Thursday, July 14, 2016

$8 million in tax credits for seven projects statewide

The Rhode Island Division of Taxation has posted details about seven rehabilitation projects that involve a combined total of nearly $8 million in historic preservation tax credits. 

Four of the projects are in Providence; the others are in Newport, Bristol, and Woonsocket.

* The American Brewing Co. property at 431 Harris Ave., Providence, near the intersection with Atwells Avenue, was built as a brewery in 1892 and later converted for use as a moving and storage facility. Plans are to rehabilitate it for use as a theater, artist work space, and residential apartments. The project involves an estimated $500,000 in historic preservation tax credits.

* The rehabilitation of the Exchange Bank Building, a four-story brick structure built in 1845 and located at 28-32 Kennedy Plaza in the heart of Providence's financial district, has been cleared for an estimated $1.25 million in historic preservation tax credits. The upper floors would be converted for use as a hotel; half of the ground floor would be used as a restaurant to serve the hotel, while the rest of the ground floor would continue in use as a bank.

* The Siegal Building, a four-story structure at 150 Washington St. in downtown Providence, was built in 1927 by the founder of City Hall Hardware. Plans are to restore the building's exterior, including a new storefront and windows. The building would continue to be used for commercial purposes. The project involves an estimated $412,500 in historic preservation tax credits.

* A two-story brick structure at 26-30 Washington Square, Newport, built in 1931, would be rehabilitated to allow for continued business and commercial use. The project, in Newport's historic Washington Square area, involves an estimated $200,000 in historic preservation tax credits.

* The rehabilitation of the historic David Augustus Leonard House, at 366 Hope St., Bristol, involves an estimated $100,000 in historic preservation tax credits.

* The U.S. Rubber Company, Building 85, at 475-485 Valley St., Providence, now used as a warehouse, would be converted for warehouse and business use, according to the application filed by WaterFire Providence. The project involves an estimated $2.25 million in historic preservation tax credits.

* Rehabilitation of the Woonsocket Rubber Company, an industrial mill complex at 68 South Main St., in the Market Square section of Woonsocket, is to include, among other things, commercial space, residential apartments, community space, and management offices. The project involves an estimated $3.25 million in historic preservation tax credits.

The Division of Taxation's web page on historic tax credits shows details involving all applicants that have signed a contract and paid the required fee under the state's 2013 historic preservation tax credit program.