We applaud Stanley Weiss for displaying a dogged determination to bring a hotel to Downcity.
Seven years in the works, Weiss’ dream of transforming two downtown properties – the Lederer Building on Mathewson Street and the former Bell Hall dormitory on Westminster Street – into a 77-room boutique hotel has moved a few steps closer to becoming a reality.
A Downcity design committee and a city Building Board of Review have been reviewing plans for “Hotel Providence.” Weiss also says he is close to securing key financing elements.
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Among the financing issues is Weiss’ application for sizeable tax breaks from the city, under a program established several years ago as part of an effort to spark development in Downcity.
The tax break would run for 10 years and could save Weiss significant dollars in real estate and tangible taxes. The city would also gain during that 10-year period by collecting far more than it ever would if the buildings in question remained mostly vacant. Providence will also receive a share of the state hotel tax.
After the 10-year tax break, the property would go back on the rolls – paying all taxes in full.
Add us to the growing list of those publicly supporting the project, such as the Greater Providence Chamber of Commerce, the Providence Preservation Society, the Providence Warwick Convention & Visitors Bureau, the Providence Foundation, the Downcity Partnership and the Downcity Merchants Association.
The fact that all of downtown desperately needs more hotel rooms has been well documented. If the Rhode Island Convention Center is to be a serious competitor for national conventions, the city must be able to accommodate more room nights.
Weiss’ hotel represents a small part of the solution to that problem. But more importantly, it represents a renaissance of its own for Downcity.
