Governor Gina Raimondo today joined with GMH Capital Partners, Wexford Science & Technology, and state and local officials to celebrate the opening of the River House apartments. Located at 1 Point Street in Providence, River House is the latest of the state's Rebuild Rhode Island projects to officially open.
"I'm thrilled to be cutting the ribbon on these beautiful River House Apartments," said Governor Raimondo. "After decades of stagnation, the Jewelry District is coming alive—thanks in large part to our successful Rebuild Rhode Island program."
A mixed-use, 270-bed, 174 apartment community, River House contains studio, one bedroom and two bedroom units designed primarily for graduate, medical and undergraduate students. The building also includes almost 4,200 square feet of ground-floor retail space. The development is situated directly adjacent to the South Street Landing office building, and proximate to Brown's Alpert Medical School and the soon-to-be-completed Wexford Innovation Center. The city's new pedestrian bridge, also nearing completion, will bring additional foot traffic and activity to the area.
"GMH is honored to be a part of the Providence Innovation and Design District and South Street Landing's incredible transformation and we are proud to have worked alongside our talented partners to bring Brown University's vision for River House to life. Young professionals and graduate students have specialized needs which River House is designed to support," said Gary Holloway, Jr., President of GMH Capital Partners.
"River House is a critical addition to the Knowledge Community we are developing in Providence that includes our South Street Landing and Innovation Center buildings," said Dan Cramer, president of Wexford Science & Technology. "The activation and amenities River House contributes to the Innovation and Design District provide for a true live, work, play, learn environment for residents."
"Our residents benefit from a unique combination of quality of life and quality of space that make Providence a great place to live, work and visit," said Providence Mayor Jorge O. Elorza. "Residential developments such as River House add even more vibrancy to our thriving downtown neighborhood and invites new residents to be a part of a unique community in the core of our capital city."
"River House is a welcome addition to our capital city's growing Innovation & Design District," said Rhode Island Secretary of Commerce Stefan Pryor. "We thank Governor Raimondo and legislative leaders for making such progress possible. With their leadership and partnership, this development is bringing even more vibrancy to the I-195 District. It complements other important projects nearing completion or completed within the District — such as the Wexford Innovation Complex and South Street Landing."
The project made use of the Rebuild Rhode Island Tax Credit, an economic development tool installed under Governor Gina Raimondo and deployed by the Rhode Island Commerce Corporation. The Rebuild Rhode Island Tax Credit has helped leverage more than $2.2 billion in private investment and 5.1 million square-feet in new construction throughout the state creating more than 11,000 direct and indirect construction jobs.