Commerce RI set to review credit applications for $90M in projects

A PROPOSED REDEVELOPMENT OF AN HISTORIC BUILDING and construction of a new one on Parcel 8 of the I-195 Redevelopment District by Royal Oaks Realty is one of three projects that will be reviewed by the R.I. Commerce Corp. Investment Committee Thursday for Rebuild Rhode Island tax credits.  / COURTESY KITE ARCHITECTS
A PROPOSED REDEVELOPMENT OF AN HISTORIC BUILDING and construction of a new one on Parcel 8 of the I-195 Redevelopment District by Royal Oaks Realty is one of three projects that will be reviewed by the R.I. Commerce Corp. Investment Committee Thursday for Rebuild Rhode Island tax credits. / COURTESY KITE ARCHITECTS

(Updated, 9:22 p.m.)
PROVIDENCE – A key advisory committee of the R.I. Commerce Corp. is expected to review requests for state tax credit incentives for more than $90 million worth of projects, including the renovation of three historic buildings on Westminster Street. The Lapham Building, as well as smaller buildings at 270 and 276 Westminster, would be renovated for commercial and residential uses under a redevelopment proposal submitted by Conrnish Associates LP.

The Investment Committee is scheduled to consider financing for three major projects, all seeking incentives through the Rebuild Rhode Island Tax Credit program, according to its agenda.

The Rebuild Rhode Island program, created under Gov. Gina M. Raimondo, is directed at real estate projects that face financing gaps that would otherwise prevent development from moving forward. While it has been used for renovation of historic buildings, it can also be used for ground-up construction, according to the state. Up to 30 percent of a total project cost can be covered.

According to the agenda:

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  • Urban Smart Growth LLC is requesting incentives for a residential development featuring 149 apartment units at 200 Esten Ave. in Pawtucket. The total project cost is estimated by the developer at $38.9 million.
  • Cornish Associates is requesting incentives for a mixed-use development including 65 apartments and 25,990 square feet of commercial space at Westminster and Union streets. The total cost of the project is estimated at $28.6 million.
  • Royal Oaks Realty LLC, which has proposed new construction on Parcel 8 of the I-195 Redevelopment District in the Fox Point neighborhood, is seeking state tax credits to renovate a mixed-use project at 45 Pike St., a historical building that is to be a companion to the new building. The total development cost for that project is estimated at $23.2 million.

The Investment Committee, which recommends allocation of credits to the full Commerce RI board, is expected to review the applications at 3 p.m. Thursday.

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