PROVIDENCE – Braeburn Apartments and Chatham Village, two major affordable housing developments located in the Wanskuck area of Providence, are being redeveloped in a $25.3 million project that’s being undertaken by Los Angeles-based BLVD Communities.
The 91 units of Section 8 federally subsidized apartments that make up the two developments are located in four sites within a 1.5-mile radius, just north of the Providence College campus. That includes a 21-unit, two-story building, 24 townhomes, a six-unit, three-story building and a 40-unit, three-story building.
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BLVD Communities, a division of The Blvd Group, which also includes a real estate investment arm called BLVD Capital with a current portfolio of $700 million in assets, said this is the company’s first affordable housing redevelopment project in Rhode Island. Both Braeburn Apartments and Chatham Village were purchased by entities related to BLVD in 2016, for a price that the company wasn’t able to provide as of deadline for this story.
The redevelopment project is expected to be completed by the end of this year, according to BLVD. The residents of the 91 units will be temporarily relocated to a hotel while their apartments are renovated, according to BLVD.
The project is being financed with $16 million from the R.I. Housing and Mortgage Finance Corp., a loan-providing agency that was created by the General Assembly in 1973 but receives no state funding for its operations, with Boston Financial Investment Management also on board as an equity partner for BLVD Communities.
“We are grateful for R.I. Housing’s assistance in bringing this project to fruition and look forward to more projects within the state in the future,” said Robert Budman, BLVD managing principal.
BLVD said all exteriors of the apartment building will be renovated “with a new fresh look,” with the exception of the townhomes, which will maintain their “historic” appearance. While the sites were developed in the 1970s as affordable housing with financing from R.I. Housing, the townhome units were created from two-story masonry buildings that were originally constructed in 1863 through 1864 by the Wanskuck Co. to house company workers, and they are listed on the National Register of Historic Places.
The redevelopment project will also modernize building systems, according to BLVD, with a focus on increasing energy efficiency. Each unit will be upgraded with a new kitchen, bathroom, flooring, paint and LED lighting, the company said, and the renovation will include new amenities such as a business center, dog park, and barbecue and picnic areas.
The redevelopment project was designed by the Providence-based David Presbrey Architects. The general contractor for the project is the Warwick-based Stand Corp., and Citi Community Capital is the construction lender.
R.I. Housing said residents of the Section 8 housing fall in an income range between 30% and 60% of the area’s median income. Federal housing assistance is contractually secured for the property through at least 2061, the agency said.
“Preserving the existing housing stock of affordable rental homes is critically important for Rhode Island and its residents,” said Carol Ventura, executive director of R.I. Housing. “The acquisition and rehabilitation of two existing affordable developments will provide residents with both interior and exterior improvements and systems upgrades, while also positively contributing to surrounding neighborhoods. And importantly, the affordability of these rental homes has been extended for another 40 years.”
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
