Rebuild Rhode Island Tax Credit Recipients
The Edge II
The Sponsor is proposing an approximately $59.2 million, mixed-use project located on adjoining lots in Providence, which are located between North Main Street and Canal Street and bounded to the south by Elizabeth Street. The project will include a newly constructed 11-story mixed-use building (primarily student housing) of approximately 135,000 square feet. The project is anticipated to create 163 residential units and approximately 9,000+ square feet of street level retail space. The unit mix will contain studios and one-bedroom dwellings.
The Sponsor has requested up to a maximum of $6,000,000 in Rebuild Rhode Island Tax Credits and sales and use tax reimbursement of $1,295,000.
The Sponsor is controlled by Vision Properties, a developer of commercial and mixed-use real estate properties in the Mid-Atlantic and New England states. The developer has been successfully developing a broad spectrum of residential and commercial real estate for over 30 years. Its portfolio includes a range of new or adaptive reuse construction. Housing is the primary specialty, but the portfolio also includes office, retail, and institutional buildings. Student housing is a recent focus, capitalizing on experience with colleges and universities to construct or renovate dormitories, academic buildings and recreational facilities.
The Sponsor has successfully completed Phase I of this development on an adjacent parcel. Phase I opened for occupancy by tenants in last August, 2018.