawtucket, R.I. 02860 (888) 326-6748

sheehansoffice.com

1 2

East Coast Lot and Pavement Maintenance Corp. econsite.com Uri Ben-Yashar, owner; Stephen Goulter, general manager

tavarescleaningservices.com

Re-ranked by oldest:

Snow removal, landscaping, sweeping

1993

LIST RESEARCHED BY Nicole Dotzenrod NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit pbn.com/lists.html for more information.

UPCOMING LISTS R.I. CIOS; High-Tech Funding (Jan. 27); Residential Real Estate (Feb. 2) 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.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 31

IT’S PERSONAL French honor URI professor JOËLLE ROLLO-KOSTER, a history professor at the University of Rhode Island and renowned medieval scholar, was recently honored by the French government with the designation of Chevalier (or knight) of the Ordre des Palmes Académiques. The designation, created by Napoleon I in 1808, recognizes extensive research in French history.

How do you foster an interest in history among your students at URI? How do you keep interest for things of the past with students who have a short attention span for what seems irrelevant? You make it

relevant. I discuss ideas and cultural “reactions.” For example, since the Middle Ages, most heroes are young and beautiful because the Middle Ages conditioned us to somewhat see moral virtue associated with physical virtue. So,

virtuous equals young, male and beautiful. On the other hand, old men are wise and old women are witches ... because the Middle Ages did not like women much. They were fountains of sin.

You are an expert in the social and cultural life of the late European Middle Ages. What are some common misconceptions about life during this time?

That people were so much different than us. We are all human. We may be “conditioned” differently because

of our cultural environment, but mostly, for me, at the bottom of it all, we are humans with emotions. So, while historians have argued, for example, that medieval folks did not comprehend or emote about childhood and the death of children, I would argue that this is wrong. We have evidence that people loved their kids and suffered at their death.

Jennifer Young has been named center director of PACE Woonsocket. She has been with PACE since 2013, most recently serving as care partner liaison.

Young holds a bachelor’s degree in sociology and business management from Eastern Connecticut State University.

ARTS Mollie Flanagan has been appointed individual artist program director for the R.I. State Council on the Arts. Flanagan was most recently financial and administrative manager for International Studio & Curatorial Program.

She holds an MFA in arts entrepreneurship and management from Arizona State University and B.A. from Fairfield University.

INSURANCE

FINANCIAL SERVICES Matthew T. Cox has been named vice president, mortgage loan originator at BankNewport. He has more than 15 years of experience in residential mortgage lending as a mortgage broker, and joins BankNewport from Embrace Home Loans. He holds a certification in international business from FORCOMEX in France.

Holly M. Knott has been promoted to vice president and wealth planning officer at Washington Trust Wealth Management. She has been with the company for more than 15 years.

She holds a B.A. from the University of Rhode Island and completed the certified financial planning program at Bryant University.

GOVERNMENT Peter Asen has been selected to serve as director of partnerships and intergovernmental affairs for Providence.

He holds a B.A. from Brown University and M.S. in labor studies from the University of Massachusetts Amherst.

Much of your research is demographic in nature. Why should we study people, in addition to historic events?

Would you label yourself a sociologist?

Absolutely. History is part of the social sciences. We apply sociological and anthropological methods to our medieval sources, usually texts. What differentiates history from sociology is that we are working from data which is long gone, but, with the exception of “dead” data, the methodology is the same. n

RecommendRI.com David Rosenberg knows that the grass isn’t always greener somewhere else. Along with his wife, Nancy, he founded Marketing & Events, Inc. in Newport 25 years ago, to plan and execute meticulously run, elaborate events. One of those events, the New England Regional Turfgrass Conference & Show, has been held at the RI Convention Center for more than 15 years.

In 2016 alone, that conference pumped more than $2.4 million into the Rhode Island economy. That’s a lot of green. To find out how you can promote Rhode Island to your group, visit RecommendRI.com.

Chris Bush has been promoted to vice president of network management at Blue Cross & Blue Shield of Rhode Island. He joined the company in 2010, most recently serving as vice president of underwriting. He previously worked at UnitedHealthcare for 11 years.

Michael Marrone has been appointed vice president of finance at Blue Cross & Blue Shield of Rhode Island.

He recently served as chief financial officer at Health New England. Marrone holds a bachelor’s degree in business management from the University of Maine Farmington and an MBA from the University of Southern Maine School of Business.

