PROVIDENCE – The state recently released a final report detailing the proposed redevelopment of the Cranston Street Armory in Providence, with an outside development firm recommending that the building be transformed into 30,000 square feet of state offices, a small-business incubator and an indoor soccer complex.
In its final report, which was completed in November but released by the state in early April, Philadelphia-based firm Scout Ltd. claims that the redevelopment of the nearly 165,000-square-foot facility at 340 Cranston St. will come with $56.8 million in construction costs.
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The report identifies funding sources, including $36.6 million from the state’s capital budget spread out over three years, up to $20 million in American Rescue Plan Act funds allocated to the state, up to $4 million from the city of Providence as an in-kind and infrastructure contribution, up to $13 million in state and federal tax credit financing, and $750,000 from the Historic Preservation Fund Save America’s Treasures Preservation Grant program.
“A significant amount of these resources will expire by fiscal year 2024 and action must be taken now to align the redevelopment of the Armory while capital is available to this project,” the Scout report states.
Scout estimates that the redevelopment plan would generate more than 400 jobs and provide $2.2 million in stabilized annual rent, which would make the facility cash flow positive by its seventh year of operations.
The administration of Gov. Daniel J. McKee has not yet made any decisions on whether to go forward with proposed redevelopment of the state-owned facility. No groundbreaking date has been announced.
Earlier this year, first-year Providence Mayor Brett P. Smiley released the city’s 2023 legislative priorities, which included additional public funding and other governmental support for the proposed redevelopment of the Cranston Street Armory.
The Scout report states that “conservative estimates” show that the maintenance of the building’s exterior and spending on security for the building would cost $30 million to $40 million over the next 10 years if the state-owned facility is not redeveloped. The Scout report also states that the continued vacancy of the building is a “blight” to the neighborhood in Providence’s West End.
“Operating expenses for utilities and management today cost the State of Rhode Island $2.2 Million per annum with no public benefit,” the report states. “A closed building continues to be a symbol of blight not only in the neighborhood, but for the State of Rhode Island given the iconic history and significance of the building. Properties close to a vacant or underutilized building statistically decrease adjacent property values and compound existing vacancy.”
While the Cranston Street Armory has been mostly vacant for the past 40 years, the McKee administration established a temporary warming shelter for the homeless inside the state-owned building during the winter, as redevelopment discussions were ongoing.
Marc Larocque is a PBN contributing writer.
PLEASE redevelope it. Pay the cost now or pay the price later.
I’m tired of hearing stories about all these state properties that go to waste due to lack of maintenance.
Redevelope it or sell it but STOP wasting this BEAUTIFUL, ICONIC and HISTORIC building.