Home Editor's Choice Proposed apartment tower in Providence gains 1st approval

Proposed apartment tower in Providence gains 1st approval

Updated at 7:20 p.m. on May 13.

By

Katie Castellani

-

05/13/2024

A RENDERING OF THE proposed 30-story apartment building featuring 216 residential units and 248 parking spaces next to the Hilton Providence. / COURTESY ZDS ARCHITECTURE & INTERIOR

PROVIDENCE – A proposal for a 30-story apartment tower next to the Hilton Providence along Interstate 95 cleared a crucial hurdle by earning preliminary plan approval from the Downtown Design Review Committee Monday. The proposal from PRI I LP, the Hilton Providence property owner, would demolish an existing parking structure and what’s called a “function room”

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3 COMMENTS

STEVEN L CASTIGLIONI 05/13/2024 At 11:56 am

Excellent !! Move forward with approvals and construction!!

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PETER LAURO 05/13/2024 At 5:33 pm

Agreed. The City need to look to the future!

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JAMES LOW 05/14/2024 At 5:44 am

Agreed – build it!

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PROVIDENCE – A proposal for a 30-story apartment tower next to the Hilton Providence along Interstate 95 cleared a crucial hurdle by earning preliminary plan approval from the Downtown Design Review Committee Monday. The proposal from PRI I LP, the Hilton Providence property owner, would demolish an existing parking structure and what’s called a “function room” attached to the hotel at Atwells Avenue and Broadway to make way for the tower that would include 216 residential units along with six floors of parking holding 248 spots. The building plans submitted by PRI I call for 18 studio apartments, 116 one-bed units, 76 two-bed units and six three-bed units. (That mix of apartments is a change from the initial proposal, which had fewer one-bed units and more two- and three-bed units.) The proposal says the building height will be 300 feet above Atwells Avenue and 326 feet above the dead-end street that runs between the hotel and the Amica Mutual Pavilion. By comparison, the Superman building is 428 feet. While presenting the plans to the commission on Monday, a representative for the property owner said all the units are currently proposed at market rate but added that there may be requirements to add affordable units in the future. Representatives also noted constructing apartments on the site would help connect downtown and Federal Hill on the other side of Interstate 95. Along with preliminary plan approval, the committee granted PRI I a development incentive because the building height exceeds 300 feet and six waivers, including one that would allow the demolition of the parking structure and the hotel’s function room. PRI I has ties to the Rhode Island-based real estate giant Procaccianti Cos., which is behind many prominent properties, such as Renaissance Providence Hotel, the Hilton Garden Inn Providence, the new Neon Marketplaces, and countless properties nationwide. At one time, the company also owned what is now the Omni Providence and developed The Residences Providence, the 31-story residential tower next to the Omni Providence. The proposed tower would be called TPG Tower – an apparent reference to The Procaccianti Group. The firm says on its website that it has owned, operated, developed and financed tens of billions of dollars in real estate assets. It was not immediately clear how much the development would cost or how long construction would take. Representatives for the developer declined to provide more details on the project Monday, noting it is still in its early planning stages. Now developers will continue fine-tuning the design and final plans will need to get approval from the Planning Department staff. The developers will also need to get an air-rights easement from the City Council because part of the building juts out over Aborn Street. It was not immediately clear when the plans would be presented again. The proposal comes as PRI I is in the midst of a legal battle with the city over the valuation of the Hilton Providence and the parking structure next door. The company is suing Providence to have its $27.8M valuation of its property reduced in tax years 2020-2022. A 2023 tax appeal by PRI I was also recently rejected by the city, potentially setting the stage for yet another lawsuit. Michael T. Eskey, attorney for PRI I, previously told PBN that the company’s appraiser says the property was worth around $18.2 million in the 2020 tax year, $13.4 million in the 2021 tax year and $14.4 million in the 2022 tax year. Eskey had said the city’s assessments were excessive because the hotel, like many in the hospitality industry, had taken a hit during the COVID-19 pandemic. Updated to reflect the votes of the Downtown Design Review Committee, and also provides new details about the project throughout. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.