City, state, Brown agree on tax deal for South Street Landing
PROVIDENCE, BROWN UNIVERSITY and the state have reached a tax stabilization deal that encompasses the proposed South Street Landing project that would transform the empty South Street power station property and environs along the Providence River (encircled in white) into an academic nursing center, administrative offices and student housing, along with other commercial uses.
PROVIDENCE – The city has reached an agreement with the developer of the proposed South Street Landing project on three property tax stabilization deals that would generate $9.9 million in tax revenue over 15 years, Mayor Angel Taveras said Thursday.
The agreements with CV Properties LLC, would include payments from the state and Brown University, tenants in the advanced nursing education center planned for the vacant former power station on Eddy Street.
A news release from City Hall said Brown and the state had agreed to the deals, although neither could be reached Thursday evening to confirm.
As proposed, the former power station will be renovated to include nursing education space for the University of Rhode Island and Rhode Island College, plus administrative space for Brown.
On adjacent land, CV Properties would build a six-story student apartment complex with a restaurant and retail space.
A 650-space parking garage would be built on land leased from utility National Grid next door.
The news release said Brown and the state had agreed to continue paying their share of the agreed-upon taxes even if they purchase the property they occupy.
How much each tenant would pay was not available.
The deals would need to be approved by Providence City Council.