TECHNOLOGY GoProvidence.com

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Neena S. Savage has been appointed Rhode Island tax administrator. She is an attorney with more than 25 years of legal experience. She holds a B.S. from Texas A&M University and J.D. from the Washington College of Law at American University.

32 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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IT’S PERSONAL MACKAY’S MORAL | HARVEY MACKAY

Commit to change FOR MANY, the new year is a chance for a new beginning, perhaps best represented by the baby and the old man, symbols of the new and old years since the time of the ancient Greeks.

The fresh-faced cherub connotes so much promise. But so often, a few weeks into the new calendar, the good intentions and hopeful resolutions start to fade. Change is hard and old habits are stubborn. The future starts to look much more like the old man.

Could this year be different?

Yes. But only if you resolve to make the effort.

Consider the case of Gary Boone.

As a young engineer at Texas Instruments in 1972, Boone came up with the idea for a full computer on a chip, later to be called a microprocessor. He patented his invention, and eventually made enough noise to get a meeting with the top computer guru at TI. He explained his idea, only to be met with this response: “Young man, don’t you realize that computers are getting bigger, not smaller?”

Resistance to change like that can destroy companies. Gary Boone’s big dream changed the world.

Or how about the tale of two

Steves: Jobs and Wozniak, that is.

They tried to sell the idea of personal computers to their bosses at Atari and Hewlett-Packard. But their bosses weren’t interested. So, they started Apple Computer.

Whether it’s a new job, a new business or a new whatever, you must be committed to making changes that will bring about your desired outcome. And I will caution, sometimes big changes take a lot more than one year.

But if you don’t want this year to look like last year, the time to start is right now.

Start by taking charge of your life.

It’s not easy, but it is necessary if you want to make this year your best year. Think about what you really want to achieve and why. Then determine how you can make that happen.

Maybe it’s learning some new skills that translate to a new job.

Maybe it’s formulating a business plan so you can finally be your own boss. Maybe it’s working with a mentor to get inspiration or practical advice. Maybe it’s just giving yourself permission to take a risk.

Motivate yourself by identifying

the benefits of change. Money is always a motivator, but there are other factors that are equally important: job satisfaction, personal growth, marketability, pride of ownership and peace of mind.

Focus on one area at a time. Allow enough time to make real, sustainable progress. Change will not happen overnight. But as the pieces start to fit together and you see actual progress, staying motivated will be much easier.

I mentioned working with a mentor, and I cannot overemphasize how important that relationship is. Find industry organizations that match your goals and seek advice. Identify people in your network who can help you connect with their contacts.

Share your dreams with people who will not only support you, but also challenge you and encourage you to keep working toward your heart’s desire.

Big changes often mean big risks.

What if what you thought you wanted doesn’t work out the way you thought it would? What if it works out even better? No risk, no reward. Open yourself up to the possibilities. You

might discover that you weren’t dreaming big enough.

Keep track of your progress. Note every little accomplishment and take stock of how far you’ve come. As the saying goes, a journey of 1,000 miles begins with a single step.

Do one thing every day that will get you closer to your goal. Even if it’s just reading an article or signing up for a class, be persistent. Developing habits like this are central to making changes that stick. It keeps you focused on the prize. It also sets you up to succeed beyond your goals, because you know what is required for the next big thing.

Jan. 1 may have come and gone, but don’t wait another year to get going on your dream. n Mackay’s Moral: You don’t have to uproot the whole tree to turn over a new leaf.

Harvey Mackay is the author of the New York Times best-seller “Swim With the Sharks Without Being Eaten Alive.” He can be reached through his website, www.harveymackay.com.

GUEST COLUMN | DAVID BUSSIUS

Tax code overhaul likely AS A RESULT OF Republicans winning the White House and retaining the House and Senate, the 2016 election created the most promising climate for major tax reductions in years.

Tax reform is a priority for both President Donald Trump and Congress. Therefore, it’s possible a tax code overhaul could be coming in the first 100 days of the administration. Whether this is accomplished through a bipartisan bill or the budget reconciliation process, the result is likely to be a mix of the tax plan Trump supported during his campaign and the House Republicans’ Tax Reform Blueprint.

Though there are some differences between the House Republicans’ plan and Trump’s plan, there are many similarities that indicate the direction comprehensive tax reform could take.

TAX COMPARISON Corporate income tax rate: n Republican: Lower the corporate tax rate to 20 percent. n Trump: Eliminate most de-

ductions and credits except R&D. Manufacturers may expense capital investment but lose interest deduction (election revocable within three years, then permanent).

