PROVIDENCE, RI – ONE Neighborhood Builders (ONE|NB), one of the state’s leading nonprofit affordable housing developers and community development corporations, held a groundbreaking today alongside elected, appointed, and housing leaders to celebrate the start of construction of The Avenue, an affordable housing development in Providence.
The Avenue is ONE|NB’s largest housing development to date. Upon completion, The Avenue will be an 85-unit affordable housing development that will combine the development of 39 new construction, affordable apartments at 434 Atwells Avenue in the Federal Hill neighborhood of Providence and the preservation and re-syndication of 46 affordable apartments, formally known as Elmwood Neighborhood Revitalization II, in the Elmwood neighborhood of Providence.
“This is an incredibly exciting day for ONE|NB, the City of Providence, and all Rhode Islanders. As we celebrate the start of construction of The Avenue, we are showcasing the two crucial steps that must be taken together to make strides towards ending the housing crisis; developing new affordable housing and protecting existing affordable housing; developing new affordable housing and protecting existing affordable housing,” said Jennifer Hawkins, President & CEO of ONE Neighborhood Builders. “Developing affordable housing is only possible through unified efforts of local, city, state, and federal leaders. Today’s groundbreaking exemplifies the power of collaboration, and serves as a catalyst to further foster ongoing partnerships to deliver much-needed housing across our state.”
In April, ONE|NB celebrated the completion of construction of its Residences at Riverside Square development at 336 Bullocks Point Avenue in East Providence. The development includes 16 new-construction, affordable rental apartments for extremely low-to moderate-income households, three of which are reserved for youth aging out of foster care.
“Access to affordable housing is a critical community need and I am proud to support over $20 million in federal funds to assist ONE Neighborhood Builders in preserving and building new affordable housing here in Providence. By breaking ground on The Avenue today, we’re laying the foundation for a stronger, more resilient community where people can afford to live in high-quality residences,” said U.S. Senator Jack Reed. “Providence is a diverse, vibrant, inclusive city and we need diverse, vibrant, inclusive housing options like The Avenue so that working people who are the heart and soul of our community can actually afford to live in the heart of the city.”
ONE|NB also plans to break ground at its Broad Street Homes development in fall 2024. Broad Street Homes will bring 44 affordable apartments to Central Falls by converting a former police station into 17 affordable apartments and constructing a 27-unit, 4-story building across the street on Broad Street.
ONE|NB has an additional 188 affordable apartments in pre-development; 144 in East Providence and 44 in Cumberland. ONE|NB also has 20 for-sale condominiums in the Olneyville neighborhood of Providence in pre-development.
“The key to addressing the ongoing housing crisis impacting Providence and communities across the nation is to support the development of new housing units at every price point in every neighborhood,” said Mayor Brett P. Smiley. “I’m thrilled to join ONE Neighborhood Builders for the groundbreaking of The Avenue, a project that will improve access to affordable housing in our Federal Hill and Elmwood neighborhoods. This is how we meet the demand for housing in our city and make living in Providence more affordable and accessible.”
The Avenue was made possible with financial support from local, state, and federal leaders including the Low Income Housing Tax Credit program, a congressional appropriation through Senator Jack Reed, state and federal funds administered via RIHousing, and the City of Providence’s Affordable Housing Trust Fund, among others.
“The Avenue development highlights exactly the kind of partnership required to substantively address Rhode Island’s housing shortage. By leveraging resources at the local, state, and federal levels, ONE Neighborhood Builders is preserving and creating housing that our state greatly needs,” said Speaker of the House K. Joseph Shekarchi. “Sen. Jack Reed has been one of our state’s strongest champions for housing, and I thank him for once again delivering for Rhode Island. I also commend Mayor Brett Smiley for his tremendous partnership in efforts to increase our housing supply, and ONE Neighborhood Builders for its sustained commitment to tackling our housing crisis.”
“It takes balancing multiple funding sources – like State Fiscal Recovery Funds and Low-Income Housing Tax Credits – to finance a development like The Avenue,” said Carol Ventura, CEO of RIHousing. “It is critical that we keep investing in the different funding programs available at the federal, state, and local levels for the construction and rehabilitation of affordable housing. RIHousing is dedicated to our ongoing work in administering these dollars in communities across the state.”
The design was completed by DBVW Architects and Pezzuco Construction is the general contractor. Engineering firms involved in the development include Commonwealth Engineers & Consultants (civil), Yoder + Tidwell (structural), Aldinger & Associates (geotechnical), and Redwood Environmental Group (environmental). Klein Hornig is the development’s tax attorney and McGunagle & Hentz, PC is the outside general counsel. Upon completion, Peabody Properties will serve as property manager.
ABOUT ONE NEIGHBORHOOD BUILDERS:
ONE Neighborhood Builders (ONE|NB) is a nonprofit community development leader that improves lives across Rhode Island by building homes and connecting communities. They use their 35 years of practical experience in the housing and community development fields to test new ideas and challenge entrenched systems. ONE|NB is the convening entity of Central Providence Opportunities: A Health Equity Zone (CPO-HEZ), a place-based collective impact initiative of more than 60 stakeholders across the nine neighborhoods of Central Providence. CPO-HEZ advances the shared vision for greater health and economic equity in the 02908 and 02909 zip codes.
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Media Contact (for ONE|NB)
Elisabeth Wales, Half Street Group
elisabeth@nullhalfstreetgroup.com | 401-406-0883
