PROVIDENCE – The City Council on Tuesday night gave a second OK for a $2.7 million tax break for a developer planning to turn two vacant downtown buildings into a boutique hotel, restaurant and coworking space.
The 20-year tax-stabilization agreement for the Hotel Hive Providence was approved by a 9-5 vote, despite opposition from union members concerned about the city’s monitoring of other TSA agreements.
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The second vote of approval now means the proposed tax break needs a signature from Mayor Jorge O. Elorza, who has supported developer Jim Abdo’s $39 million project.
Also backing the project were the Providence Preservation Society and others who think it can serve as a catalyst for additional development. It’s already won approval for design plans and received a $6 million tax-increment-financing deal from the state.
The buildings involved include the old Providence Journal Building, built in 1906, on Westminster and Eddy streets.
According to City Council Deputy Chief of Staff Billy Kepner, those voting in favor of the tax break were: Council President Sabina Matos, Council President Pro Tempore Michael Correia, Senior Deputy Majority Leader Nicholas J. Narducci Jr., Deputy Majority Leader Mary Kay Harris, Majority Whip John J. Igliozzi and Councilors Helen Anthony, Nirva LaFortune, David Salvatore and Seth Yurdin.
Those voting against were: Majority Leader Jo-Ann Ryan and Councilors Carmen Castillo, Pedro Espinal, Katherine Kerwin and James Taylor.
Councilor Rachel Miller was absent.
