State gives $5.2M in historic credits for three projects

PROVIDENCE – Three commercial structures here and in North Providence that will be converted to apartments will qualify for as much as $5.2 million in historic-preservation tax credits, the state announced June 20.

The landmark Union Trust Co. building in the capital’s downtown, sold in 2015 to the development group that renovated the Providence G complex, will be converted to a residential tower, under a $10 million renovation. On completion, the project will qualify for $2.5 million in state historic-preservation tax credits, the R.I. Division of Taxation said.

The six-story Irons & Russell building, at 95 Chestnut St. in the city’s Jewelry District, will be renovated and converted to a mix of residential units and retail, specifically 57 apartments with a small restaurant at street level. The project, estimated to cost $13.8 million, will qualify for $2.04 million in historic-preservation tax credits on completion. It is being pursued by owner CBWC Holdings I LLC.

Earlier this year the developer had applied for and received up to $1.2 million in Rebuild Rhode Island tax credits for the conversion to market-rate apartments.

- Advertisement -

The Lymansville Company Mill, at 184 Woonasquatucket Ave., North Providence, will be converted into 101 apartments. The $3.8 million project, pursued by building owner Lyman Lofts Developers LLC, will qualify for $757,801 in historic tax credits on completion. •

No posts to display