PROVIDENCE – A limited liability company associated with The Hampshire Cos. LLC, a private real estate investment company, is seeking city tax incentives to offset the cost of converting an industrial structure into a storage facility.
Providence 2017 LLC, which is affiliated with The Hampshire Cos., of Morristown, N.J., is seeking a tax-stabilization agreement for an $11.8 million project to renovate 145 Corliss St.
The proposal for a 12-year tax phase-in is expected to be introduced at the Providence City Council meeting on Thursday.
The proposed conversion would accommodate an Extra Space Storage facility. The national self-storage company has several sites in Rhode Island but none in Providence, according to the company’s website.
The TSA, according to the application, would allow the property owner “to return the historic buildings to a modern, useful purpose” and create 150 construction jobs. The 12-month project could begin this summer, if the tax incentives are authorized, the applicants state.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
