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Thursday, January 19, 2017

Council Approves Tax Stabilization to Redevelop Historic Downtown Property

The City Council tonight approved a tax stabilization to advance the revitalization of 225 Weybosset Street, an abandoned historic property in Providence’s downtown theater district. Once complete, the property will feature 6 commercial/retail spaces on the ground floor and 10 apartments on the upper floors, which have been vacant for over twenty years.

“Historic buildings are challenging to renovate, and those with empty storefronts make for the kinds of of projects where tax stabilizations matter most,” said Council President Luis Aponte. “This investment will transform a historic building that’s been abandoned and overlooked for far too long. These kinds of projects enliven our business districts and bring new housing stock to our vibrant city.”

225 Weybosset Street marks the third redevelopment project in Providence by ASH NYC, which is led by principal Ari Heckman. Heckman’s most notable local investment was the conversion of the former Sportsman’s Inn on Fountain Street into the Dean Hotel. Following that success, the developer reinvested tax savings into the rehabilitation of 32 Custom House Street in the city’s Financial District.

“We love Providence, and we look forward to restoring another building in the heart of a city we’re so passionate about,” said Heckman. “We’re grateful for the support from the City Council that makes this project possible.”

“This developer’s previous projects have been a rousing success for the City of Providence,” noted Finance Committee Chairman John Igliozzi. “Small-scale projects like these can often have the biggest long-term, positive impact on the city.”