PBN: Apartments sprout outside Providence's downtown
By Mary MacDonald- July 19, 2019 2:34 am
For all the attention on how downtown office buildings are being converted to apartments, or the potential addition of a residential skyscraper, the most significant apartment creation in Providence is happening in traditional neighborhoods.
Providence has 2,300 dwelling units in the pipeline, either in preapplication, under review or under construction, according to Robert Azar, the city's deputy director of planning and zoning. Fewer than half of these units are downtown, he said.
Neighborhoods as diverse as Federal Hill, the East Side, Elmwood and Smith Hill have significant apartment projects under city review.
The City Plan Commission - which reviews significant development outside downtown - this month considered four new apartment buildings.
In most cases, Azar said, the new building proposals do not need any modification of zoning requirements. And many are located on commercial corridors within neighborhoods that were intended to attract more density.
Over the past five years, interest in Providence has soared among young professionals who want to live near their jobs. This, combined with strong demand for residential units in Providence, is driving the construction interest, said planning officials.
Unlike most downtown projects, the neighborhood buildings will not necessarily qualify for a standard city tax-stabilization agreement. The neighborhood TSA is aimed at projects that top out at $3 million.
Courtesy of Providence Business News