Arnold Building set for redevelopment, thanks to federal grant
PBN FILE PHOTO/TRACY JENKINS
PROVIDENCE HAS TRANSFERRED the vacant George C. Arnold Building to a developer, which in partnership with the Providence Revolving Fund and with the help of a federal grant, plans to redevelop the 90-year-old building into two retail shops and three apartments.
PROVIDENCE – One of the narrowest and most endangered buildings in downtown Providence has a new lease on life.
The city announced Tuesday that it has sold the vacant George C. Arnold Building on Washington Street to a private partnership working with the Providence Revolving Fund to rehabilitate it.
The development group, 100 Washington LLC, purchased the building from the Providence Redevelopment Agency for $150,000, plus a $50,000 note payable only if they fail to complete work on the property within two years, said Dante Bellini Jr., spokesman for the PRA.
The city has also agreed to direct $220,000 in federal Community Development Block grant money to the new owners to help redevelop the three-story, 12.5-foot-wide building into three apartments above two ground floor storefronts.
The Providence Revolving Fund, a nonprofit that finances the restoration of historic buildings in the city, is joined in the 100 Washington Street LLC partnership by David Stem and Lori Quinn, according to a news release from Providence Mayor Angel Taveras.
Stem was part of the group that, with assistance from the Revolving Fund, redeveloped Monohasset Mill on Kinsley Avenue on the city’s West Side.
The city’s Providence Redevelopment Agency seized the Arnold Building through eminent domain this summer.
Built in 1923, the building had been vacant since a fire in 2009 and was falling into disrepair. In 2012, the Providence Preservation Society placed the Arnold Building at the top of its 10 Most Endangered Buildings List.
Despite its small size, the Arnold Building is seen as important to preserving the streetscape on Washington Street, which features a number of surface parking lots.
“The renovation of the George C. Arnold Building at 100 Washington Street is going to have a tremendous impact on the continued revitalization of downtown,” said Providence Revolving Fund Executive Director Clark Schoettle in the news release. “This 13-foot deep building is a critical component of the streetscape, providing a liner between parking lots on Mathewson Street and the vast Providence Journal parking across Washington Street.”
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.