PROVIDENCE, RI — Community developer, ONE Neighborhood Builders, has broken ground on Manton Live/Work Townhomes. This new project runs along Manton Avenue in the Olneyville neighborhood of Providence and consists of four two-family homes. Each of the four homes will also offer a commercial space on the ground floor.
The owner’s home offers a total of 960 sf of space that includes two bedrooms and1 bathroom, plus an additional 350 sf ground floor work/make area with a half bathroom. The ground floor space will be flexible, as it may be used as part of the owner’s home or leased to a small business owner.
The attached one-bedroom rental apartment will be designated for individuals earning less than $34,-000/year or a couple earning less than $39,-000/year. Owners will be able to significantly reduce their mortgage expense through rental income from this apartment. These four mixed-use properties will be sold at approximately $240,000 and prospective buyers may not earn more than 120% of area median income (i.e. $85,000 for a family of three).
This proposed mixed-use/mixed-income development answers two needs for Providence: production of housing for low and moderate-income households, and creation of commercial space to increase economic development.
The project will be located along the commercial corridor in Olneyville, offering easy access to Joslin Park and Riverside Park. The high-quality design, flexible workspace on the ground floor, and the appeal of an affordable one-bedroom rental unit make this an ideal property for households working in the creative and service sectors.
Capital grants for this project were provided through RI Housing’s Acquisition and Revitalization Program and the City of Providence HOME funds. TD Bank is the construction lender. The total development cost is $1,195,197. J2 Construct is the general contractor and Union Studios is the architect. Project is expected to be completed in Winter of 2020.
Building Community through Homes, Health and Opportunity. ONE Neighborhood Builders accomplishes its mission through strategic real estate development to expand affordable housing and spur economic development; engaging residents and community organizations to build trust and collectively problem-solve; and development of individuals’ personal financial capabilities so that they may realize their asset building goals.
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