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4/4/2002



Rail News: Rail Industry Trends

New England regional, Chevron reach waterfront property-development deal


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Providence and Worcester Railroad Co. (PWRR) recently entered into a memorandum of understanding with ChevronTexaco Corp. affiliate Chevron to jointly develop waterfront property in East Providence, R.I.
PWRR owns a 45-acre site known as South Quay, which the regional created by filling a 33-acre parcel of tide-flowed Providence River land between 1979 and 1998, and acquiring an adjacent 12-acre plot. Chevron owns 30 acres immediately south of South Quay.
PWRR and Chevron officials believe the 75-acre site — just across the harbor from Providence and a short drive from other major New England cities — will attract development opportunities.
The 545-mile regional and city of East Providence continue to improve access to South Quay, which should enhance the site's development potential, said PWRR President Orville Harrold in a statement prepared April 3.


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