Pass-through business: n Republicans: Lower the top rate on pass-through businesses to 25 percent. n Trump: Originally said no business income taxed at a rate higher than 15 percent. Now, no proposed changes. Going forward, the 15 percent rate only applies to businesses that are taxed as corporations.

Capital expenses: n Republicans: Move to full expensing of capital investment.

Preserve the last-in, first-out method of accounting. n Trump: Maintain maximum rate of 20 percent for highest bracket.

International income: n Republicans: Shift to a territorial tax system. Enact a deemed repatriation of foreign income at a tax rate of 8.75 percent for cash and cash-equivalent profits and 3.5 percent on other profits. Make the federal income tax border-adjustable, exempting busi-

nesses from paying taxes on exports but denying them a deduction for cost of imported goods. n Trump: A one-time deemed repatriation of corporate cash held overseas at 10 percent tax rate. End the deferral of taxes on corporate income earned abroad.

REPLACING OBAMACARE Republicans in the House favored eliminating several business credits and deductions, including the domestic production activities deduction.

House Republican plans also included eliminating the deductibility of net interest.

Trump has supported repealing the net investment income tax, as well as repealing and replacing the Affordable Care Act. He also supported child care tax changes for both businesses and individuals. An incentive for businesses to create on-site child care would involve a $500,000 tax credit limited to a five-year recapture window. Direct employee subsidies for the child care would be taxed to the employee rather than the business, and the subsidies

would not be eligible for tax credits.

An above-the-line deduction for child care would be created for individuals, covering up to four children and capped at the state average for child care costs. The exclusion would be available to stay-at-home parents and grandparents. Spending rebates would be available through the earned income tax credit.

For health care, Trump supported creating dependent-care savings accounts. The DCSAs would be available for specific individuals, including unborn children. The total amount of contributions to DCSAs would be limited to $2,000 per year.

Any leftover funds for children could be used for education expenses when the child turns 18. The government will provide a 50 percent match on parental contributions with a maximum match of $1,000 a year. n David Bussius is a managing director at CBIZ Tofias. He can be reached at DBussius@cbiztofias.com.

www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 33

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IT’S PERSONAL GUEST COLUMN | SCOTT DORF

Bear market in bonds looks shaky THE NEW YORKER MAGAZINE once ran a cartoon depicting two politicians sitting in an office in the shadow of the Capitol, with a man behind the desk saying, “Those who ignore history are entitled to repeat it.” That sentiment looks especially relevant to traders who specialize in using borrowed money to make big bets on U.S. interest rates.

These players are once again engaging in their annual New Year’s ritual of large-scale wagers that lower bond prices. And who can blame them? In recent years, we have witnessed a predictable pattern: Bond bears believe that this time is different, and that the Federal Reserve won’t be spooked by unpredictable events such as a weak first quarter for the U.S. economy, the shock of a hard exit by the U.K. from the European Union, or a meltdown in China’s markets. Those have all caused the central bank to put off normalizing the suppressed rate structure put in place eight years ago amid the worst financial crisis since the Great Depression.

Things are never really different, though, and the bears are bound to be disappointed again.

It’s hard not to be mesmerized by the gyrations in the bond mar-

ket. The “fast money’’ traders have become emboldened by the stunning 1.25 percentage point, near-doubling of 10-year Treasury yields since the Brexit vote at the end of June. The bearish bias only got more severe after the U.S. election. No one wants to own bonds with yields not far from historic lows and with President Donald Trump promising tax cuts, regulatory reform and big infrastructure spending within 100 days of his inauguration.

Yet it may be smarter to break away from the screens and search out more experienced, patient bond investors for guidance. They know how crazy January often is in markets, as the fast money tries to make a full year’s profit in the first month after being reined in by the always moribund holiday period.

The pension funds, insurers and other “real money’’ investors who

need bonds regardless of the environment are taking advantage of the backup in yields to put money to work, a trend that is helping to stall the selloff and even spark a sneak rally in the rates market. Global bond funds recently took in a huge $8.4 billion of new money. And, there are signs that foreign buyers are starting to return to the market, as evidenced by the more volatile overnight trading sessions.

Overconfident bears may be calling this rebound a “healthy correction,” seeing the opportunity to add to bets that rates are only going higher.

The leveraged, higher-rate believers hold record short positions, particularly in securities due in two to five years, which are more sensitive to Fed rate increases.

