PROVIDENCE, R.I. — Braintree, Mass.-based John M. Corcoran & Co. and Providence-based Trilogy Development have broken ground on Commons at Providence Station, a multifamily building situated on 2.8 acres at Smith and Canal streets in Providence. Slated for completion in summer 2018, the 145,000-square-foot property will offer 169 rental units, 170 subsurface parking spaces, a yoga room, gym, and roof deck with views of the statehouse. The $54.1 million project is adjacent to the Providence train station with access to the Massachusetts Bay Transportation Authority and Amtrak train systems.
The development was made possible with assistance from Rebuild Rhode Island tax credits awarded by the Rhode Island Commerce Corp. and will create 225 direct jobs and 125 indirect jobs for the community. The Rebuild Rhode Island program uses redeemable tax credits to finance at-risk real estate projects. The program has provided $400 million worth of private real estate investment over the past year and led to agreements to bring nine new companies to the state.