Redeveloper of historic Jewelry District building proposes new apartments next door

THE REDEVELOPERS OF THE IRONS & RUSSELL Building in the Jewelry District in Providence have proposed building a 116,450-square-foot mixed-use building adjacent to their property in the I-195 Redevelopment District. / COURTESY I-195 REDEVELOPMENT DISTRICT COMMISSION
THE REDEVELOPERS OF THE IRONS & RUSSELL Building in the Jewelry District in Providence have proposed building a 116,450-square-foot mixed-use building adjacent to their property in the I-195 Redevelopment District. / COURTESY I-195 REDEVELOPMENT DISTRICT COMMISSION

PROVIDENCE — The development team that is renovating a historic Jewelry District manufacturing building wants to pair it with new construction on an adjoining, vacant parcel in the I-195 Redevelopment District.
The project, called Chestnut Commons, would involve new construction of a 116,450-square-foot building, with an elevated skyway attaching the new building to the renovated Irons & Russell Building.
The $17 million project, envisioned for the slender, L-shaped Parcel 30, was introduced publicly on Monday by Waldorf Capital Management LLC. Its principals said they hoped to capitalize on the “white hot” rental market of Providence and create a series of compact, modern apartments geared to people who want to live downtown.
The location, at Chestnut and Friendship streets, is on a site that is just six-tenths of an acre. The residential units would be coupled with a few retail spaces at ground level.
Waldorf Capital CEO Zachary Darrow and President Brian A. Poitras made the presentation to the I-195 Redevelopment District Commission.
The design for the five-story structure, set on a one-story platform, was prepared by Providence-based architects Northeast Collaborative Architects, with consultation by The Architectural Team, of Boston.
The new building will complement the apartments planned for its renovation of the adjoining site, which Waldorf Capital Management purchased last year, according to Poitras.
The company had been interested in Parcel 30 for some time, he said, given its proximity to their building at 95 Chestnut St. “We weren’t sure how someone else would use it,” he said.
The 89 modern apartments would be comprised of 1- and 2-bedroom units, and top out at 750 square feet, according to Darrow. Top-floor units would feature private rooftop terraces. All would have a modern aesthetic, and the features of the professionally managed building would be geared to tenants who want to “make the city your extended living room.”
Financing is already available to the partners, Darrow said, and the project timeline could conceivably include construction beginning in the spring.
Although the Providence downtown now has more than 1,000 apartment units under development or construction, Darrow said he had confidence the new units would be absorbed by renters.
“It’s a white-hot rental market right now,” he said.

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  1. That is a perfect location. I would live there. A quick walk to downtown, short drive to the highway, and right next to a brand new JWU building and the renovated historic Russel Building.