The Sponsor is proposing to build a newly constructed mixed-use development at the site of the former Louttit Laundry complex at Hoyle Square in the West End neighborhood of Providence. The site will consist of two buildings that will contain 39 multifamily residential units, 8,000 square feet of ground floor commercial space along Cranston Street, and 26 garage and 34 surface parking spaces. The multifamily units will consist of low income and workforce housing that are deed-restricted for 30 years. The commercial space is expected to be operated as a retail grocery store that will address the lack of fresh food alternatives in the immediate area. This proposal also represents the remediation of a longstanding brownfield site, which has been vacant for 20 years. The total project costs associated with the development are estimated at $10.1 million.
Sponsor has requested up to a maximum of $2,733,000 in Rebuild Rhode Island Tax Credits, which will be issued over five years. Additionally, the Sponsor is requesting sales and use tax abatement for eligible construction and build out costs, which is estimated at $271,239.
93 Cranston LLC is a single purpose Rhode Island LLC, that is owned, controlled, and managed by the principals of the Bourne Avenue Capital Partners, D+P Real Estate Advisors LLC, and Truth Box Inc. Together, the Sponsor principals have developed over 600 units of residential units and over 200,000 square feet of commercial space. They have active projects in Rhode Island, Connecticut, and Massachusetts and have successfully completed developments in multiple asset classes including residential, hospitality, mixed-use, office, medical office, and industrial.
Economic Impact Analysis