Home Economy Loan program launched to fill vacant ground-floor retail space in I-195 Redevelopment...

Loan program launched to fill vacant ground-floor retail space in I-195 Redevelopment District

By

Katie Castellani

-

04/07/2025

Prov-Parcel-6-696x451 — THE I-195 District and Rhode Island Commerce Corporation are hoping a new loan program will help fill vacant ground floor retail space in the district./COURTESY OF I-195 DISTRICT REVELOPMENT COMMISSION.

PROVIDENCE – The I-195 Redevelopment District Commission and R.I. Commerce Corp. are hoping a new loan program will help fill vacant ground-floor retail space in the district. There is currently 25,000 square feet of ground floor commercial space available in the I-195 district, Cara Cromwell, spokesperson for the redevelopment commission said in a statement to

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PROVIDENCE – The I-195 Redevelopment District Commission and R.I. Commerce Corp. are hoping a new loan program will help fill vacant ground-floor retail space in the district. There is currently 25,000 square feet of ground floor commercial space available in the I-195 district, Cara Cromwell, spokesperson for the redevelopment commission said in a statement to Providence Business News. Meanwhile, 38,000 of the available 63,000 square feet of ground floor retail space is currently occupied, Cromwell added. To help fill the vacant spaces, district leaders and R.I. Commerce announced a new loan program on April 4. "We expect that this program will help attract businesses to the area, fostering growth and economic activity in the district,” Marc Crisafulli, chairman of the I-195 Redevelopment District Commission said in a press release. “The financing not only supports property owners and businesses, but also contributes to a vibrant, thriving commercial environment that benefits the broader community." The loan program is available to property owners with buildings in the I-195 district. To be eligible, spaces must be first-generation, ground-floor commercial units with an identified tenant. There is up to $3 million from the I-195 Redevelopment Project Fund that is available for the loans, Cromwell said. The program also offers “below-market” interest rates, which fall around 3% and flexible terms. The flexible terms are needed to work with existing building financing because the loans will go to building owners, instead of commercial tenants, Cromwell said. Some of the loan term will be interest-only and up to 70% of the eligible costs can be financed through the program. Loan funds can be used for improvements to the space that are not unique to a specific tenant. R.I. Commerce is administering the program. “By providing below-market financing, this program will make it easier for businesses to lease prime space, supporting economic activity and further strengthening the commercial vibrancy of the District.” Secretary of Commerce Elizabeth M. Tanner said. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.