Updated zoning applied to I-195 land

PROVIDENCE – The newly updated Providence zoning ordinance will be applied to the former Interstate 195 lands now being marketed for development.
In a unanimous vote, the I-195 Redevelopment District Commission agreed to adopt the city zoning, which was approved by the city in December 2014, the first comprehensive update of city zoning in 60 years.
The zoning will increase flexibility for developers, according to attorney Chip Rogers. It removes parking requirements for new development, and allows greater density for housing, among other changes.
The ordinance specifically allows construction of student apartments for four tenants that are not owned or leased by a college or university; previously this type of development would have had to be controlled by an institution, which as a non-profit would not pay city taxes. Now, under the new zoning, the apartments must only be associated with a university.
This will immediately apply to Lincoln-Phoenix, a Dallas developer which plans to build a $50 million student apartment building on the I-195 land. The company, a joint effort of Lincoln Property Co. and Phoenix Property Co., has signed a purchase and sale agreement for Parcel 28. The commission’s adoption of the city zoning was one of its conditions in the purchase.
“There is every reason to do it, and none not to,” Rogers said, of the zoning adoption.
The developer plans 500 beds, arranged in a suite-like format with four students per apartment. The company recently asked for an extension of time to continue to try to negotiate a tax stabilization agreement with the city.

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