Home Real Estate Housing 275-unit apartment, condo building proposed for Providence waterfront site

275-unit apartment, condo building proposed for Providence waterfront site

By

Katie Castellani

-

07/05/2024

A CONDO AND APARTMENT COMPLEX with about 275 units has been proposed along the Seekonk River in Providence's East Side, between the Waterman Grille and the Henderson Bridge. / COURTESY PROVIDENCE ARCHITECTURE AND BUILDING CO.

PROVIDENCE – Developers have proposed an approximate 275-unit apartment and condo building for a riverfront parcel on the city’s East Side. The project comes from Dustin Dezube and Kevin Diamond from Providence Architecture and Building Co. and would be located at 27 East River St., with views of the Seekonk River. it is one of

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PROVIDENCE – Developers have proposed an approximate 275-unit apartment and condo building for a riverfront parcel on the city’s East Side. The project comes from Dustin Dezube and Kevin Diamond from Providence Architecture and Building Co. and would be located at 27 East River St., with views of the Seekonk River. it is one of few open developable waterfront parcels remaining in Providence. The proposed 90-foot-tall building would have seven stories over a covered parking lot and is expected to cost $90 million, Dezube told Providence Business News on Friday. The exact number of parking spaces is not finalized, and Dezube says he plans to get as close to one spot per unit as possible. Dezube said the project is still in its early design stages and while the exact number of units is not solidified, it will likely be around 275. He said the units will be on the larger side with more two- and three-bedroom units than studios and one-bedrooms. A rooftop deck, pool and fitness center are among the amenities developers have in mind for the development. Along with these, there would be a public walkway down to the river with a kayak launch. “We really want this to be an amenity-rich building,” Dezube said. The development would consist of a mix of condominiums on the upper floors and rental units on the lower levels, a model Dezube said he has seen implemented in Boston. While there is an increasing demand for housing people can call their own, Providence’s market is likely not large enough to support 275 condos, Dezube said. So, having the rental units will not only offset the number of condos but also help contribute to stabilizing the city’s skyrocketing rental prices. “This new building is going to help address the housing shortage in two distinct manners,” Dezube said. Rent could range from $2,100 for a one-bedroom apartment to between $2,600 and $3,200 for a two-bedroom unit, depending on factors such as size and whether a unit has a private deck. Dezube said the developers will be looking for a tax stabilization agreement from the city as construction costs are high and interest rates are among the highest he’s seen in 14 years. Dezube said he is not opposed to adding affordable housing options, though he doesn’t see a path for this particular project as it’s not clear where the necessary subsidies would come from. The 2-acre plot, which the developers purchased for $2.3 million in 2023, is located between the Waterman Grille and the Henderson Bridge. The developers say they are working with the R.I. Department of Environmental Management to come up with a cleaning plan to ensure the site is safe. Should the proposal get the necessary approvals, construction is expected to take around two years to complete, including the site cleanup. Developers say they were drawn to the site because of its proximity to areas such as East Side Marketplace and Wayland Square. Also, it’s an opportunity to transform an inaccessible and overgrown site into one where the public can access the water. “It's not just the building itself, but it's really this connection that the public is going to be able to have with the waterfront that doesn't really exist today,” Diamond said. Dezube and Diamond said the project will need approval from the Plan Commission and Coastal Resource Management Council because of its location by the water. Developers are requesting a height relief because the building is one story higher than what is allowed with the parking underneath. Dezube has been very active in city real estate in recent years. He's also involved in transforming the former Tockwotton Home in Fox Point into a 70-unit apartment building. The prominent 50,000-square-foot brick building was constructed in 1850 and overlooks Interstate 195. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.