Rhode Island tax credit yields first building project

By: The Associated Press


PROVIDENCE, R.I. – Construction crews are beginning work on Rhode Island’s first building project to benefit from a new state tax credit.             

A groundbreaking ceremony was held Wednesday for The Commons at Providence Station. It will be a 6-story residential building with 169 apartments.              

The project is being built off Canal Street near the city’s train station, the Rhode Island State House and the Roger Williams National Memorial.   

The state has agreed to provide a $5.6 million tax credit to the project. It’s a new credit the state created last year to encourage real estate development.

The credit is awarded to developers once a building gets a certificate of occupancy.              

The Providence Journal reports that the apartments are expected to rent for $2,000 to $2,700 a month when they open in 2018.

©WLNE-TV / ABC6 2016