The Sponsor, a to-be-formed single-purpose entity controlled by Wexford Science & Technology, LLC, is proposing a mixed-use, predominantly student housing project – for Brown University and the surrounding colleges and universities. River House will be located directly adjacent to the nearly completed South Street Landing office building, proximate to Brown’s Alpert Medical School and to proposed Wexford Innovation Center, and a short distance to the main College Hill Campus for Brown University as well as Johnson & Wales University. The project will consist of approximately 174 units and 270 beds of graduate, medical and undergraduate student focused housing. The unit mix will contain studio, one bedroom and two bedroom units. The building will also include almost 4,200 square feet of ground-floor retail space. The project will be located on the Providence River just north of the Point Street Bridge. The Site is located in the Jewelry District section of Downtown Providence.
The Sponsor is approved up to a maximum of $8,354,910 in Rebuild Rhode Island Tax Credits and use tax reimbursement of $700,000 for eligible construction and build out costs.
The Sponsor is a real estate investment and development firm based in Baltimore, MD. The sponsor specializes in partnering with universities, medical centers and research institutions to create vibrant mixed-use communities. Examples of Sponsor’s projects include Wake Forest Innovation Quarter in Winston-Salem, NC, Cortex Innovation Community in St. Louis, MO, and University Technology Park at IIT in Chicago, IL.
Economic Impact Analysis