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In the search for buildable land in R.I., a housing developer sees potential — and 900 units — in Coventry

A master plan proposal filed with the town calls for 362 townhouses and 350 apartments on approximately 82 acres — the first half of what the firm anticipates could be a two-phase endeavor.The development firm is also proposing to designate 15 percent of all units for low- and moderate-income residents, Kelley Morris Salvatore, an attorney representing Starr Capital, told the town’s Planning Commission at a recent meeting.

The second part of the project would span another 188 units on other parcels, though those plans have not yet been formally submitted, according to Timothy Eden, Starr Capital’s managing director..

While the project is still in its early stages of review by town officials, the development stands to be a significant influx of housing at a time when low market inventory and little production of new housing has fueled the state’s persistent shortage of residential units.

The project also arrives as Coventry, the state’s largest town geographically, with a population of roughly 35,000, has received more interest from developers looking for affordable but developable land, according to Doug McLean, Coventry’s director of planning and development, who said proposals for a handful of other sites are also now under review.

“Coventry is starting to look like it has plenty of it, where the other communities are starting to get built out,” McLean told the Globe.

Indeed, Eden said the site was particularly attractive to Starr Capital not only because of its proximity to the highway — with quick connections to major job hubs like Providence and travel centers such as T.F. Green airport in Warwick and Quonset State Airport in North Kingstown — but also because of its sheer size.

“You look at Rhode Island in general, it’s not too easy to find, you know, 20, 30, 40, acres for residential subdivisions,” Eden said.

And for developers who can find those pockets of land, there’s a lot to like about the Ocean State, according to Eden. In fact, Starr Capital opened its first Rhode Island office in Portsmouth last year, he said.

“Rhode Island is a good market. It’s been overlooked. It’s been, I guess, you know, second tier compared to the Boston metro area,” Eden said. “But you look at the transportation corridor, you look at demand drivers — education, health care, defense — it’s very stable. The demographic trends are in your favor, and people need new product.”

Starr Capital LLC hopes to build 362 townhouses and a 350-unit apartment building on approximately 80 acres in Coventry, R.I. Part of the property can be seen on the right, here, off of Arnold Road. Starr Capital LLC hopes to build 362 townhouses and a 350-unit apartment building on approximately 80 acres in Coventry, R.I. Part of the property can be seen on the right, here, off of Arnold Road. Christopher Gavin/Globe Staff

In Coventry, materials submitted by Starr Capital to the town say the project could eventually be home to about 1,368 people and may provide a net tax revenue of just over $3.1 million.

Eden said while developers are still working out financing, he estimates the project to cost about $250 million to build and take approximately five years to complete.

There also remain challenges ahead with readying the site for development, as the property, which formerly housed sand and gravel operations, will require a “major effort … to obtain the necessary permits” to address issues involving wetlands and contaminated soil, Morris Salvatore wrote in a June 11 letter addressed to town officials.

Eden referenced the property conditions when asked when Starr Capital may move forward with phase two of the project, noting the sites have been “neglected and overgrown” over the years.

“That’s going to take a little time,” Eden said. “And we’re going to give it the time we need.”

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Christopher Gavin can be reached at [email protected].

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