REDEFINING REO- PROVIDENCE STEEL YARD

Westcott Properties is proud to announce our "ReDefining-REO" initiative. Westcott Properties along with our business partners is pledging to donate a portion from each of our REO transactions towards organizations that are good examples of REO as we have defined it. One of the organizations we have chosen is the Providence Steel Yard.

Revitalization

The Steel Yard began with the purchase of the former Providence Steel and Iron complex in 2001 a deal which was brokered by Westcott Properties. This property was no longer in use and lay vacant. This unique re-adaptive use of space has brought new life to an otherwise abandoned parcel of land. The revitalization has not only been on this property but has changed the landscape of the entire area.

Empowerment

Part of the mission of the Steel Yard is to act as a catalyst in the creative revitalization of the industrial valley district of Providence. In fostering the industrial arts and incubating small businesses, the Steel Yard organization seeks to cultivate an enviornment of experimentation and a community strengthened by creative networks. One of the most exciting programs which we hope will benefit is "Camp Metalhead". Camp Metalhead began out of the Steel Yard's desire to offer underserved high school youth a summer opportunity where they can learn a marketable skill and trade such as metalworking. These programs empower youth and give them the ability to succeed.

Ownership

Not only has the Steel Yard created microeconomic benefits to neighborhood youth, artists, and businesses through its design it has alleviated environmental issues of waste runoff into the nearby Providence River in a sustainable way through the building design. Solving the environmental in this manner rather than moving the waste to another area shows a real spirit of stewardship and ownership of our not only our surroundings but the even larger world community.

Before

After

The Providence Steel Yard is one of the best examples of REO as we have defined it. Overall the Steel Yard has been a great success for the City of Providence and is a shining example of how REO can lead directly to Revitalization,Empowerment and Ownership. For more information on the Steel Yard you can go to their website www.thesteelyard.org