PAWTUCKET, R.I. (AP) — The Pawtucket Red Sox are launching a new real estate development group as they plan for a new stadium in the city.

The Providence Journal ( ) reports Prospect Development Group will invest in development projects around the new ballpark the baseball team is planning to build. The group is working with another East Providence development firm, which is trying to develop a property close to one of the potential stadium sites.

Management for the team is negotiating with city and state leaders on a "public-private" partnership to fund construction of the new stadium.

Dan Rea, executive vice president and general manager for the PawSox, will serve as the executive director of the new development group.

Rea says a new public-private partnership "works best if it benefits the area."