$50M apartment rehabilitation underway in South Providence

PROVIDENCE MAYOR Jorge O. Elorza, left foreground, attends a recent groundbreaking ceremony marking the $50 million rehabilitation of the Barbara Jordan I Apartments in South Providence. / COURTESY R.I. HOUSING & MORTGAGE FINANCE CORP.

PROVIDENCE – A national real estate investment company that owns low-income housing has committed to a $50 million rehabilitation of the Barbara Jordan I Apartments. The nearly 200 apartment units are located in 82 buildings in South Providence, including many triple-deckers.

A groundbreaking held last week attracted Sen. Jack Reed, D-R.I., Providence Mayor Jorge O. Elorza and officials from Omni America LLC.

Omni Managing Director Mo Vaughn, a former Boston Red Sox player, also attended the event.

Omni is a developer and manager of affordable housing and owns 12,000 units, primarily in New York, but also in Massachusetts, New Jersey, Wyoming and the Southeast. It purchased the Barbara Jordan I Apartments in 2017.

- Advertisement -

In Providence, the New York-based company plans to renovate extensively the 193 apartments. Most were built before 1940 and were last renovated in the mid-1980s.

The overhaul will include safety and mechanical upgrades, replacement of electrical, heating and air conditioning systems, and installation of new doors, roofs, sidewalks and security systems. Interior work will include new kitchens, bathroom enhancements and energy-efficient appliances.

The financing is through a $26.4 million R.I. Housing & Mortgage Finance Corp. mortgage, $16.5 million in equity from the sale of Low-Income Housing Tax Credits and $5.3 million in a deferred developer fee, according to a news release.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

No posts to display