The Sponsor Sprague Street Owner, LLC is proposing an approximately $7.2 million, 25-unit mixed-use project as the second and final phase of the historic rehabilitation of the Mechanical Fabric Company mill located in Providence in the West End. The historic complex is comprised of six brick buildings forming a city block bounded by Cromwell Street in the south and Sprague Street in the north. The project will encompass the adaptive reuse of 3 buildings – 40, 40-Rear, 50 Sprague Street – measuring collective 34,000 SF. The buildings are currently vacant and most recently have been used for storage and metal fabrication. The project is anticipated to create 25 residential units and approximately 6,300 square feet of commercial space. The unit mix will contain one bedrooms, two bedrooms, and triplex live-work units. The commercial space is being pre-leased to a local micro-brewing operation. The remaining commercial space will comprise 8 offices suites that will be leased on a month-to-month contract. The rehabilitation is expected to last 12 months.
Request Under Consideration
The Sponsor has requested up to a maximum of $1,000,000 in Rebuild Rhode Island Tax Credits and sales and use tax reimbursement of $150,000 for eligible construction and build out costs.
The Sponsor team has completed over $15 million of historic rehabilitation projects in Rhode Island to date, including the first phase of the Mechanical Fabric Company mill and the rehabilitation of the former Pilgrim Congregational Church in Providence better known as Pilgrim Lofts. The sponsor is a subsidiary of Knight & Swan LLC, a New York based firm experience with historic tax credit transactions and urban regeneration projects. The firm has completed over $50 million of development projects the past five years.
Economic Impact Analysis