PROVIDENCE, R.I. (WPRI) – Governor Gina Raimondo, Providence Mayor Jorge Elorza and other RI officials helped complete the pouring of the last of the concrete that will support a new housing development in downtown Providence.
The development, named “The Edge,” is located on Canal Street and will create 202 residential units that will primarily be used for student housing. Officials say the project is not affiliated with one specific college or university.
The 15-story building will contain studio, one bedroom and two bedroom apartments, as well as approximately 10,000 square feet of retail space.
“Rhode Island is on the move, and today’s concrete pouring for The Edge is just the latest evidence that our efforts are making a tangible difference,” Governor Raimondo said. “When this project is done, we’ll have hundreds of new apartments and shops anchoring this part of the city, connecting the East Side to the downtown. That means more construction jobs, permanent jobs, tax revenue and overall more economic activity in our capital city.”
The Rebuild Rhode Island tax credit, put into place by Governor Raimondo, made building the new development possible. The credit is approved for a maximum of $3 million in tax credits and sales and use tax reimbursement of $1 million for eligible construction and build out costs.
Rebuild Rhode Island tax credits are not distributed until the building is awarded a certificate of occupancy. The credits also contain a provision that in certain cases, successful project developers will repay a portion of the credit back to the state.
“The Rebuild Rhode Island tax credit has proven to be successful in unlocking development throughout the state,” said Rhode Island Secretary of Commerce Stefan Pryor. “This project is the latest in a string of new developments happening across Rhode Island, and is one of the reasons why the state has added construction jobs at a higher rate than anywhere else in the country.”
The Edge is located near another Rebuild Rhode Island project, the Commons at Providence Station, which will consist of 169 residential units.
“We are seeing more construction in Providence than we have had in about a decade,” said Mayor Jorge Elorza. “Our city is experiencing a resurgence as we are creating jobs and growing our economy. We welcome The Edge and look forward to even more groundbreakings in the months to come.”
In total, Rhode Island Commerce Corporation projects have helped add more than 1,500 residential units to the state and promote more than $600 million in new development.