PROVIDENCE – The Aloft Hotel, a $55 million project that will rise beside the Wexford Science & Technology innovation center, is progressing in engineering and design, according to a recent update from the I-195 Redevelopment District Commission.
The hotel, which will have 169 rooms aimed at business travelers, is likely to break ground in October or November, said Peter McNally, executive director of the I-195 commission.
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The predevelopment phase is moving along, he said.
In January, the R.I. Commerce Corp. authorized incentives for the hotel that include tax-increment financing for $6.8 million, Rebuild Rhode Island tax credits of $100,000 and sales tax rebates for construction materials.
The project also will receive up to $750,000 from the I-195 project fund, an account authorized by the General Assembly that provides financing to projects in the district.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
