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P & W Makes Agreement with Chevron

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  • P & W Makes Agreement with Chevron

    Providence and Worcester Railroad Company confirmed today that it has entered into a memorandum of understanding with an affiliate of ChevronTexaco Corp. (Chevron) with respect to joint development by the two companies of property located on the waterfront in East Providence, Rhode Island.

    P&W owns a 45-acre site known as the South Quay, which consists of a 33-acre parcel created over a period of years between 1979 and 1998 by P&W's filling of tide flowed land on the Providence River, and an adjacent 12-acre parcel. P&W's fee simple absolute title to the 33-acre parcel was confirmed by the Rhode Island Supreme Court in 1999, and its fee simple absolute title to the 12-acre parcel was confirmed by the Rhode Island Superior Court in 2000. Chevron owns the 30-acre parcel immediately to the south of the South Quay.

    "75 acres situated on the waterfront just across the harbor from Providence, and a short drive from other major New England cities, offers a unique opportunity for development," said Orville R. Harrold, P&W's president. "We are pleased to be exploring the possibilities with both Chevron and the City of East Providence. In addition, P&W and the City of East Providence have been working to improve access to the South Quay, which should enhance the development potential of this site."

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