Thanks to funding from the Providence Redevelopment Agency (PRA) and earlier financing from LISC RI, ONE|NB hopes to break ground early next year on The Avenue, a development that will build 39 new apartments and preserve 46 others across two Providence neighborhoods.
On Wednesday, the PRA approved Providence Mayor Brett Smiley’s proposal for $5.4 million in funding to the Providence Housing Trust to support six new residential developments. One of those is The Avenue, an 85-unit affordable housing development that will combine development of 39 new apartments at 434 Atwells Ave. in the Federal Hill neighborhood of Providence and the preservation and re-syndication of 46 affordable apartments, known as Elmwood Neighborhood Revitalization II (ENR II), in the Elmwood neighborhood of Providence.
The city’s funding serves as the final hurdle for ONE|NB to secure full financing, setting the organization up for a groundbreaking ceremony in early 2024.
“Thank you to Mayor Smiley and the City of Providence for their investment in affordable housing at a pivotal moment in our efforts to address the crises in the state,” said Jennifer Hawkins, ONE|NB’s President and CEO. “This funding puts us over the finish line to see this project come to completion, and we are thrilled to be able to break ground in the coming months and begin the transformation process of these properties in the city.”
“Thank you to Mayor Smiley and the City of Providence for their investment in affordable housing at a pivotal moment in our efforts to address the crises in the state. This funding puts us over the finish line to see this project come to completion, and we are thrilled to be able to break ground in the coming months and begin the transformation process of these properties in the city.”
— Jennifer Hawkins, ONE|NB’s President and CEO
The Atwells Avenue portion of the development includes constructing a 5-story building at 434 Atwells Ave. The location, on a vibrant mixed-use street, will encourage pedestrian and bicycle traffic, and provide easy access to public transportation. On floors 2 through 5, the development will include 11 one-bedroom, 24 two-bedroom, and 4 three-bedroom apartments, along with 2 ADA-compliant units. It will have a mix of nine units at 30% area median income (AMI), 13 units at 60% AMI and 17 units of unrestricted/market rate housing. The first floor will have 1,000 square feet of commercial space to potentially house a coffee shop, fitness center, mail room, bike storage, and a management office.
The Elmwood neighborhood portion includes substantial renovations to 46 apartments in 13 buildings. Improvements will be made for accessibility, along with mechanical and electrical upgrades, architectural improvements such as masonry work, waterproofing, doors, repair or replacement of windows and more, along with other work in individual apartments and in communal areas. The income required to live in the apartments vary from 30% to 60% AMI.
“Thank you to LISC Rhode Island for their early support in this development being our first funder,” Hawkins said. “It is only with the support of LISC Rhode Island and so many other partners in local, state, and federal governments that we are able to build new, affordable homes for Rhode Islanders.”
