PAWTUCKET – A large residential project which is expected to be the first major development in the Pawtucket commuter rail station area should be eligible to receive up to $10.1 million in tax increment financing from the surrounding district, according to a recommendation from a committee of the R.I. Commerce Corp.
The $43.5 million project, called Dexter Street Commons, will include 150 residential apartments and 14,500 square-feet of retail space. The new construction will be located at 71 Dexter St. in Pawtucket, according to R.I. Commerce. The developer is New Jersey-based Peyser Real Estate Group.
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The 1.4-acre site now includes former Tarpy’s Meats and Cala Fruit property, as well as a former city-owned parking lot, according to a city news release.
R.I. Commerce earlier this year awarded the project $3 million in state incentives, through a sales tax exemption and Rebuild Rhode Island credits. The recommendation made by the Investment Committee of R.I. Commerce on Thursday is that the full board now authorize the use of a state-created Tax Increment Finance program, which will allow the project to use tax revenues generated by a district around the site to fill a financing gap for the development.
The full R.I. Commerce board is expected to next meet in December and could act on the recommendation at that time. The amount expected to be needed for the project will amount to about $10.1 million, according to Jeff Miller, the executive vice president of investments for R.I. Commerce.
The project is critical to the emerging Conant Thread District around the commuter rail stop, which is on the line between Providence and Boston.
“These are first-movers in this market with a product that is probably higher end than what has been seen lately in that particular submarket,” Miller said.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
