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Raimondo Celebrates Groundbreaking of New Real Estate Development in Providence The Commons at Providence Station Made Possible by Rebuild Rhode Island Program
PROVIDENCE, RI – Governor Gina M. Raimondo today joined state and city officials
at a groundbreaking ceremony for the Commons at Providence Station, which is expected
to create 225 direct jobs and 125 indirect jobs in construction as well as 169 new
housing units in the state’s capital. John M. Corcoran and Company and Trilogy
Development will construct the Commons at Providence Station, a 145,000-square-foot multifamily
building on 2.85 acres of land located on Smith and Canal Street in Providence.
The project, slated for completion in summer 2018, was made possible with assistance
from the Rebuild Rhode Island tax credit program, which is part of the Governor’s
robust economic development toolbox making it easier to do business across the state.
«Today’s groundbreaking is representative of the kind of economic development that’s
energizing our state,» said Raimondo. «The Rebuild Rhode Island program is spurring
investment and construction, which will lead to more jobs and more places to live
as more people come to Rhode Island to live and work. The tax credits are part of
our ambitious economic toolbox, which has already catalyzed an investment from the
private sector that’s 10 times the amount provided by the state.»
«After careful planning, it is good to see this project breaking ground. I commend
Governor Raimondo, Mayor Elorza, and all the community partners who helped make
it a reality. This transit oriented development should add even more vitality to
the neighborhood,» said U.S. Senator Jack Reed. Due to the project’s proximity
to the Northeast Corridor, Reed worked at the federal level to ensure open
between the developers and Amtrak so that the project could move forward in accordance
with appropriate guidelines.
«My focus as mayor has been a creating stronger and more vibrant neighborhoods
the capital city by focusing on meaningful investments,» said Mayor Elorza. «The
groundbreaking of this project is welcomed as it signals employment and housing
opportunities for local families. We are thankful for Governor Raimondo’s leadership
and partnership for helping to make this project possible.»
In just the first year of implementation of the new Commerce programs, Rhode Island
has brought in over a million square feet of new development and hundreds of new
jobs. Rhode Island has so far invested about $40 million into the Rebuild Rhode
Island tax credits to support projects worth approximately $400 million. That’s
a nearly 10-1 leverage ratio, over a thousand construction jobs, and the beginning
of building a vision for Rhode Island’s future.
This Commons at Providence Station project would not have been able to move forward
without the Rebuild Rhode Island Tax Credits awarded by the Commerce Corporation.
As the developer noted earlier this year, «It’s because of the Rebuild RI Program
that this has been made possible.»
An economic tool activated when a real estate project cannot raise sufficient funding
or is at risk of locating in another state, the Rebuild Rhode Island tax credit
program can fill a financing gap with redeemable tax credits that cover up to 20
percent-and in some cases 30 percent-of project costs. Approved projects can also
be exempted from sales tax on construction materials, furnishings and equipment.
Qualifying projects include commercial office, industrial, residential, mixed-use
development, ground-up construction and historic rehab; a minimum project cost of
$5 million and certain project-size minimums may apply.
«The Providence Commons project is the latest in an extensive list of benefits for
Rhode Islanders created as a result of the economic incentives we have rolled out
over the past 12 months,» said Commerce Secretary Stefan Pryor. «We are extremely
pleased that John M. Corcoran and Company and Trilogy Development are creating a
community that will spark investment activity and produce infrastructure and housing
necessary for the state’s modern growing workforce. As more businesses set up or
expand their operations in Rhode Island, we will need more great housing options
to support their talent.»
«Providence station and its surroundings have long been a hub of activity, bringing
in residents, workers and commuters from all across the region,» said Kevin Chase,
president of Trilogy Development LLC. «This project will inject new life into the
neighborhood and produce housing to support Providence’s growing workforce and wider
economic community. We’re thrilled to be on board as partners with Trilogy Development
and the state.»
«Rhode Island is on the move and the Rebuild RI program, a key part of our targeted
investment strategy, is having a direct impact on our state’s economy,» said Darin
Early, President of the Rhode Island Commerce Corporation. «The 15 projects approved
thus far will create one million square feet in new real estate development, creating
jobs and new economic activity across our state»
The completed project will have 169 units with 170 subsurface parking spaces and
will feature a yoga room, gym and roof deck with views of the statehouse. The
project is adjacent to the Providence train station with easy access to the MBTA
and Amtrak trains and will cost an estimated at $54.1 million.
Corcoran is a 50-year-old real estate company located in Braintree, Massachusetts,
that currently manages 10,000 multifamily apartment homes across Massachusetts,
New Hampshire and Rhode Island. Trilogy Development is a Providence-based real estate
development, advisory and investment firm located in Providence.