78 Fountain JV Owner
The Sponsor is proposing to build a 6-story mixed-use development by the intersection of Clemence Street and Fountain Street in downtown Providence. The ground floor will contain 16,813 square feet of commercial space along Fountain, Washington, and Mathewson streets. The top floors will contain 145 market rate residential units. Total project costs are estimated at $48.4 million.
The Sponsor has requested up to a maximum of $6,115,119 in Rebuild Rhode Island Tax Credits, which will be issued over five years.
The Sponsor, 78 Fountain JV Owner LLC, is an entity owned by the Nordblom Development Company and by Cornish Associates. Nordblom Development Company is a real estate company with a 91-year history of investing, managing, and developing properties throughout the New England region and select markets across the country. The company’s portfolio includes office, commercial, and multifamily properties in the New England and North Carolina markets. Cornish Associates is a Providence-based real estate development company that provides planning, design, and development management services as an owner, developer, and consultant on a broad variety of mixed-use real estate ventures in Rhode Island and Cape Cod. Cornish has a significant mixed-use portfolio in the downtown Providence market that consists of apartments, retail, and office holdings.
Economic Impact Analysis