Rising construction costs burst the $15-million budget, a 13-month delay
CENTRAL FALLS − Construction of a four-story apartment building and the transformation of a former police station across the street in Central Falls could begin as soon as August, after the nonprofit developer ONE Neighborhood Builders secured financing to cover a 10% increase over budgeted construction costs.
When complete, Central Falls will have 44 new income restricted apartments. They will have reduced rent, with 39 restricted to people making 60% of the area median income (single person, $43,020) while five will be restricted to people making 30% of the area median income (single person, $21,500).
With a projected construction time on the projects of 18 months, assuming all goes well, the buildings will be open seven years after work on the project first began, when Central Falls put out requests for proposals for two plots it obtained.
“It was a relatively smooth and fast timeline,” ONE Neighborhood Builders CEO Jennifer Hawkins said.
Read the full article on The Providence Journal, here.
