For more than a decade, the former Oldham Elementary School sat vacant in East Providence, Rhode Island. Closed in 2012 due to declining enrollment, budget pressures, and mounting deferred maintenance costs, the 1950s-era building represented both a challenge and an opportunity for the City: how to reinvest in a large, underutilized municipal asset while delivering meaningful economic and community impact.
Building on several years of prior planning efforts, the City recognized that Oldham School could play a new role—not as a school, but as a driver of small business growth, workforce development, and neighborhood revitalization.
The Opportunity: Adaptive Reuse with Purpose
Through earlier initiatives—including a 2021 citywide survey of historic school buildings and the Riverside Square Revitalization Assessment and Recommendations—the City identified significant unmet needs among East Providence’s small business community. In particular, demand was strongest for affordable space and shared resources to support entrepreneurs in food production, arts and maker industries, and emerging workforce and trades sectors.
The City hypothesized that reimagining Oldham School as a multifunctional business incubator and community hub would generate far greater long-term value than traditional reuse options. The goal was not only to activate a vacant building, but to create a flexible, revenue-generating campus that could deliver inclusive economic growth and sustained community benefits.
Partnering with New Venture Advisors
With support from a U.S. Economic Development Administration (EDA) grant, the City engaged New Venture Advisors (NVA) to test this vision and chart a clear path forward.
Because the school had been vacant for more than ten years, NVA began the project with a comprehensive facility evaluation, assessing the building envelope, identifying remediation requirements, and determining whether the structure could support redevelopment. This technical analysis established a realistic baseline for investment and redevelopment feasibility.
From there, NVA led a market analysis and robust community engagement process, working closely with City leadership, local organizations, and small businesses across Rhode Island. This work validated strong demand for a multi-use incubator model and mapped existing competitive resources to ensure the project would complement—not duplicate—the regional ecosystem.
From Concept to Viable Development Strategy
Drawing on these findings, NVA developed a concept model for a multi-functional campus designed to balance mission impact with financial sustainability. The proposed redevelopment transforms the former school into a vibrant hub with:
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- Leasable arts and maker spaces in former classrooms
- A central café, gallery, and community gathering areas
- Coworking, business training, incubation, and commercial kitchen facilities located toward the rear of the building
- Continued use of the gymnasium for the City’s Recreation Department and community programming
Recognizing regional housing needs—and the importance of revenue diversification—NVA also evaluated the integration of 64 mixed-income housing units on the site. This live/work component strengthens the financial model while ensuring the campus remains active year-round.
In the second phase of the engagement, NVA advanced the project toward implementation by:
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- Developing conceptual site plans and visual renderings
- Initiating a developer and operator search
- Preparing a comprehensive business plan detailing operations, governance, and long-term financial viability
Moving Forward: A Transformational Community Asset
The proposed redevelopment of Oldham School represents a transformative opportunity for East Providence: turning a long-vacant municipal building into a lively, mixed-use campus that supports entrepreneurship, workforce training, arts and culture, community amenities, and potentially mixed-income housing.
With feasibility confirmed, community support established, and a clear development framework in place, the City is preparing to issue a formal Request for Proposals (RFP) in early 2026 to secure a development partner.
Through this project, New Venture Advisors helped the City move beyond vision to strategy—aligning public goals, market realities, and financial sustainability to unlock the full potential of a critical community asset.
Photo Courtesy of the City of East Providence
