PROVIDENCE – The Providence City Council approved an $18.7 million, 20-year tax-stabilization agreement, or TSA, for Steeple Street RI LLC, for the Edge College Hill Two development, which will be placed at 131 Canal St. and provide several hundred apartments.
The payments in full would equal $42.5 million, while the TSA allows the developer to pay $23.8 million over the 20-year period.
The project design, approved earlier this year by the Downtown Design Review Committee, would feature three section heights, of 11, five and three stories.
The existing site is a parking lot.
The project now goes to Mayor Jorge O. Elorza’s office for approval.