State gives $5.2M in historic credits for projects in Prov., N. Prov.

THE IRONS & RUSSELL at 95 Chestnut St. in Providence's Jewelry District is one of three projects to have historic preservation tax credits approved, the state announced Monday. / PBN FILE PHOTO/MARY MACDONALD
THE IRONS & RUSSELL at 95 Chestnut St. in Providence's Jewelry District is one of three projects to have historic preservation tax credits approved, the state announced Monday. / PBN FILE PHOTO/MARY MACDONALD

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

The landmark Union Trust Co. building in downtown Providence, sold in 2015 to the development group that renovated the Providence G complex, will be converted to a residential tower, under a phased and multiyear, $10 million renovation.

The existing restaurant tenant, The Dorrance, would remain.

The 12-story building, built in 1901 and 1902, is on the National Register of Historic Places. At the time of its completion, it was among the tallest buildings in New England.

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On completion, the project will qualify for $2.5 million in state historic preservation tax credits, the R.I. Division of Taxation said. The application was signed by Vincent J. Geoffroy.

The Irons & Russell building, at 95 Chestnut St. in the Jewelry District of Providence, will be renovated and converted to a mix of residential units and retail, specifically 57 apartments with a small restaurant at street level. The six-story building, completed in 1904, is a former manufacturing building.

The project, estimated to cost $13.8 million, will qualify for $2.04 million in state 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.

The application for state tax credits was signed by agent Brian Poitras. CBWC Holdings purchased the building from Hecht Chestnut LLC, which had applied for and received approvals for $750,000 in historic preservation tax credits in early 2015, but the new owners revised the plans.

The Lymansville Company Mill, at 184 Woonasquatucket Ave., North Providence, will be converted into 101 apartments, through a project that includes renovation of the main buildings, and demolition of smaller, ancillary structures. The mill complex dates to the 1880s.

The $3.8 million conversion project, pursued by building owner Lyman Lofts Developers LLC, will qualify for $757,801 in state historic tax credits on completion. The application was signed by agent John C. Santoro.

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