Finance committee backs long‑term tax stabilization request for 258 Pine Street redevelopment

The Pawtucket Finance Committee voted to file and forward a request for a 20‑year tax stabilization agreement for a proposed residential redevelopment at 258 Pine Street.

Tax assessor Robert W. Burns told the committee the site is a vacant parcel south of the train station that is planned for multiple residential buildings and that the current proposal calls for nearly 200 apartments. "The cost of the project is $35 million," Burns said during the presentation, and he described the package of plans, addenda and state filings the developer supplied. Burns also said remediation and phasing work are required before construction can begin.

Commerce Director Jason M. Pazulo said the developer reported financing is in place and that the developer indicated an intended start date of June 1. "They have all their financing in place. They are ready to get moving," Pazulo said. He also described the project as having multiple building types and on‑site parking that staff estimated was "close to one [space] for one" for units.

Committee members asked about the developer’s track record, parking and the project schedule. Burns said the firm had completed multiple projects in the city and that staff had negotiated a shorter initial term in prior cases. After discussion the committee voted to support the tax stabilization request and forward it with a recommendation for approval (committee vote 3–0).

Next steps: The request will be considered in further council review as part of the formal tax stabilization process.