Rebuild Rhode Island Tax Credit Recipients
30 Kennedy Partners LLC
The Rhode Island Commerce Corporation (the “Corporation”) may provide Streamlined Rebuild Rhode Island tax credits to 30 Kennedy Partners LLC (the “Sponsor”). The credits would be provided in connection with the Sponsor’s increased investment in the Beatrice Hotel, located at 30 Kennedy Plaza in Providence. The project was begun in 2017 with the assistance of $4.5 million in tax increment financing (TIF) provided by the Rhode Island Corporation.
As revised, the project will include:
- A 48-room extended-stay hotel with a rooftop bar
- A restaurant, a fitness center and a multi-function space located in an adjoining building owned by the Sponsor
Since 2017 the sponsor’s estimate of total project cost has increased from approximately $19.4 million to $28.5 million. Factors contributing to this increase include:
- Increased cost and delayed delivery of materials procured from China, as a result of changes in federal regulations
- Costs associated with repositioning the hotel as an extended-stay hotel
- Delays in completing the project (and thus higher carrying costs) due to Covid-19
- Changes in the scope of the project
- Other costs not anticipated in the Sponsor’s 2017 construction budget
The Sponsor is requesting $100,000 gross ($90,000 net) in Streamlined Rebuild Rhode Island tax credits to support completion of the project.
This analysis was prepared by Appleseed, a consulting firm with more than twenty years of experience in economic impact analysis and can be found below.