Commerce RI OKs $7.3M in credits for $62.1M in projects

THE R.I. COMMERCE CORP. approved tax incentives for two projects Monday, including for this $23.2 million rehabilitation and new construction on former Interstate 195 land in the Fox Point neighborhood of Providence.  / COURTESY KITE ARCHITECTS
THE R.I. COMMERCE CORP. approved tax incentives for two projects Monday, including for this $23.2 million rehabilitation and new construction on former Interstate 195 land in the Fox Point neighborhood of Providence. / COURTESY KITE ARCHITECTS

PROVIDENCE — The R.I. Commerce Corp. board authorized $6.1 million in real estate-related tax credits, as well as $1.2 million in sales tax incentives, to encourage development of two new mixed-use projects.
The third phase of Hope Artiste Village in Pawtucket, presented by Urban Smart Growth LLC, will be eligible for $3.6 million in Rebuild Rhode Island tax credits, as well as up to $790,000 in sales tax rebates for purchases under the action approved by the board.
It plans a $38.9 million project that will complete the redevelopment of a nearly 140,000-square-foot building in the Hope Webbing Co. mill complex, according to information prepared by Commerce RI staff.
The third phase of the Hope Artiste village will include 150 loft apartments and supporting facilities.
The second project will stimulate development on the former Interstate 195 land in the Fox Point neighborhood of Providence.
Royal Oaks Realty LLC is eligible for up to $2.5 million in Rebuild Rhode Island tax credits and up to $400,000 in sales tax rebates, according to the presentation.
It plans to develop 24,000 square feet of commercial and retail space, and 47 apartments between two buildings, including new construction and redevelopment of an historic building. The site is Parcel 8 in the I-195 Redevelopment District.
Richard Baccari II, president and CEO of Royal Oaks Realty, attended the meeting and said he hoped to begin construction at the beginning of the 2017 construction season. The project total is $23.2 million.
In other business, the Commerce RI board authorized an $85,000 grant to Farm Fresh Rhode Island for a feasibility assessment of its proposal to build an agriculture-related processing and distribution facility at 498 Kingsley Ave. in the Valley neighborhood of Providence.
The nonprofit hopes to construct a 50,000-square-foot building on 3.3 acres, of which Farm Fresh would occupy about 35,000 square feet, and the remainder would be leased to complementary food businesses.
The area benefits from having the infrastructure that once lined the area for the 19th century manufacturing base, according to Lucie Searle, who oversees its food and agriculture campus initiative.
If everything goes well, she said, the organization hopes to begin construction in another year.
The Commerce RI board authorized the funds for the feasibility study through its Industry Cluster Grant Program.

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