60 King Street in Providence Celebrates Opening with Ribbon Cutting Ceremony

November 5, 2018

 

On October 30th a ribbon cutting ceremony was held to celebrate the opening of the newly redeveloped 60 King Street building in Providence, Rhode Island. Among the dignitaries in attendance were Governor Gina Raimondo; Mayor Jorge Elorza; Senator Jack Reed; Congressman Jim Langevin; Congressman David Cicilline; Dan Drazen, Project Manager at Trinity Financial; Barbara Fields, Executive Director with RIHousing; and Reza Aghamirzadeh, Executive Vice President at Citizens Bank.

 

The building was originally constructed in 1923 as a wool production facility for the Rochambeau Worsted Company and in the 1950s the mill was sold to the Imperial Knife Company, which operated in the building until 1987. The building has been vacant for many years. Trinity undertook the redevelopment of 60 King that adaptively reused the historic mill building in the Olneyville neighborhood into 60 units of mixed-income rental housing. The redevelopment is part of an ongoing revitalization effort called the “Build Olneyville Plan,” which is focused on improving the Olneyville neighborhood and the nearby Manton Heights public housing development.

 

With historic consulting services provided by Epsilon, the project was able to secure both state and federal historic tax credits to assist with financing the project. Further funding came from Low-Income Housing Tax Credits, RIHousing HOME funds, State of Rhode Island Housing Preservation and Production Program funds, RIDEM Brownfields Remediation Funding, and City of Providence HOME funds. We are pleased to have supported such a great project with such a great benefit to the City of Providence and the Olneyville neighborhood.