Home Economy Government Developer seeks grant to redevelop historic Providence building

Developer seeks grant to redevelop historic Providence building

By

Christopher Allen

-

02/27/2024

136-Westminster-St-Lauderdale-Building — THE OWNER OF THE LAUDERDALE BUILDING at 136 WESTMINSTER St. is requesting $730,000 in bridge financing from R.I. Commerce Corp. to renovate the property, including 24 market-rate apartments.// COURTESY NORTHEAST PRIVATE CLIENT GROUP

PROVIDENCE – A New York developer is seeking gap financing through a state incentive program to redevelop the historic five-story Lauderdale Building at 136 Westminster St. into a mixed-used site with ground-floor retail and 24 market-rate apartments. The owner, doing business as real estate holding company 136 Westminster LLC, purchased the building in December 2023

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PROVIDENCE – A New York developer is seeking gap financing through a state incentive program to redevelop the historic five-story Lauderdale Building at 136 Westminster St. into a mixed-used site with ground-floor retail and 24 market-rate apartments. The owner, doing business as real estate holding company 136 Westminster LLC, purchased the building in December 2023 for $2.35 million. Its principal Jeffrey B. Mendell, owns JBM Realty Capital Corp. and also serves as managing director of Greenwich Development Partners. He is listed as manager of a separate LLC that purchased the 35-space parking lot at 87 Weybosset St. for $750,000 in November 2023, according to city real estate records. The developer is applying through the First Wave Closing Fund, a discretionary program run by R.I. Commerce Corp., which provides start up financing to developers otherwise unavailable. A motion to approve a $730,000 grant was delayed by the R.I. Commerce investment committee, who met in executive session during its Monday meeting, and the matter will be continued “for further discussion," according to Matthew Touchette, a commerce spokesperson. Final approval must come from the full board, chaired by Gov. Daniel J. McKee, which is expected to take up the matter during its next meeting in March. According to the resolution, the proposal would convert the four upper floors of the building into 24 rental apartments, with the ground floor used as retail and restaurant space. The only current tenant is the Christian Science Reading Room operated by the First Church of Christ Scientist. Former tenant Franklin Rogers Ltd., a men’s clothier, was evicted by the previous landlord for failure to pay more than $65,000 in back rent and utilities. The total cost of the project is approximately $10.97 million, according to an analysis by New York city-based Appleseed Inc. The report projects construction would net $284,000 in state taxes, 74 temporary jobs in Rhode Island, and $9.1 million in statewide economic output. This resolution stipulates the application would expire on Aug. 30 if no financing agreement is settled by that time. Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.