Loft project in downtown Potucket received an environmental loan in the amount of 400 thousand dollars



PAUTAKET, Rhode Island – The Rhode Island Infrastructure Bank has approved a $ 400,000 loan from its Brownfields Revolving Loan Fund to fund environmental restoration for the Nexus Lofts renovation project at 49 North Union Street, in the old Feldman Furniture building.

The renovation will include 27 affordable apartments at market prices with an office on the ground floor and / or retail, the public-private bank announced.

“Many commercial redevelopments in Rhode Island require some form of remediation, and this is what the Brownfields Revolving Loan Fund program is for,” Infrastructure Bank CEO Jeffrey Deal said in a press release.

Deal said the loan would help accelerate the development of the surrounding buildings. “We are delighted to help fund part of this key project to continue the revitalization of downtown Potucket,” he said.

Do you live in Potucket? Click here to subscribe to notifications about the latest news delivered to your inbox and mobile devices. You can also download our Patch mobile app at Android or iPhone

Developer Michael Leshinsky thanked the bank and said that a loan for abandoned fields is an important part of project financing and redevelopment. He said the funding would help “unleash the full potential of our Nexus Lofts project.”

IN Valley breeze described the project in August 2019, when Leshinsky, Nicholas D’Agnillo and Nexus Holdings LLC requested a 10-year tax stabilization agreement from the city. The building of 1898 was empty for decades.

“The project will increase the cost of the city and the region,” Leshinsky said at the time. “The development costs are high and a tax stabilization agreement is needed to finance.” According to him, the developers have applied for federal tax breaks and other benefits.

Rhode Island Infrastructure Bank was founded By the General Assembly of Rhode Island in 1989 as the Clean Water Funding Agency. In 2015, the bank’s mandate was expanded to include energy and abandoned land restoration initiatives.


Source link