The Commons at Providence Station Made Possible by Rebuild Rhode Island Program
PROVIDENCE, R.I. – Governor Gina M. Raimondo and Commerce Secretary Stefan Pryor on Wednesday will celebrate the groundbreaking of The Commons at Providence Station, a real estate development including 169 new housing units to be located at Canal and Smith streets in Providence.
«This 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.»
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.»