AGP Executive Report
Last update: 11 hours agoLeadership Shift: Helena Foulkes, a former CVS executive, won the governor’s race and says she’ll seek an outsider to lead the state transportation department, with bridge transparency a priority. Providence voters elected 28-year-old David Morales mayor; housing affordability is a central issue for his incoming administration. CVS Restructuring: Woonsocket-based CVS plans to split into two companies, reversing its strategy of combining its drugstore, insurer and pharmacy-benefit businesses. The separation is expected by early 2028; no store closures were announced. Public Investment: Voters approved $445 million in state borrowing, including $120 million for housing and homeownership, but rejected $150 million for economic development and cultural projects—the first time Rhode Island voters have rejected state bond proposals since 2006. Downtown Real Estate: Providence’s Graduate hotel, formerly the Biltmore, is scheduled for auction in January 2027. Its mortgage balance was about $36.3 million as of September, while the property is assessed at $28 million.
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