The Providence Journal: First project to earn RI tax credit will break ground in Providence Wednesday
The real-estate development firm Trilogy Development LLC, of Providence, and the residential-management firm John M. Corcoran & Co. LLC, of Braintree, Massachusetts, are working as partners to develop The Commons at Providence Station. They’ve created a real-estate entity for this project, Capital Cove Development LLC, of Braintree, Trilogy President Kevin Chase told The Providence Journal on Tuesday.
Their 169-unit building will be at 80 Smith St., east of the railroad tracks and the State House, and at the intersection of Smith and Canal streets. The firms expect the one- and two-bedroom apartments to be completed in summer 2018 – and to rent for $2,000 and $2,700 per month, respectively, Chase said. The smaller units will be about 710 square feet, and the larger ones will be slightly larger than 1,000 square feet.
Rhode Island Public Radio: Raimondo Marks Groundbreaking For First Development Using Rebuild RI Tax Credit
[box]See also: Greater City Providence – The Commons at Providence Station – aka Capitol Cove Building B[/box]
The developers of the The Commons project, John M. Corcoran and Company, based in Braintree, Massachusetts, and Providence-based Trilogy Development, said it would not happen without the Rebuild RI tax credit. Raimondo said the credit helps narrow a gap for how developers face similar building costs in Boston and New York, while rents are much higher there.
“In order to be able to compete with cities like that,” she said, “we had to provide a little bit of a subsidy so that they would be willing to invest their money, and also they could make the kind of return that they needed to make in order to be here.”