Rebuild Rhode Island Tax Credit Recipients
D’Ambra Warwick Hotel, LLC is proposing a $23.8 million, 120-room Hyatt Place hotel on Jefferson Boulevard in Warwick, adjacent to T.F. Green Airport and the commuter rail station. The hotel will have a ground-level connection to the InterLink airport garage and skywalk connecting the garage and airport terminal. The hotel is the first phase in a larger planned mixed-use development for the site that will further complement the airport expansion and transit-oriented location. The overall development is expected to include over 500,000 square feet of office and retail space. The hotel represents an important investment in the future of T.F. Green Airport and is anticipated to have a catalytic impact on the redevelopment of the area surrounding the airport into a transit-oriented, mixed-use area in line with the City of Warwick’s City Centre master plan. Key components of the transaction include:
- • To fill the project’s financing gap, the development is eligible for tax increment financing (TIF) up to $3,500,000 and Rebuild Rhode Island Tax Credits in the amount of $1,366,991. The project is also eligible for sales and use tax exemption on construction materials, preliminarily estimated at approximately $345,000.
- • Construction is expected to begin by the end of calendar year 2016, and is anticipated to take about 2 years to complete.
- • As part of the hotel development, the former asphalt plant located at 800 Jefferson Boulevard will be demolished.
- • In addition to bringing business and leisure travelers to the area, the hotel is expected to create 26 full-time jobs.