State approves $8M for historic renovations across R.I.

WATERFIRE PROVIDENCE's plans to renovate this Valley Street piece of the former U.S. Rubber Co. complex were awarded $2.25 million in historic preservation tax credits Thursday. It was one of seven projects across the state to receive credits through the state Division of Taxation. / COURTESY WATERFIRE PROVIDENCE
WATERFIRE PROVIDENCE's plans to renovate this Valley Street piece of the former U.S. Rubber Co. complex were awarded $2.25 million in historic preservation tax credits Thursday. It was one of seven projects across the state to receive credits through the state Division of Taxation. / COURTESY WATERFIRE PROVIDENCE

PROVIDENCE – The state Division of Taxation has approved nearly $8 million in state historic preservation tax credits to seven projects in several cities, including for works that will create new purposes for old industrial buildings.

The project list includes $500,000 awarded to a $2 million project that would transform the American Brewing Co. building, at 431 Harris Ave., Providence, to a mixed use, including a theater, artists’ work space and apartments. The application was made on behalf of Boston-based Freedom City Properties LLC. (In separate news, it was announced Thursday that the building was added to the National Register of Historic Places.)

Another project that has received authorization for $1.25 million in credits is at 28-32 Kennedy Plaza, a Financial District site occupied by two conjoined buildings under single ownership. One faces Westminster Street, the other, Kennedy Plaza. The $5 million project would renovate the upper floors to a hotel, and divide the street-level space between a bank and restaurant, according to a report. The application for state historic tax credits was signed by Joseph R. Paolino Jr., on behalf of 30 Kennedy Partners Holding Co. LLC.

The most significant credits would go to a renovation of the Woonsocket Rubber Co. factory, at 68 S. Main St., Woonsocket. The multi-building project received approval for $3.25 million in credits, and will be converted into a mix of commercial and residential space by the community development corporation, NeighborWorks Blackstone River Valley.

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Another large project involves $2.25 million in credits approved for WaterFire Providence, a nonprofit that will renovate Building 85 at the U.S. Rubber Co. complex, at 475-485 Valley St. The organization proposes a $9 million renovation of the building into meeting, multifunction and workshop space. The application for historic tax credits was signed by Peter Mello, managing director of WaterFire.

In other approvals, the Division of Taxation has authorized tax credits of up to $412,500 for a renovation of the Siegal Building, at 150 Washington St. The 1920s-era commercial building will be renovated, with the installation of a storefront and windows that more closely resemble its original appearance. It will remain a commercial building. The application on behalf of the $1.65 million project was signed by Paolino, on behalf of Broadway Tobey LLC.

The state also approved $200,000 in credits for renovation of a commercial structure at 26-30 Washington Square, Newport, and $100,000 for the renovation of the David Augustus Leonard House in Bristol.

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