Royal Oaks Realty
Royal Oaks Realty, LLC is proposing a $23.2 million mixed-use development in Providence. The project, which includes over 24,000 square feet of commercial and retail space between two buildings and approximately 47 residential units, is located in the Fox Point neighborhood and within the Interstate 195 Redevelopment District. Highly visible from Interstate 195, the project is positioned at an important gateway for Providence and will help reconnect the Fox Point neighborhood with the waterfront area and downtown. The ground floor retail will enhance the pedestrian experience and enliven the street, and the project will add much needed new residential units to Providence’s housing stock.
The Sponsor has requested up to a maximum of $2,517,174 in Rebuild Rhode Island Tax Credits, which will be issued over 5 years.
Royal Oaks Realty, LLC is led by Richard Baccari II. Mr. Baccari is also president of Churchill & Banks, a vertically integrated real estate development, property management, and construction firm that has been involved with commercial developments in Florida, Massachusetts, North Carolina, New Hampshire, and Rhode Island. Mr. Baccari has worked on numerous projects in Providence and the surrounding communities, including Kettle Point in East Providence, a mixed-use redevelopment of a former oil tank terminal that had been contaminated and abandoned; Coro Center, the redevelopment of a contaminated jewelry factory in Providence into Lifespan’s corporate headquarters and parking garage; Gammell House Condominiums on the East Side of Providence; and the redevelopment of Worcester Mill in North Providence.
Economic Impact Analysis