PROVIDENCE – The R.I. Commerce Corp. authorized incentives on Tuesday that will clear the way for development of two projects intended to attract more residents and industry, including the first major residential development near the commuter rail station under construction on the Pawtucket and Central Falls line.
Dexter Street Commons, as it will be called, will include 150 apartments and 14,500 square feet of retail space in a new building at 71 Dexter St. The $43.5 million project will receive a variety of state and local incentives, including a tax increment financing agreement authorized by R.I. Commerce Tuesday.
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The developer is New Jersey-based Peyser Real Estate Group LLC. The action by R.I. Commerce’s board Tuesday, which is led by Gov. Gina M. Raimondo, authorizes up to $10.1 million in tax increment financing to help overcome a financing gap for the development.
The state earlier this year awarded the project $3 million in incentives, through a sales tax exemption and Rebuild Rhode Island credits.
Following the vote Tuesday, Raimondo said, “I’m excited about it. We’re trying to build that area. We need some critical mass in that area. We’ve made a massive investment with federal government money, in the train station. It’s good.”
In another vote, the R.I. Commerce board on Tuesday authorized up to $1 million in Rebuild tax credits and up to $500,000 in First Wave Closing Fund incentives for the development of the 401Tech Bridge location in Portsmouth. The nonprofit affiliated with the University of Rhode Island and several manufacturing associations is an incubator for advanced materials and technology companies. It is outfitting a 16,000 square-foot portion of the former Hodges Badge Co. manufacturing plant for that work.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