Luckily for them, the fundamental rationale for expecting two to three rates hikes from the Fed in 2017

remains intact. Global purchasing manager index reports have surged, U.S. consumer and business confidence measures are at multiyear highs, and wage pressure was evident in the jobs report for December. Yes, the core retail sales released Jan. 13 were tepid, but the extreme tightness of the U.S. labor market is likely to power further wage gains and bolster consumer spending.

January is already proving 2017 will be a roller-coaster ride in markets, rather than a slow, steady climb for rates. Maybe the fast-money traders should look to inspiration from George Santayana: “Those who cannot remember the past are condemned to repeat it.’’ n Scott Dorf is a managing director at Amherst Pierpont Securities.

Distributed by Bloomberg View.

It may be smarter to … search out more experienced, patient bond investors for guidance.

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 35

OPINION EDITORIALS

More than a bus station, new transit hub sign of progress

BOSTON PROPERTIES is planning to build a 38-story residential tower, complete with retail, office and hotel space, at North Station in Boston. Might this kind of project, shown in the above rendering, be built at Providence Station?

COURTESY BOSTON PROPERTIES

When Rhode Island voters approved a $35 million bond in the 2014 election to be used to create a transit hub at the Providence train station, it was a shot in the arm for proponents of more robust public transportation options. The expectation was that the money would be used to develop much-needed transit improvements.

Enter Gov. Gina M. Raimondo, whose administration looks at the creation of the transit hub as an opportunity to do so much more.

Gov. Raimondo and Department of Transportation Director Peter Alviti Jr. believe the transit infrastructure should be used as a catalyst to attract private development, much as it is doing in other cities, based on the request for qualifications that has produced four private developers who want to take on the project.

The concept is simple. Create new commercial and residential options in the middle of downtown right where tens of thousands of commuters and visitors will use trains and buses to navigate the city and state. The idea follows urban smart-growth principles and fits in with the growing investments that are being made in the capital city.

Combined with the express bus line that is being planned to run from the new hub to the hospital complex next to the Jewelry District, it looks like the forward economic momentum the state started to see in 2016 may continue in 2017. n

Picking R.I. smart choice for funding In awarding nearly $250,000 in Innovation Vouchers to five Rhode Island companies on Jan. 23, the state has made a prudent public expenditure.

Some question the appropriateness of government “picking winners.” But using that lens on these investments misses the point.

The Innovation Voucher program represents investments in the intellectual capital of Rhode Island, investment that is often difficult to come by in Little Rhody.

First, by helping these small companies complete their innovative projects by partnering with universities and research centers, the state is making them healthier and more likely to garner outside capital. In addition, the vouchers are investments in the research and development capabilities of the state, also making additional funding more likely.

Fiscal 2016 saw $451,897 go to 11 companies in the Ocean State, and so far in fiscal 2017 $521,302 has been allocated to 11 companies, with another $1 million set aside for further investment. It is not a lot of money, but it is wellspent. n

POLL CENTRAL EXECUTIVE POLL

PBN.COM POLL

Crisis control Does your company have a formal protocol for addressing a public relations crisis?

In the event of a company public relations crisis, who would address company stakeholders?

Yes 36.4%

President/CEO/owner 90.9%

No 63.6%

External spokesperson 9.1%

Should Providence seriously consider declaring bankruptcy this year?

JAN. 15-21, PAGE VIEWS: 1,124

Director of marketing (or equivalent) 0% Other 0%

Does your company have a crisismanagement team in place?

Yes 36.4% No 63.6%

In the event of a company public relations crisis, which medium do you use first?

Press release/email 54.5% Phone calls 27.3% Social media/company website 9.1%

The Providence Business News Executive Poll is a weekly survey of 70 business leaders throughout the state, representing small and large companies in a variety of industries.

Unsure 9.1%

36 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

When was the last time you patronized a business owned by an immigrant?

THIS WEEK’S POLL: • • • • •

Within the last week Within the last month Within the last year I can’t tell which businesses are owned by immigrants Never

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

OPINION OPINION

Expand HealthFacts with dental claims

JOSEPH A. NAGLE GUEST COLUMN

The birth of HealthFacts RI, the state’s all-payer claims database launched last year, is a laudable and transformational milestone.

Now the official source for insurer health-payment information, its primary mission is to drive improved health outcomes for patients, monitor provider metrics, and identify potential health care costsavings opportunities.

To date, it includes 78 percent of our population, roughly 824,000 residents.

Unfortunately, unlike elsewhere in New England, the database does not currently accept – and there are no plans to change this – claims for oral health care services. Without dental data, there is a significant information gap in HealthFacts RI, diminishing the quality of analysis of the connections and opportunities to address health care disparities such as diabetes and heart disease across our populations.

