Groundbreaking held for a new development on former 195 land

By The Associated Press

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PROVIDENCE, R.I. (AP) — Construction is beginning for a new development on land that was freed up by the relocation of Interstate 195.

A groundbreaking was held Friday at the site in Providence for the $33 million mixed-use development, Chestnut Commons.

State and local officials are hopeful the project by Waldorf Capital Management will encourage additional development in the area.

The plans call for 92 residential units in a six-story building and ground floor retail space.

Democratic Gov. Gina Raimondo says it’s a sign of economic progress.

Raimondo’s office says the land was purchased for about $750,000 and the project is using $3.1 million in net tax credit proceeds through the state, along with a tax stabilization agreement with Providence.

It’s expected to create about 150 construction jobs and roughly 30 permanent jobs.