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ProJo: R.I. state aid approved for planned Providence hotel

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Construction may begin this summer on an extended-stay hotel on a vacant, triangular lot in Providence’s Capital Center Commission district because the Rhode Island Commerce Corporation agreed Monday night to give the developer as much as $4.8 million in taxpayer assistance over 20 years.

The Commerce agency’s board of directors unanimously approved the incentive for a Homewood Suites by Hilton, with 120 suites at 5 Exchange St. This is the first project to take advantage of a new state-level Tax Increment Financing program proposed last year by the Raimondo administration and approved by legislators.

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3 Responses to ProJo: R.I. state aid approved for planned Providence hotel

  1. KCB May 24, 2016 at 5:58 pm #

    I’d like to see them add balconies overlooking WaterFire and the river. Is this still possible? Or has the time come and gone?

  2. Gio May 24, 2016 at 7:51 pm #

    Great to see more development downtown. This parcel is s great gateway from college hill/providence river into downtown/burnside/Kennedy plaza. I’m so sick of seeing that unused parcel everyday on my way to work. Will add more life to the area too. This is awesome.

  3. michael May 25, 2016 at 11:36 am #

    It’s better than nothing, and maybe someday a renovation will bring balconies or something else to make it more appealing.

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