PROVIDENCE – The Hotel Hive Providence, the proposed $39 million reuse of two vacant downtown buildings – including the early 1900s Providence Journal offices – is seeking a long-term tax stabilization agreement.
A TSA of 20 years would allow the developer to gradually start paying the taxes on the completed hotel, starting in the fourth year after its opening.
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The City Council’s finance committee briefly took up the issue last week, agreeing to schedule a public hearing on the request in the near future. In the next several weeks, city staff will examine the financial request.
The developer plans a boutique hotel of 91 hotel rooms and an apartment building of 48 studio units, as well as a coworking space, bar and outdoor cafe. The R.I. Commerce Corp. has already authorized a $6 million tax-increment financing agreement for the project, presented by Westminster Partners LLC.
The project is by Washington, D.C.-based Abdo Development. Through an affiliated limited liability company, the developer purchased the 1902-era Providence Journal building for $4 million in July 2018. It paid $650,000 for the adjoining Kresge Building, which was built about 20 years later.
Both are on a prominent Westminster Street corner. The address of the new hotel will be 203 Westminster.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