From the inclusion of comprehensive pediatric dental in the ACA Essential Health Benefits, to efforts to improve coordination of care among providers in community health centers, policymakers and health care leaders have begun to recognize the links between oral health and overall health. We urge the state to reconsider this decision and expand the database to include dental claims for one simple reason: Oral health is essential to a person’s overall health and wellbeing.

Several years ago, Delta Dental of Rhode Island partnered with the State University of New York at Buffalo on a clinical study to determine if dental offices would be an effective setting to screen patients for undiagnosed diabetes and pre-diabetes, since periodontal disease can be an indicator. Of 1,000 adult patient-participants, nearly 40 percent were referred to a physician for further evaluation.

This one study strongly suggests there can be concrete health benefits from sharing and integrating oral-health information; imagine, then, the impact of consistent and thorough data that represents the whole body of every Rhode Islander.

Early diagnosis and treatment may also help to reduce costly care for untreated conditions. The Journal of the American Medical Association recently published a study citing diabetes and heart disease as the two most costly health expenses in the United States.

A 2014 study cited in the American Journal of Preventive Medicine looked at insurance claims for those with diabetes and periodontal disease and found that those who maintained periodontal treatment had considerably fewer hospitalizations and doctor visits. The study also found that such treatments contributed to a decrease in annual medical costs of 40 percent, or $2,840 per year in patients with diabetes, in addition to other health savings.

The first report issued with payment-claims data cited the opportunity to prevent costly and unnecessary emergency room visits.

Teeth problems were cited among the top 10 preventable reasons for these visits, with more than 2,500 in 2014.

Most emergency rooms are not staffed with dentists or oral surgeons. If patients have infections and severe pain, physicians are faced with the decision of whether to issue antibiotics and opioids.

Not only does this put off treatment for the actual dental issue, it further exacerbates the challenges health care practitioners face on a daily basis.

Armed with complete and integrated data, state leaders can look for ways to improve access – and the oral health – of all Rhode Islanders, regardless of whether they have dental insurance.

We applaud the state’s Oral Health Commission, which works tirelessly to raise the visibility of the importance of access to quality oral-health care. Preventing oral-health problems is more than a cost issue – it is a quality-of-life and economic-development issue. It is difficult, if not impossible, to study, work or seek employment when one is experiencing severe dental pain. n Joseph A. Nagle is the president and CEO of Delta Dental of Rhode Island.

A right to free ride at union expense?

MICHAEL J. YELNOSKY GUEST COLUMN

Sometime in 2017, a new U.S. Supreme Court justice will take the bench and fill the vacancy created by the death last year of Justice Antonin Scalia. Sometime thereafter, the court will almost certainly reverse nearly 40 years of precedent and rule that the First Amendment prohibits provisions in public-sector collective-bargaining agreements requiring all covered employees to compensate the union for the costs associated with the union’s negotiation and administration of that agreement. That ruling will impact public-sector unions, employees and employers in Rhode Island and Massachusetts, all of whom operate under state laws that currently authorize those provisions.

State law determines whether and to what extent public employees have the right to select a union and insist that their employer bargain with that union. (Federal law governs these issues in the private sector). In both Rhode Island and Massachusetts, public employees have the right to unionize and to bargain collectively with their employers.

Moreover, laws in both states permit provisions in any resulting collective-bargaining agreement that require all employees covered by the agreement to pay their share of the costs incurred by the union

when engaged in activities related to collective bargaining. These “fair-share” provisions prevent employees from accepting the benefits of the union’s work without paying for it.

In 1977 (in Abood v. Detroit Board of Education), the Supreme Court rejected a blanket First Amendment challenge to fairshare provisions in the public sector. The law remained stable for almost 40 years. But in 2014, in a case the court decided on other grounds (Harris v. Quinn), five justices (Roberts, Thomas, Kennedy, Alito and Scalia) made it clear they were eager to overrule Abood. Indeed, the court accepted certiorari in a case that presented the issue the following term. That case, Friedrichs v. California Teachers Association, was argued in January 2016. During that argument, Justice Scalia insisted that the First Amendment rights of public employees were more robust than those of employees in the private sector because in the public sector “what is bargained for is, in all cases, a matter of public interest.

And that changes the … situation in a way that that may require a change of the rule.”

