PROVIDENCE – A 0.35-acre lot on Federal Hill recently sold for $1.28 million, as the new owners move ahead with plans to construct 41 units of affordable housing at the site, according to Residential Properties Ltd., which represented both sides of the transaction.
The sale of 321 Knight St. marks the most expensive vacant lot sale on the West Side of Providence, according to Residential Properties, citing data maintained by the Rhode Island Statewide Multiple Listing Service.
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According to the warranty deed, a public record of the sale, the vacant property was purchased by S.W.A.P. Inc. (Stop Wasting Abandoned Property), which is a nonprofit based at 439 Pine St. in Providence. The Federal Hill lot was sold by 321 Knight LLC.
The nonprofit’s website describes it as a community development corporation committed to providing affordable housing opportunities for persons of low and moderate income, revitalizing urban neighborhoods and building new communities. S.W.A.P. Inc. was founded in 1975 and is currently led by its executive director, Carla DeStefano.
Before this proposal, in 2019 K&S Development and Providence Recon Corp. submitted plans to the Providence City Plan Commission to develop the site into 36 market-rate apartments and first-floor retail. Then, later, another proposal was submitted to the City Council by 321 Knight Street LLC for a $1.2 million tax break to construct 34 market-rate apartments at the site.
The empty lot is situated on both Knight and Westminster streets, said Residential Properties in its announcement of the sale. The property is located close to Dexter Field, several public transit stops, and dining destinations to the north on Broadway and Atwells Avenue, the real estate firm said.
Residential Properties sales associate Jim DeRentis was the real estate agent for the firm representing the buyer and seller in this recent deal.
“This is much-needed affordable housing on a vital transit corridor,” DeRentis said. “The project, to be led by one of the oldest, most successful community development corporations in the city, will be a boon to new business owners, teachers, local artists and all kinds of people who provide the backbone of our community and make life in the city better.”
According to the city’s online property tax evaluation database, the vacant lot was most recently valued by Providence assessors in fiscal year 2023 as being worth $193,400.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
While I admire S.W.A.P. and the drive to more affordable housing, my question is what do they sacrifice to reach that goal. In many cases, that means less emphasis on architectural aspects. If you doubt that assertion, take a gander at the affordable housing directly across Knight Street from the empty lot that is the subject of this article. More housing like this would transform Providence into housing banality. Is that why a mix of market rate and affordable housing is a better route? SWAP can only answer that by erecting a quality looking building especially given the prominence of the location.