Waldorf Capital Management LLC (the “Sponsor”) is proposing a $32.9 million, mixed-use development on former I-195 land in Providence. The over 110,000 SF project features approximately 5,000 SF of ground floor retail and five floors of residential apartments. The project is located in the Jewelry District and is adjacent to 95 Chestnut Street, a mixed-use historic adaptive reuse project also developed by the Sponsor, and the newly expanded Johnson & Wales campus. The project will help to integrate the historic buildings of the Jewelry District, the Johnson & Wales campus expansion, and the I-195 Redevelopment District. By reactivating a vacant lot in the I-195 District, the parcel will encourage additional development in the area and provide residential support to commercial growth in the District.
The Sponsor has requested up to a maximum of $3,475,356 in Rebuild Rhode Island Tax Credits, which will be issued over 5 years.
Waldorf Capital Management manages and invests in real estate assets across Rhode Island and Massachusetts. Over the firm’s seven-year history, Waldorf has acquired, managed, and sold $50 million of multifamily, office, and retail assets. Separately, the company owns and operates the landmark Turk’s Head Building in Providence’s Financial District.
Economic Impact Analysis