Kinsley, Arnold buildings among latest historic tax credit recipients
PBN FILE PHOTO/TRACY JENKINS
THE PROJECT HEADED by developer 100 Washington Street LLC to restore the vacant George C. Arnold Building has received $150,000 in historic preservation tax credits. The project was one of five that signed contracts under the tax credit program in the last week, according to the R.I. Division of Taxation.
PROVIDENCE – In the last week, the R.I. Division of Taxation announced the five latest projects to sign contracts under the state’s revived historic preservation tax credit program.
Cornish Associates’ project to redevelop the Kinsley Building offices on Westminster Street into apartments received the largest credit amount of the five projects, totaling $2.5 million. The proposed rehabilitation will “restore the storefronts to a historically documented appearance,” including the restoration of the original marquee as constructed in 1912 or the addition of a new marquee of similar design.
Preliminary plans for the interior call for 44 apartments in the upper floors with shops and or restaurants at ground level. Cornish Associates acquired the building for $1.2 million at the end of August, and company Principal Steve Durkee told Providence Business news the total project cost was estimated at about $10 million.
The 100 Washington Street LLC proposal includes turning the four retail spaces on the ground floor into two more spacious retail spaces, and converting the four residential units on the upper two floors into three units – two one-story units on one side of the central staircase, and one two-story unit on the other side. The storefront exterior will be repaired where possible, or replaced to mirror the original construction.
The other three projects recently approved for historic tax credits were Snowmen LLC’s redevelopment of the Columbia Building on Snow Street into night clubs and apartments, which received $250,000 in tax credits; Community Works Rhode Island’s restoration of the Kenrick-Prentice-Tirrochi House on Broadway, which received $197,050 in tax credits; and Andolfo Appraisal Associates Inc.’s remodeling of the Bush Company Building on Weybosset Street, which received $62,500 in tax credits.
To view the complete list of projects that have been approved under the state’s historic preservation tax credit program, visit www.tax.ri.gov.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.