PROVIDENCE – The owner of 36 Exchange Terrace is adding 16 market-rate apartments above the Union Station Brewery in 12,000 square feet of space formerly occupied by the offices of accountant firm Restivo Monacelli LLP.
A resolution unanimously approved Monday by the R.I. Commerce Corp. board of directors will provide $450,000 in Rebuild Rhode Island tax incentives to 36 Exchange Terrace LLC, and principal Edmund Restivo Jr., who is also a managing partner of CRISP Restaurant Group LLC which owns the Union Station brewery and several other restaurants in the state.
The building is part of the former Union Station, a five-building complex that served as the city's railroad hub along Exchange Terrace for generations until 1986. Since then, the buildings have been occupied by business offices and restaurants.
Restivo, a partner in the accounting firm
Withum Smith + Brown PC, did not immediately respond to a request for comment. Withum acquired Restive Monacelli LLP in 2021, and last month the firm moved to
the Gateway Building at 15 Park Row West.
The apartments will take up the top two floors above the restaurant space and cost about $5.3 million, according to Jeff Miller, R.I. Commerce vice president of investments.
The project will bring much-needed downtown housing that will complement the Track 15 Food Hall that is planned for the ground floor of the adjacent Union Station building "and everything else that is going on down there," said board member Karl Wadensten.
"It's a small amount of money to keep these historic areas,” he said. “And to have that flexibility, too.”
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.