PROVIDENCE – A proposed apartment building at 17 Planet St. in Providence is now under construction, after the real estate firm behind the project recently received $2.6 million in financing from Bank Rhode Island, the bank announced recently.
Walter Bronhard Real Estate said it is constructing a three-story apartment building with six apartments, each averaging 1,287 square feet in living space, after getting approval for the loan from the commercial real estate division of BankRI. All of the units will be four-bedroom apartments, each with two bathrooms, the real estate firm said.
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The Planet Street apartments will be used for student housing, according to BankRI. The property is located at the bottom of College Hill, a couple blocks away from both the Brown University School of Public Health and the university’s primary first-year residence hall, the Keeney Quad.
“There continues to be tremendous demand for apartment units in Providence, and that is especially true for housing for students,” said Andrew Deluski, senior vice president of commercial real estate for BankRI. “This is an exciting project that not only meets an important need in our capital city, but also builds upon the vibrant transformation the area has experienced. Walter has completed a number of projects of this nature and we’re eager to see this one come to life.”
The apartments, which are being fitted with new appliances and granite countertops, are expected to be completed and ready for occupancy at the start of the fall 2023 semester, according to BankRI.
The six four-bedroom apartments add to a large portfolio of apartments owned by Walter Bronhard Real Estate on the East Side of Providence, the bank said.
Walter Bronhard bought the 17 Planet St. property from Great LLC for $300,000 in August 2015, according to the warranty deed, a public record documenting the sale. Bronhard also bought 21 Planet St. at the time for $626,400, according to another warranty deed.
The sloped 4,870-square-foot 17 Planet St. property was previously a private parking lot for clients of a nearby business.
The property was most recently valued by Providence assessors in fiscal year 2022 as being worth $262,900, according to the city’s online property tax evaluation database. The property is located in a C-2 zone of the city, according to the database.
Marc Larocque is a PBN contributing writer.
I feel bad for the kids who rent those apartments and I feel even worse for the neighbors.