Finance Committee Approves TSA for $56M Canal Street Project
The Providence City Council Committee on Finance tonight approved a tax stabilization agreement with Vision Development Inc. that brings a $56 million new construction project to downtown Providence. The Canal Street Project marks the city’s first concrete and steel commercial development in years and is expected to generate at least 100 construction jobs and 30 permanent jobs. The site is located at 169 Canal Street, which is currently a surface parking lot that generates minimal tax revenue.
Once completed, the Canal Street property will include 180-190 units, with a mix of residential and commercial spaces. The project is expected to be shovel-ready with cranes in the sky this summer.
According to a representative for the developer, the developer intends to use a tower crane for construction, noting that “Providence deserves to see a tower crane project” in the sky. He described the project as a “true urban living experience” that will attract millennials and professionals to Providence’s downtown core.
“This is an exciting time to be working and living in Providence,” said Finance Committee Chairman John Igliozzi. “The Canal Street Project is another positive sign that the City of Providence is moving in the right direction, and this is exactly the kind of project the City is craving. We’ve attracted an out-of-state developer to invest in our city, which tells us that the business and banking industries have faith and trust in the City of Providence.”
As part of the tax stabilization agreement, the developer will be required to pursue contracts with women and minority-owned businesses and hire apprentices for construction, and purchase construction materials from Providence vendors.