Project: The Sponsors, 110 North Main, LLC and 110 North Main Management, LLC, are proposing a ~155,000 SF mixed use project located on adjoining lots in Providence, which are located between North Main Street and Canal Street, and bounded to the south by Elizabeth Street. The project will include a newly constructed 15-story mixed-use building (primarily student housing) at 169 Canal Street (122,775 gross SF), and rehabilitation of existing buildings at 100 North Main Street (21,360 gross SF) and 106-108 North Main Street (11,175 gross SF). The project is anticipated to create 202 residential units and approximately 10,000 square feet of retail space. The unit mix will contain studios, one bedrooms and two bedrooms.
Approved Incentive: The Sponsor has requested up to a maximum of $3,000,000 in Rebuild Rhode Island Tax Credits and sales and use tax reimbursement of $1,000,000 for eligible construction and build out costs.
Sponsor Description: Vision Properties, owner and director of the Sponsors, is a developer of commercial and mixed-use real estate properties in the Mid-Atlantic and New England states. The developer has been successfully developing a broad spectrum of residential and commercial real estate for over 30 years. Its portfolio includes a range of new or adaptive reuse construction. Student housing is a recent focus, capitalizing on experience with colleges and universities to construct or renovate dormitories, academic buildings and recreational facilities.