Rhode Island Housing’s Board of Commissioners recently approved three investments that will attract more than $18 million in private investment, create 171 homes, and support more than 300 jobs.
“We are committed in 2017 to encouraging even more investments and increasing housing production, which will strengthen Rhode Island’s economy and create jobs,” said Barbara Fields, Executive Director.
The first approved investment will support the redevelopment of the former Imperial Knife Factory (pictured). Now known as 60 King Street, the development is located in Providence’s Olneyville neighborhood, which has made significant progress over the course of the last decade. The restoration will create 60 apartments and reconnect the building and the street to the rest of Olneyville. The total cost for the redevelopment is approximately $21.9 million.
The second investment will be in the Branch Street Apartments in Pawtucket and Central Falls. The development will include 29 new and 17 preserved apartments and contribute to a substantial revitalization of the neighborhood. The development, which is located along the Blackstone River, will preserve open space and tie-in with a number of additional projects underway.
Lastly, the Board approved $5.5 million in financing for the vacant and derelict Lippitt Mill Apartments in West Warwick. Once renovated, the historic building will include 65 apartments serving residents with a range of incomes. The total development cost of the project is approximately $15 million.