Cornish Associates LP is proposing a $29.5-million, mixed-use project in downtown Providence. The project includes the redevelopment of three historic buildings into approximately 65 units of housing and over 25,000-square-feet of commercial and retail space. The project is proximate to the I-195 Redevelopment District and is strategically placed as a live/work/play environment to keep and attract the new workforce expected to populate this area. The developer has plans to follow the redevelopment of the historic buildings with a second phase consisting of a ground-up, mixed-use building, tentatively slated to contain approximately 93 residential units, 22,000-square-feet (56 spaces) of structured parking, and 16,000-square-feet of commercial and retail space.
Cornish Associates has requested up to a maximum of $7,320,506 in Rebuild Rhode Island Tax Credit Fund Loan, which will be issued over five years.
Cornish Associates LP is a Providence-based, real estate development company. Founded in 1986, Cornish provides planning, design, and development management services as owner/developer and consultant on a broad variety of mixed-use real estate ventures in Rhode Island and on Cape Cod. The firm is headquartered in the historic Harkness Building at 46 Aborn Street and has over 70 years of collective experience in real estate. For the past two decades, Cornish has focused on the revitalization of downtown Providence by developing a mixed-use, residential projects concentrated along Westminster Street.
Economic Impact Analysis
PBN: “Commerce RI approves $12.7M in incentives for three Prov. projects”
Providence Journal: “Developer: Four little-used buildings in downtown Providence to be renovated”