Historic preservation tax credits given for Custom House Street building renovation project

PROVIDENCE – Renovation of a historic, five-story building in the Financial District of downtown will receive $482,000 in state historic preservation tax credits, according to the R.I. Division of Taxation.
The renovation of the J.G. Eddy & Company building, at 32 Custom House St., will transform the empty structure into 10 residential apartments as well as street-level retail.
The project is expected to include $2.4 million in renovation expenses. Washington Trust’s Commercial Real Estate Group recently announced it would provide $2.1 million to the property’s owner, HM Ventures Group 7 LLC, of Brooklyn, N.Y.
In addition, Providence has awarded a 12-year tax stabilization agreement for the renovation, which will gradually phase-in its property tax burden over time.
The building, constructed in 1875, includes a first-floor façade of stone and bronze with large, unaltered multi-paned windows. The upper floors were most recently used as office space, according to the project description.
The owners propose to rehabilitate the building by converting the office floors to residential apartments, and placing a restaurant on the ground level.
Historical elements that remain intact in the building include two original staircases, a marble lobby on the first floor and a wood-paneled conference room on the second floor.
The exterior of the building will be restored, including repointing of masonry.

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