WinnCos., Omni Development Break Ground on $42M Redevelopment of Rhode Island Public Housing Community

PAWTUCKET, R.I. — WinnCos. and Omni Development Corp. have broken ground on a $42 million redevelopment of Prospect Heights Apartments, an affordable housing property in Pawtucket. Built in 1942, Prospect Heights qualified for Federal Historic Tax Credits after being placed on the National Register of Historic Places in December 2016. The project will rehabilitate 292 units spread across 35 buildings and add 20 new units of housing on the 21-acre site. A joint venture between WinnDevelopment and Omni Development acquired the ground lease for the property from the Pawtucket Housing Authority in June 2017. Rhode Island Housing and Mortgage Finance Corp. provided tax-exempt bond financing for the construction and permanent loans, the Low Income Housing Tax Credits and separate bridge financing for the project.