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Governor Raimondo and Commerce Corporation Bring Two New Development Projects to Rhode Island

Since January, Commerce Corporation's real estate incentives, including Rebuild RI, have leveraged nearly $400million in private investment

Governor Gina M. Raimondo and the Board of the Rhode Island Commerce Corporation took steps last night to bring two new real estate development projects to the state through the Rebuild Rhode Island Tax Credit program. The incentive packages approved today include approximately $6 million in tax credits, which will pave the way for Urban Smart Growth, LLC to complete the redevelopment of the Hope Artiste Village in Pawtucket and for Royal Oaks Realty, LLC to build a mixed-use development in Providence.

"Rhode Island is on the move, and it's clear the tools we put in our toolbox are helping us to attract and spur new development," said Governor Gina M. Raimondo. "These projects will each strengthen and revitalize the community, continuing to make our state an even better place to live and work."

"The caliber and scope of the developments that the Commerce Corporation approved today show that the Rebuild Rhode Island program continues to catalyze progress in our state," said Secretary of Commerce Stefan Pryor. "The project in Providence will enhance the pedestrian experience in that area and add much-needed new residential options to the housing market there. Our tax credits are also helping to bring an important new housing investment to Pawtucket, completing the redevelopment of the historic Hope Webbing Company Mill."

Royal Oaks Realty received approval on its proposal to establish a $23.2 million mixed-use development at 45 Pike Street in Providence. It has requested up to a maximum of $2,517,174 in Rebuild Rhode Island tax credits, to be issued over five years. The project, which includes over 24,000 square feet of commercial and retail space and 47 residential units between two buildings, will be located in the Fox Point neighborhood and within the 195 Redevelopment District, where it will be highly visible from interstate I-95.

"We've worked on developments across the region and feel that the redevelopment of the former 195 land in Providence is a tremendous opportunity. The location, coupled with the incentives program, make this project feasible and will help us keep our employees and sub-contractors working in Rhode Island. We intend to be the first private company to break ground on the 195 land." said Richard Baccari II, President & CEO of Royal Oaks Realty. "The project will help reconnect the Fox Point neighborhood with the city's downtown area. It's a great opportunity for our firm to leave a mark on this city, but also a great opportunity for Providence, its people and its businesses. We're excited to get started."

Urban Smart Growth received approval on a $38.9 million project that would complete the redevelopment of a nearly 140,0000 square-foot building in the city's historic Hope Webbing Company mill complex, which has been renamed Hope Artiste Village. The company has requested up to a maximum of $3,569,657 in Rebuild Rhode Island Tax Credits, to be issued over five years. The third phase of the Hope Artiste Village redevelopment includes adding almost 150 loft-style apartments with supporting facilities.

Based in Pawtucket, Urban Smart Growth also handled the first two phases of the historic textile mill's redevelopment, which included a significant commercial and retail component with small-scale manufacturing, office space, restaurants, event space and retail space. The firm owns developments across the country and has successfully completed several Rhode Island projects, including the renovation of the former Worcester Textile Mill in North Providence.

"Hope Artiste Village has become an icon of community with its farmer's market, antique bowling alley, and eclectic tenants," said Michael Gazdacko of Urban Smart Growth. "Rebuild Rhode Island is enabling us to fulfill its vision as a true "village" through by creating a true 24/7 creative community. In repurposing a century-old mill into a highly visible destination along I-95, this will spur further revitalization in the neighborhood. Urban Smart Growth and I thank the Department of Commerce for a difficult and creative job well done."

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