The 15-story building will consist of 202 residential units and 10,000 SF of retail space
PROVIDENCE – October 17, 2017 – Governor Gina Raimondo, Mayor Jorge Elorza, Rhode Island Secretary of Commerce Stefan Pryor and other leaders today completed the pouring of the last of the concrete that will support The Edge, a new ground-up housing development in downtown Providence.
The Edge, located at 169 Canal Street in Providence, will create 202 residential units, primarily to be used for student housing. The unit mix will contain studios, one bedrooms, and two bedrooms. There will also be approximately 10,000 square feet of retail space. The project is not affiliated with one specific college or university.
"Rhode Island is on the move, and today's concrete pouring for The Edge is just the latest evidence that our efforts are making a tangible difference," Governor Raimondo said. "When this project is done, we'll have hundreds of new apartments and shops anchoring this part of the city, connecting the East Side to the downtown. That means more construction jobs, permanent jobs, tax revenue and overall more economic activity in our capital city."
The project was made possible through one of Governor Raimondo's economic development incentives, the Rebuild Rhode Island tax credit, which is managed by the Rhode Island Commerce Corporation. The credit is approved for a maximum of $3,000,000 in tax credits and sales and use tax reimbursement of $1,000,000 for eligible construction and build out costs.
Rebuild Rhode Island tax credits are not distributed until the building is awarded a certificate of occupancy. The credits also contain a provision that in certain cases, successful project developers will repay a portion of the credit back to the state.
"The Rebuild Rhode Island tax credit has proven to be successful in unlocking development throughout the state," said Rhode Island Secretary of Commerce Stefan Pryor. "This project is the latest in a string of new developments happening across Rhode Island, and is one of the reasons why the state has added construction jobs at a higher rate than anywhere else in the country."
"We are seeing more construction in Providence than we have had in about a decade," said Mayor Jorge Elorza. "Our city is experiencing a resurgence as we are creating jobs and growing our economy. We welcome The Edge and look forward to even more groundbreakings in the months to come."
"Vision Properties would like to acknowledge Governor Raimondo and the Rhode Island Commerce Corporation's administration of the Rebuild Rhode Island incentive program, as well as the Elorza Administration and Providence City Council as being indispensable partners in bringing to reality this significant project in downtown Providence," said Rick Shaffer, President of Vision Properties.
"Throughout my career, I have been fortunate to work with people like Rick who have the courage, drive, and creativity to take on game-changing projects like Edge College Hill," said Zachary G. Darrow, Esq., Chairman, DarrowEverett, LLP. "Thankfully, we have elected officials like Governor Raimondo, Mayor Elorza, and Council President Matos and organizations such as the Rhode Island Commerce Corporation and the Rhode Island Historical Preservation and Heritage Commission that see the great value in welcoming pioneers such as Rick and Vision Properties to Rhode Island and collaborating to make this significant project's such as Edge College Hill a reality."
The Edge site sits near another Rebuild Rhode Island project, the Commons at Providence Station, which will consist of 169 residential units. In total, Rhode Island Commerce Corporation projects have helped add more than 1,500 residential units to the state and spur more than $600 million in new development.