92-Unit Apartment Complex Chestnut Commons Breaks Ground in Jewelry District

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92-Unit Apartment Complex Chestnut Commons Breaks Ground in Jewelry District

Chestnut Commons groundbreaking ceremony PHOTO: Commerce RI Twitter
The newest apartment complex broke ground on Friday. The project is located in the Jewelry District in Providence and the ceremony drew out all the local dignitaries.

The project is the brainchild of Providence developer and attorney Zach Darrow. 

"I am extraordinarily grateful to all who collaborated and put forth great efforts to make this project a reality. We believe that this project will add to the great and ongoing work of taking our capital city to the next level - particularly in terms of quality environments for living, working, socializing, and recreation," said Darrow.

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"Additionally, we feel that this project will continue the enhance the connectivity between the Innovation and Design District and the downtown, supporting the many ongoing initiatives to grow Providence while maintaining its walkability and charming urban fabric," Darrow said.

The project is approximately 112,000 square-feet consisting of 92 residential units in a six-story building, and approximately 6,000 square feet of ground-floor retail space. 

"Companies want to locate in vibrant places that are full of life 24/7. This project contributes meaningfully to the vitality of the Innovation & Design District. We congratulate Waldorf Capital Management and its partners on this groundbreaking, and we look forward to cutting the ribbon on this exciting project,” said Rhode Island Secretary of Commerce Stefan Pryor.

Chestnut Commons

Chestnut Commons is located in the Jewelry District and is adjacent to 95 Chestnut Street, a mixed-use historic adaptive reuse project also developed by the Waldorf Capital Management, and the newly expanded Johnson & Wales campus.

The project will help to integrate the historic buildings of the Jewelry District, the Johnson & Wales campus expansion, and the I-195 Redevelopment District.

The total project cost for the development is estimated at $33 million.

The purchase price for the land is $751,837. The project leverages $3.1 million in net Rebuild R.I. tax credit proceeds and a tax stabilization agreement with the City of Providence.

It is expected to create approximately 148 construction jobs and approximately 31 permanent jobs.

"All around our state, we see signs of economic progress. There are cranes in the air, people are back to work, and businesses are choosing to make Rhode Island their home. We're doubling down on industry and innovation, and Chestnut Commons is a part of that changing landscape. Thanks to the hard work and investment of so many partners, this building will soon provide housing for more than a hundred Rhode Islanders, with shops and restaurants that will be enjoyed by thousands more,” said Governor Gina Raimondo.


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