The Sponsor is proposing to construct a 145,000 square foot multi-family building on 2.85 acres of land located on Smith & Canal Street in Providence, RI. The completed project will have 169 units with 170 sub-surface parking lots and will feature a yoga room, gym, and roof-deck with views of the statehouse for the tenants. The project is adjacent to the Providence train station with easy access to the MBTA and Amtrak trains. The project costs are estimated at $54.1 million.
Sponsor has requested $5,833,333 in Rebuild Rhode Island Tax Credits, which will be issued in installments upon completion of the project. The Sponsor attempted to raise private capital to fill the gap – it contacted a significant number capital sources – but was unsuccessful in raising the capital required to complete the project.
The sponsor is joint venture between John M. Corcoran & Company (Corcoran) and Trilogy Development. Corcoran is a 65-year-old, real estate development and operating company located in Braintree, MA. The company manages a portfolio of approximately 8,700 apartment units and 200,000-square-feet of suburban office space. The self-managed portfolio is concentrated in Massachusetts, Rhode Island and New Hampshire. The company also has owned multifamily assets located in New York, Tennessee, Florida and Georgia.
Trilogy Development is a real estate development and investment firm located in Providence, RI. The company was founded in 2012 by Kevin Chase, a former vice president for LNR Property Corporation. At LNR, Kevin was responsible for overseeing the redevelopment of the former South Weymouth Naval Airbase into a $2.5-billion, master-planned, smart-growth community. Trilogy currently has a diverse portfolio of land, office, and retail assets located in Tiverton, Pawtucket, and Warwick.