City Council to review tax stabilization agreements for developments
that will bring more than $20M in investment to Wanskuck
Last night, the Providence City Council’s Committee on Finance approved two Tax Stabilization Agreements (TSAs) that would transform the Fourth Ward, clearing the way for the full Council to review the agreements, which would bring a combined $20 million in private investment to the City’s Wanskuck neighborhood. The properties, located at 745 Branch Avenue (Wanskuck Mill) and 145 Corliss Street, will create 300 temporary construction jobs and an additional 125 permanent jobs once the buildings are completed.
Councilman Nicholas J. Narducci has previously testified at public hearings held regarding these TSAs and has been a staunch advocate for their passage, stating that they would greatly improve the neighborhood he has served for the past 12 years.
“The North End has been a community on the rise and these developments are proof of that,” stated City Council Senior Deputy Majority Leader Nicholas J. Narducci Jr. “These two projects will bring much-needed new affordable housing stock to our city, as well as new opportunities for business development to the Ward, and I couldn’t be more thrilled. I have met with the developers and their vision for the neighborhood is one I fully endorse.”
“For many years, I have been urging for more investment in the Wanskuck neighborhood, which has long been underutilized,” said Council President David A. Salvatore, whose ward includes parts of Wanskuck. “This is a neighborhood that will benefit greatly from revitalization efforts, and our entire city will benefit for the hundreds of jobs created by these developments.”
Wanskuck Mill is located at 725, 726, 715, and 745 Branch Avenue and is owned by Branch Holdings, LLC, and currently has 60 apartment units. The project would include an additional 150 reasonably priced apartments ranging from $1,100 to $1,400 per month in rent. The project would also include the addition of commercial space in the property that would potentially include restaurant, retail and/or office space.
Providence 2017, LLC plans to transform an empty lot at 145 Corliss Street into a self-storage facility which would include 863 storage units.
The full Council will review these TSAs and vote on them for a first time at the November 1, 2018 City Council meeting.