PROVIDENCE – The sale of Parcel 6 in the I-195 Redevelopment District has been completed to Link Street LLC, the commission overseeing the district announced on Wednesday.
The sale price was $100,000.
The parcel will be a mixed-use development, including a 15,000-square-foot grocery store, commercial and retail space, 62 housing units and a parking garage, according to the I-195 Redevelopment District Commission.
Half of the housing will be workforce housing affordable to households earning between 80%-120% of the area’s median income.
The cost of the development will be roughly $29 million. The project will receive $3.25 million in Rebuild RI tax credits.
“The sale and the development of this parcel shows how powerful a public-private partnership can be,” said Gov. Gina M. Raimondo. “Rebuild RI tax credits are key to this project and will help bring a new grocery store, new housing and new retail space to Fox Point. I am so pleased with the continued progress in the Innovation and Design District during these challenging times and truly appreciate the partnership with Link Street LLC.”
Bank RI is providing the construction financing and R.I. Housing is providing a $2.48 million loan as part of its new Workforce Housing Innovation Challenge Program.
Truth Box and ZDS are the project architects.
“It’s a rare opportunity to lead the design and development of an entire city block in such a prominent location,” said Jordan Durham of Link Street LLC. “We have been very pleased to see such broad support for the project vision, from not just the local Fox Point neighborhood but across the entire city. We expect this project to be a catalyst and an anchor for the exciting new district taking shape on the East Side.”
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