Justice Scalia died before the court issued its opinion in Friedrichs, a 4-4 decision that left the lower court’s ruling following Abood

in place. Given President Donald Trump’s past statements about whom he would likely nominate for the court, that justice would provide the fifth vote to overrule Abood.

Abood’s demise could deliver a serious blow to the financial health and power of organized labor. Private-sector union density is now under 7 percent. (It has been steadily declining from a high of approximately 35 percent in the 1950s). Public-sector union density is in the 35 percent range, but the power of those unions would be reduced if their funding dried up as a result of free riding. This matters because a healthy labor movement can help counter the strong economic and political forces that lead to increased income inequality.

Finally, do not be fooled. Opponents of organized labor, in a stroke of public relations genius, have effectively but inaccurately described the struggle over the right of employees to free ride as a struggle over their “right to work.” What is actually at stake is exceedingly important, but it is not about anyone’s right to work. n Michael J. Yelnosky is dean of the Roger Williams University School of Law.

[Union power] would be reduced if their funding dried up as a result of free riding. www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 37

ONE LAST THING Meghan Hughes Community College of Rhode Island president WITH 15,000 STUDENTS and four campuses in Warwick, Lincoln, Providence and Newport, CCRI is the largest community college in New England.

Meghan Hughes became the college’s fifth president in February 2016.

WE

are in a time of strong national focus on the essential role that community colleges play in higher education. For thousands of Rhode Islanders, their college career begins at the Community College of Rhode Island.

More than 95 percent of CCRI’s 15,000-plus students are from the Ocean State. Our students work here, raise their families here and pay taxes here. You can find our over 66,000 alumni working in medical offices, law offices, classrooms and boardrooms across our state. The rich diversity of our students is a point of pride for CCRI, and we know that Rhode Island’s minority population is growing, meaning our dedication to diversity and equity must be at the center of our thinking and practice in higher education.

We know our students are hardworking, persistent and talented. By recognizing roadblocks to student success and creatively working to solve them, we are decreasing the overall cost of a college education for our students and providing them with better pathways to a degree or certificate.

We are doing this by being responsive and innovative. In my first year as president, we enhanced course scheduling to provide more flexibility, began considering more than just standardized test scores when determining whether students are college-ready, and streamlined developmental education, which so often impedes students’ persistence and adds extra financial burdens.

We are proud of our open-access admissions policy and our diversity, and we are committed to ensuring that college success remains attainable and affordable to all Rhode Islanders. n

Embracing diversity and responsiveness PBN PHOTO/MICHAEL SALERNO

38 | JAN. 27-FEB. 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com

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Febr u The First 100 Days & Beyond

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Panelists

With the new administration in place, PBN’s Health Care Summit will include a panel of experts who will tackle health care reform and the future of the Affordable Care Act as we know it.

KIM KECK

CEO & President Blue Cross Blue Shield RI

o be discussed: Topics t

DR. PETER HOLLMAN

PETER MARINO

University Medicine

Neighborhood Health Plan of RI

DR. KATHLEEN HITTNER

JOAN KWIATKOWSKI

RI Health Insurance Commissioner

PACE & CareLink of Rhode Island

Chief Medical Officer

CEO

CEO

• Will Trump really be able to repeal and replace Obamacare?

If so, how quickly and at what cost?

• What could a new plan look like for providers and insurers?

How will it impact benefit and health care costs?

• What other changes may potentially take place?

• What would a new plan mean for companies?

Will they have to take a more active role than the ACA has allowed?

• What changes may be made to Medicaid and how will that impact the market?

• What can and should companies be doing currently with regard to health care for their employees?

• What can RI do independent of the ACA to improve health care reform and delivery system?

Pres

DR. STEVEN LAMPERT President

Lifespan Physician Group

enting Sponsor

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KRISTIN LEWIS

VP, Govt Affairs Tufts Health Plan

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JIM PURCELL

JAMES RAIOLA

Health Care Consultant

Financial Planner / Broker

CFP

Limited exh ZACHARY SHERMAN

AL CHARBONNEAU

HealthSource RI

Rhode Island Business Group on Health

Executive Director

Executive Director

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www.pbn.com | PROVIDENCE BUSINESS NEWS | JAN. 27-FEB. 2, 2017 | 39

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40 | JAN. 27-FEB.NG_MF_1688 2, 2017 | PROVIDENCE BUSINESS NEWS | www.pbn.com // Stacked Deck // Providence Business News // Full Page Advertorial // Trim Area: 10" x 13.625" // 4C // 300 dpi // PDF/x1-a