Author Archives Trinity Financial

The New Face of Providence’s Imperial Knife Factory

One of Olneyville’s historic mills is getting a major renovation! This May, Rhode Island Housing’s Board of Commissioners approved a preliminary financing package for Trinity Financial’s plans to redevelop the former mill into 60 apartments. Located at 60 King Street in Providence’s Olneyville neighborhood, the mill was built in 1923 and was originally the site of the Rochambeau Worsted Company. In the 1950s the mill was sold to the Imperial Knife Company, which operated in the building until at least 1988. After a series of multiple tenants occupied the building during the 1990s and early 2000s,  it has remained vacant since 2007.

What are the new plans for the old mill? Working with ONE Neighborhood Builders, a local community development corporation, Trinity is planning to rehabilitate and redevelop the site to include 54 affordable apartment units and 6 market-rate apartment units. Trinity’s proposal is part of an ongoing revitalization effort, the “Build Olneyville Plan,” which is focused on improving the Olneyville neighborhood and the nearby Manton Heights Public Housing development. Like many of Trinity’s other projects, 60 King Street was designed to provide quality affordable housing while fortifying a neighborhood through thoughtful and impactful development.

60 King - Site Plan and Rendering 2
As Dan Drazen, one of our project managers who is deeply involved in the project, explained, “Not only will this project activate a vacant building into 60 units of mixed-income housing, but it will also remediate a contaminated Brownfields site, save a historic asset, and strengthen the property’s connection to the rest of the Olneyville neighborhood.”

60 King - Site Plan and Rendering 1

60 King is expected to be completed in the spring of 2018. For more updates from Trinity Financial, connect with us via Twitter and LinkedIn.

 

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Aug 04, 2016
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Looking Back: Recapping Boston East’s Groundbreaking

On Thursday, May 19, East Boston residents and government officials alike joined Trinity Financial to break ground at the new Boston East development on Border Street in East Boston. This was more than just a groundbreaking. Boston East is representative of the development renaissance taking place in East Boston, bringing the waterfront to life in the neighborhood with a 400-foot public boardwalk that includes a kayak launch, a community art gallery, an acre of open space and beautiful views of the city.

Boston East Event 05-19-16

Located centrally between Central Square and the Maverick T Station, Boston East will create 200 units of rental housing, 26 of which will be affordable housing, including six artist live/work/sell units on the ground floor.  As Governor Baker noted, “not only will [Boston East] bring new housing opportunities to East Boston, but it will open up the waterfront to the entire community, transforming a former industrial site into an asset for the neighborhood as a whole.”

Mayor Walsh also spoke at the groundbreaking, highlighting more of the benefits Boston East will provide for the entire East Boston community through increased access to the Boston Harbor, expanded open space, and space to celebrate art and culture. Other speakers at the groundbreaking included State Representative Adrian Madaro, City Councillor Sal LaMattina, East Boston Community Development Corporation Executive Director Al Caldarelli, and Trinity’s own Vice President of Development, Abby Goldenfarb. As construction continues, we’re thrilled to witness the positive impact Boston East has on the neighborhood and on future development in the area.

2014-08-20--Water View

Boston East is expected to open in fall 2017. For more information about Boston East, visit www.BostonEast.com. For more updates from Trinity Financial, connect with us via Twitter and LinkedIn.

 

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Jul 19, 2016
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Creating an economically diverse downtown begins with Winthrop Square

Boston’s population and economy are growing, so it makes sense that construction in the Hub is booming as well. The only problem? Many, if not most, of the new towers and skyscrapers rising overnight are home to expensive condos and apartments, homes that the average Bostonian could never imagine being able to afford. As we celebrate Boston’s unparalleled success, we must also ask what kind of a city do we want to create?  As Boston looks to maintain its identity as the home of innovation, a sought after destination for companies like GE, it also needs to remain affordable to the very people responsible for making Boston such a desirable destination.

Winthrop_WashingtonStreet_Site (1)Earlier this year, as part of Imagine Boston 2030, Boston’s first citywide plan in over 50 years, the City of Boston released Guiding Growth: Towards an Inclusive City, which detailed how Boston should guide positive physical change over the next 15 years. For Mayor Walsh, middle income workforce housing is a top priority. Of the 53,000 unit housing production goal delineated in the Guiding Growth report, 20,000 of those units are slotted to be middle-income workforce housing. 11,000 of these are to be “market-produced”, meaning relying on no direct city or state financial assistance. To help those units come to fruition, Boston needs developers willing and able to build iconic buildings that do more than reinforce the ‘luxury only zone’ that is taking shape downtown.

Winthrop Square represents a unique opportunity to continue this vision. In the heart of downtown Boston, where history and legacy meet innovation and fresh ideas, Trinity Financial’s development team is proposing to develop a tower that will gracefully and elegantly integrate into the surrounding neighborhood and be a distinctive addition to the Boston skyline. Even more importantly, this site presents a tremendous opportunity to make a substantial addition to economic diversity in downtown Boston. With 40 percent of the residential units affordable to middle-income households, Trinity’s proposal will create 258 units of housing affordable to households with incomes up to 120 percent of the area median income. This means housing created specifically for the middle income workforce (defined as households making between $55K and $130K annually) featured so prominently in the Mayor’s plan. This represents 32 percent of the Mayor’s goal of producing 800 unsubsidized middle-income workforce units per year and more than 3 times the amount required by the City’s Inclusionary Zoning Policy.

Building Boston for sustained growth and success necessitates long-term planning. If we want to uphold Boston’s reputation as a diverse, inclusive and innovative city, we need to be ready to commit to creative solutions to get there. Promoting economic growth and housing for the middle class are values that we all share, and the Trinity Financial proposal for Winthrop Square will go a long way toward creating a lasting legacy of a more diverse, inclusive and sustainable Boston for years to come.

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Jun 17, 2016
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