FOR IMMEDIATE RELEASE
Media Contact: Kyrie Perry
RAIMONDO ADMINISTRATION CELEBRATES REVITALIZATION OF 60 KING STREET–FORMER INDUSTRIAL BUILDING TRANSFORMED INTO 60 UNITS OF HOUSING FOR OLNEYVILLE NEIGHBORHOOD
Governor Raimondo, U.S. Senator Reed, Congressman Langevin, Congressman Cicilline, Mayor Elorza, RIHousing, ONE Neighborhood Builders, SWAP and Trinity Financial celebrate ribbon-cutting at the site of the former Imperial Knife Factory
Providence, RI –– OCTOBER 30, 2018 – Governor Raimondo, U.S. Senator Reed, Congressman Langevin, Congressman Cicilline, Mayor Elorza, RIHousing, ONE Neighborhood Builders (ONE NB), SWAP and Trinity Financial, a community-driven, diverse real estate development firm with a proven- track record of redeveloping complex urban sites from New York to Greater Boston, gathered today to celebrate the opening of 60 King, a mixed-income rental housing development located at the former Imperial Knife Company building in the Olneyville neighborhood of Providence. 60 King is Trinity Financial’s first project in Providence.
The adaptive reuse of this historic building remediated a contaminated “brownfields” site, and now offers 60 units of much-needed housing across a range of income levels. Of the 60 units, 54 are affordable, and 47 of these will be rented at 60 percent of area median income (AMI) (affordable for a family of 3 earning up to $43,400), with seven units at 30 percent of AMI (affordable for a family of 3 earning up to $21,700). The remaining six units have rents set at market-rate levels. Apartments include studio, one-, two-, and three-bedroom units. Many of the two- and three-bedroom units at 60 King are constructed as loft units with one of the bedrooms located on an upper level.
“This much-needed and welcome project is a fantastic development that will help to revitalize Olneyville and provide Rhode Islanders with safe, affordable housing,” said Senator Reed, the Ranking Member of the Senate Appropriations Subcommittee on Transportation, Housing, and Urban Development. “I congratulate everyone involved in this effort, and I look forward to seeing more Rhode Islanders have access to the affordable housing they need to live, work, and thrive in their communities.”
The 60 King building was originally constructed in 1923 by the Rochambeau Worsted Wool Company and then acquired by the Imperial Knife Company in the 1950s until at least 1988. There were a series of tenants in the building during the 1990s and early 2000s, but it has remained vacant since 2007.
“This project has been a success across the board for Olneyville and the entire city of Providence,” said Congressman Langevin. “Revitalizing a contaminated property means that dozens of Providence families will be able to find affordable housing. The local workforce has also been strengthened through the thousands of hours of apprenticeship training provided over the course of construction.”
“This is exactly how our private and public sectors should work together to deliver results for Rhode Islanders,” said Congressman Cicilline. “This once abandoned property will now offer affordable housing, as well as market-rate units, making Olneyville even stronger than before.”
“My administration is committed to providing more accessible and affordable housing options for all of our residents,” said Mayor Jorge Elorza. “The rehabilitation of the once-vacant building at 60 King St. is a great example of what is possible when we work collaboratively and think creatively about how to create greater affordable housing development in Providence. ”
The redevelopment of 60 King cost approximately $22.5 million. 60 King was financed with a blend of Federal Low Income Housing Tax Credits, Federal Historic Tax Credits, State Historic Tax Credits, RIH HOME funds, State Preservation and Production Program Funds, RIDEM Brownfields Remediation Funding, City of Providence HOME funds, and RI LISC funds. Citizens Bank provided a $10 million construction loan as well as a $16 million equity investment in the project.
“The repurposing of the old Imperial Knife Factory is the next step in what has been an impressive 20- year effort to revitalize Olneyville,” said Barbara Fields, RIHousing Executive Director. “The development of 60 new homes adds to the severely exhausted housing stock and continues the momentum. This is one of the most creative and transformational projects we’ve seen in the last few years.”
The redevelopment of 60 King is the second housing project contemplated in the Build Olneyville Plan, a holistic, community-based vision for improving the Olneyville neighborhood and the nearby Manton Heights public housing development.
Over its 18 months of construction, the 60 King project generated approximately 139 construction jobs and strengthened the local labor force by providing nearly 20,000 hours of apprenticeship training. Additionally, women- and minority-owned business represented 27% of the workforce that built 60 King, which is more than double the project’s goal of 10%.
“We’re absolutely ecstatic to celebrate the completion of this project,” said Trinity Financial Manager Dan Drazen. “60 King is a reflection of the power of public-private partnerships and an important step towards activating this corner of Olneyville.”
60 King is managed by the management arm of Trinity Financial, Inc., Trinity Management LLC. To learn more about 60 King or to schedule a tour visit https://sixtyking.com.
ABOUT TRINITY FINANCIAL
Trinity Financial is a community-driven, diverse real estate development firm with a proven-track record of redeveloping complex urban sites from New York to Greater Boston. Trinity’s work spans half a dozen residential and commercial specialties, from multi-family housing to transit-oriented development. Over the past 30 years Trinity has
completed over $2 billion in innovative development, delivering high quality, sustainable, multi-family housing, ranging from affordable to luxury — all with a commitment to people and place.
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit www.RIHousing.com or follow us @RIHousing on Facebook and Twitter.