Commerce RI OKs $7.3M in credits for projects

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 Commerce RI staff.

The third phase of the Hope Artiste village will include 150 loft apartments and supporting facilities.

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The second project will stimulate development on the former Interstate 195 land in the Fox Point neighborhood of Providence.

Royal Oaks Realty LLC plans to develop 24,000 square feet of commercial and retail space, and 47 apartments between two buildings. The site is Parcel 8 in the I-195 Redevelopment District. •

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