Aloft Hotel reaches ‘topping off’ point in construction

WORKERS AT the Aloft Hotel, under construction in Providence, place wrap on the building. The hotel has reached its 'topping off' point. / PBN PHOTO MARY MACDONALD

PROVIDENCE – The Aloft Hotel, a $60 million project under construction in the Interstate 195 Redevelopment District, held a virtual celebration of its topping off on Thursday. The moment marks the point at which the last structural beam is secured in place.

Construction of the 175-room hotel started in the spring, shortly before the pandemic appeared in Rhode Island. Construction, deemed an essential industry by Gov. Gina M. Raimondo, continued throughout the spring and summer months, with workers on-site taking part in enhanced health screening.

The general contractor is Shawmut Design and Construction. The developer is CV Properties, which also constructed the adjacent Wexford Innovation Center.

When completed, the hotel will cover about 101,000 square-feet over five stories. It will have 175 rooms, five of which are upgraded into suites. A lobby restaurant and bar and rooftop restaurant are planned.

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Marriott International will manage the facility.

Construction financing of $35 million was provided by The Washington Trust Co. The Rhode Island Infrastructure Bank and Twain Financial have also provided a loan for the project, through a Rhode Island program that sponsors energy efficient construction.

The state of Rhode Island will support the project through tax incentives. As part of an agreement approved when the Innovation Center building was built, the R.I. Commerce Corp. will create tax increment financing for the hotel. The dollars awarded to the hotel will come out of the net amount of $13.5 million approved for the CV Properties package.

The project is also expected to receive city property tax relief through a tax stabilization agreement.

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

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