PROVIDENCE – A newly constructed apartment building, the second phase of Edge College Hill, will qualify for $6 million in state tax credits, under a vote taken Monday by the R.I. Commerce Corp. board.
The project will include 163 apartments and 9,000 square feet of retail space and will be constructed over an existing parking lot. It will be the second phase of another residential building, Edge College Hill, which recently opened.
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The $59 million project is being pursued by Vision Properties, a developer of commercial and mixed-use buildings in the Middle Atlantic and New England states. The principal is Richard Shaffer.
In addition to the Rebuild Rhode Island state tax credits authorized this week, the project has qualified for an $18.7 million tax stabilization of its city property taxes through the city of Providence. The agreement allows the developer to pay that much less over a 20-year period.
In other business, according to a Commerce RI spokesman, the board authorized up to $3 million in Rebuild Rhode Island tax credits for a commercial project in Warwick.
Michael Integlia, the CEO and president of Michael Integlia & Co., is developing One MetroCenter LLC, which will be a new, 75,000-square-foot office building near T.F. Green Airport.
The project is estimated at $19 million. The state incentives will offset that through up to $3 million in Rebuild tax credits.
In addition to the Rebuild credits, three companies were approved for grants through the Innovation Voucher program Monday evening:
- Commerce provided $50,000 to the Cooley Group
- Kenney Manufacturing Co. received $50,000
- The Compost Plant, L3C received $49,042
Mary MacDonald is a PBN staff writer. Contact her at macdonald@pbn.com.
