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Board approves $450,000 Rebuild RI award for adaptive reuse at Union Station
Summary
The Rhode Island Commerce Corporation board approved a $450,000 Rebuild Rhode Island tax-credit award to Exchange Terrace LLC to convert an existing commercial building at Union Station into a restaurant plus 16 market-rate housing units; project cost is about $5.3 million.
The Rhode Island Commerce Corporation approved a $450,000 incentive award to Exchange Terrace LLC to support an adaptive-reuse project at the Union Station train depot.
Jeff (speaker 3), who presented the proposal, said the plan preserves a first-floor restaurant and adds 16 market-rate units on the top two floors. "This is an adaptive reuse of an existing commercial building in the Union Station Train Depot... the total project costs are about $5,300,000. We're recommending an award of $450,000 in the streamline rebuild to support the project," Jeff said.
Board members praised the project as a modest investment to preserve a historic area and bring more downtown housing. Chair (speaker 2) moved to approve the award; Alan (speaker 1) announced he would abstain, and the chair noted two other members (identified in the meeting as Mike and An) had recused themselves. The motion passed by voice vote.
The board action uses the Rebuild Rhode Island Tax Credit program to support the rehabilitation while keeping active ground-floor commercial use; staff will follow up on any required closing conditions and document amendments required by the program.
