Mayor Angel Taveras praised the transfer of the building to a public-private entity for redevelopment. Removing barriers to redevelopment is a top goal of Mayor Taveras 20-point economic development action plan, Putting Providence Back to Work.
This is a new beginning for downtown Providences historic Arnold Building building, Mayor Taveras said. The collaboration of the PRA, Providence Revolving Fund, Providence Historic District Commission and the owners demonstrates what we can accomplish when we work together to revitalize historic buildings and grow our economy.
The project is to be developed by 100 Washington Street LLC. Developers Dave Stem and Lori Quinn and the Providence Revolving Fund are partners in the project. The developers plan to restore the historic structure and construct three residential apartments and two ground-floor commercial spaces, eliminating a long-standing blight in the heart of the citys business district.
The narrow, three-story Arnold Building has been vacant and increasingly in disrepair since a fire in 2009. The PRA took possession of the building by eminent domain this summer and reached a settlement agreement with its owners.
The renovation of the George C. Arnold Building at 100 Washington Street is going to have a tremendous impact on the continued revitalization of downtown. This 13-foot deep building is a critical component of the streetscape, providing a liner between parking lots on Mathewson Street and the vast Providence Journal parking across Washington Street. The Providence Revolving Fund is pleased to participate in the project as a nonprofit partner and lender to this difficult project. The City has been instrumental by securing the building and providing HOME funds for two affordable apartments in the upper floors, Providence Revolving Fund Executive Director Clark Schoettle said.
We are excited to be part of the revitalization of Downtown Providence, and look forward to being stewards of this unique property for years to come, Stem said.