Providence, RI– RIHousing, joined by Governor Gina Raimondo, Mayor Jorge Elorza, Citizens Bank, RBC Capital Markets, ONE Neighborhood Builders, SWAP, Inc., and Trinity Financial, a community-driven, diverse real estate development firm with a proven-track record of redeveloping complex urban sites from New York to Greater Boston, last month broke ground on the redevelopment of 60 King Street in Providence, RI, the former home of the Imperial Knife Company.
Construction on the now-vacant industrial building will result in the creation of 60 units of mixed-income housing, while simultaneously breathing new life into a historically significant asset. It will also remediate an environmentally contaminated brownfield site and reconnect the building to the greater Olneyville neighborhood. 60 King is Trinity’s first project in Providence.
“Rhode Island is on the move,” said Governor Raimondo. “We work hard to create jobs, but it’s important to remember that it’s a lot harder to go to work if you don’t have a roof over your head. That’s why the 60 King Street project is so critical. I am thankful to Trinity Financial, RIHousing, ONE Neighborhood Builders, and the rest of the team for their hard work increasing Rhode Islanders’ access to decent housing.”
Of the 60 new units of housing created, 54 will be affordable. Forty-seven of the affordable units will be rented at 60 percent of area median income (AMI) and seven units will be available at 30 percent of AMI. The remaining six units will have rents set at market-rate levels. Apartments include studio, one-, two-, and three-bedroom units. Many of the two- and three-bedroom units at 60 King will be constructed as loft units with one of the bedrooms located on an upper level. Each unit will have a parking space in a dedicated off-street lot. 60 King will be managed by the property management arm of Trinity Financial, Inc., Trinity Management LLC.
“This project will continue the great momentum that the Olneyville neighborhood has built and it’s another example of what we can accomplish when we are all working together,” said Mayor Jorge O. Elorza. “Thank you to Rhode Island Housing, the State, the community, and all partners involved in making it possible.”
The redevelopment of 60 King is part of an ongoing revitalization effort called the “Build Olneyville Plan,” which is focused on improving the Olneyville neighborhood and the nearby Manton Heights public housing development. The development of the Build Olneyville Plan was underwritten by a Choice Neighborhoods Initiative planning grant from HUD.
“The revitalization of 60 King directly addresses the shortage of housing that is at the heart of our state’s housing crisis. Governor Raimondo has made it a priority to create jobs and attract new business to our state, and RIHousing is proud to be a partner in helping to create new housing that is essential to the success of our economy,” said Barbara Fields, Executive Director of RIHousing. “RIHousing is so excited that this investment continues 15 years of ongoing redevelopment to rebuild this neighborhood. This is what happens when partners work together to turn the worst corner of the city into a showcase – the results are homes for families, recreational activities and a better quality of life.”
“The 60 King development benefits our community and the entire City of Providence in many ways,” said Acting Council President Sabina Matos (Ward 15). “Our neighborhoods are in need of more housing options, especially affordable housing. This development bolsters our housing stock, revitalizes an iconic building, remediates brownfields, and bridges together our neighborhoods. I’d like to thank Trinity Financial, ONE Neighborhood Builders, and SWAP for choosing to invest resources here in Olneyville.”
“We’re thrilled to begin construction on the redevelopment of 60 King,” said Trinity Financial project manager Dan Drazen. “The project will provide quality, affordable housing for the community while fortifying the Olneyville neighborhood through thoughtful and impactful development. We’re looking forward to working with our partners to revitalize this historic site and strengthen its connection to the surrounding neighborhood.”
The 60 King building was originally constructed in 1923 as a wool production facility for the Rochambeau Worsted Company. In the 1950s, the mill was sold to the Imperial Knife Company, which operated in the building until 1987. A series of tenants occupied the building during the 1990s and early 2000s, but it has remained vacant since around 2007.
The total redevelopment of 60 King is budgeted at approximately $22.5 million. 60 King will be financed with a blend of Low-Income Housing Tax Credits, Federal Historic Tax Credits, State Historic Tax Credits, RIHousing HOME funds, State of Rhode Island Housing Preservation and Production Program funds, RIDEM Brownfields Remediation Funding and City of Providence HOME funds.
“The 60 King redevelopment is a great example of the types of projects that Citizens supports,” said Keith Kelly, president, Citizens Bank, Rhode Island. “It will provide needed affordable housing and help strengthen the community and reconnect the neighborhood.”
“RBC Capital Markets is proud to be a partner in the 60 King redevelopment effort which will focus on improving the quality of life in the Olneyville neighborhood. We’re excited about the prospects for the project’s success given the high quality and exceptional performance of Trinity Financial’s previous redevelopment projects,” said Craig Wagner, Managing Director of RBC Capital Markets.
Trinity closed on the financing for 60 King in March of 2017. Construction began in early April 2017 and is estimated to take 16 months, with all 60 units anticipated to be ready for occupancy by early fall of 2018.