PROVIDENCE – A parcel of vacant land in the Interstate 195 Redevelopment District has been sold for $751,837, the I-195 Redevelopment District Commission announced Thursday, to make way for the Chestnut Commons mixed-use development.
The land, Parcel 30, was purchased by CC WCM-MP PO LLC, a joint venture between Rhode Island-based real estate developers Waldorf Capital Management LLC and Marshall Development LLC.
The development will consist of a 116,000-square-foot, six-story building with 92 rental units and approximately 6,000 square feet of ground floor retail space.
The price had originally been set at $1.3 million by the commission but was reduced in November by $500,000 as a result of high construction costs. The project will break ground this fall, and according to Zach Darrow, CEO of Waldorf Capital Management, is expected to take “about a year.”
The development is expected to create approximately 148 construction jobs in Providence, and leverages both a tax stabilization agreement with the city and $3.1 million in net Rebuild Rhode Island tax credit proceeds.
“We’re excited to see Chestnut Commons come to fruition,” said Robert C. Davis, chairman of the I-195 Redevelopment District Commission. “Working closely with our colleagues at [R.I.] Commerce [Corp.], the city of Providence and the development team, we were pleased to be able to put together an agreement for a great project that is a perfect fit for the district.”
Haley Hunt is a PBN contributing writer.
