The Sponsor is proposing the adaptive reuse of the historic Union Trust building in downtown Providence into a mixed-use development containing residential, office, and commercial space. Upon completion, the development will contain approximately 61 market rate residential one-bedroom units that will average 525 rentable square feet (RSF). The second floor will be rehabilitated to contain 4,656 square feet of Class A office space. The Sponsor is exploring the option to add an additional 10,000 square feet of restaurant space to the 12th floor and rooftop. Upon completion, the building will provide more efficient downtown housing options for young professionals. Total project costs are estimated at $15.2 million.
The Sponsor has requested up to a maximum of $3,036,032 in Rebuild Rhode Island Tax Credits, which will be issued over five years.
The Sponsor of the Union Trust redevelopment project is Providence Capital III, LLC, an entity owned by Mr. Vincent Geoffroy. Mr. Geoffrey is the developer of the Providence G, which contains 55 market rate multifamily units, three independent restaurant concepts, ground floor commercial space, and an indoor parking garage.