Jef Nickerson
ProJo reports that the City Council has approved a tax-stabilization agreement for the Capitol Cove building in Capital Center. The building will continue to house Johnson & Wales dormitories but the developer hopes to build a 169-unit apartment building next door.
The City Council gave initial approval Wednesday night to change in a tax treaty with the new owners of the Capitol Cove complex on Canal Street to let the building continue as a rented college dormitory, a move the developers said was needed to get financing for a new 169-unit apartment project they want to build on a vacant lot next door.
Added to the 134-units the owners of the Regency are planning and the real estate market appears to be showing signs of recovery in Providence.
Greater City Providence
Call me a cynic, but this doesn’t mean anything good. The problem with these apartments and the garden city ones is that they’re horribly overpriced. Regency and the Foundry charge over a $1,000 per month for studios, which isn’t affordable at all. Waterplace park isn’t even full. Where are these high end renters going to come from with a shortage of jobs in town?
It’s a pipe dream built on speculation.
I miss urban planet. Much more positivity and comments in general.
Actually, downtown has a 90%+ occupancy rate, most buildings are basically 100% occupied with apartments rented to new tenants before old ones vacate. Yup, there are $1,000 studios, there’s even a few apartments downtown over $4,000 per month, and they are all rented every month.
Waterplace is not an apartment building, it is a condo building, and last I heard less than 10 units were still available.
There is big demand for downtown apartments, it is funding the construction of them that is difficult.
Does the new apartment building mentioned refer to the empty dirt lot next door?
My understanding is it would be along the river next to the existing building.
Waterplace is 100% sold
The Cove, as it was originally built, was built as condos. They did nothing to help the needed growth in rentals. Unlike both New Haven and Hartford, there are no high rise rentals in Providence. New Haven has an abundance of rentals in buildings 4-10 stories high. Mainly because of Yale and the fact the more Connecticut residents are used to apt. building living. This is a NYC effect, especially from New Haven to Stamford. It is time for new apt construction in Providence. While it is nice that older buildings have been transformed to apt complexes there is a pent up need in downtown Providence for new apt construction of any height, both for the melliniums and retired baby boomers who no longer want to own.