60 King

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60 King

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Providence, Rhode Island

Trinity’s 60 King is an adaptive reuse project which converted a vacant historic mill building in the Olneyville neighborhood of Providence into 60 units of mixed-income rental housing. Originally constructed in 1923, 60 King was the home of the Rochambeau Worsted Wool manufacturing facility until the 1950s when the complex was acquired by the Imperial Knife Company.
The redevelopment of 60 King breathes new life into an architecturally significant structure, remediated a contaminated Brownfields site and helped to reconnect this isolated building to the rest of the Olneyville neighborhood. Trinity undertook 60 King in collaboration with two Providence-based community development corporations: ONE Neighborhood Builders and SWAP, Inc. (Stop Wasting Abandoned Property).
60 King features a total of 60 affordable and market-rate apartments, including studio, one-, two- and three-bedroom units. The rents for the project are targeted to a range of different income levels: 47 units available at 60% of area median income, 7 units with rents set at 30% of area median income, and 6 unrestricted, market-rate units. 60 King was financed with a blend of low-income housing tax credits, federal historic tax credits, state historic tax credits, soft debt from Rhode Island Housing and the City of Providence, as well as RIDEM Brownfields Remediation grant funding.
60 King is the second project in the multi-phase redevelopment of Olneyville that is contemplated in the Build Olneyville Plan, a community-based planning process that was led by the Providence Housing Authority, ONE Neighborhood Builders and Trinity in 2014, and which was financed through a HUD Choice Neighborhoods Initiative (CNI) planning grant.
The Build Olneyville Plans lays out a holistic vision for the future of Olneyville across several different elements, including housing, education and people. Moving forward, Trinity hopes to leverage the 60 King project and the work of the Build Olneyville Plan into a $30 million HUD CNI implementation grant, which would help to catalyze the redevelopment of a portion of the adjacent 330-unit Manton Heights public housing development, and the construction of new mixed-income housing on and around the 60 King site.

 

Total development cost:$21.8 million                                                          Units: 60                                                                                                                  Completed: 2018

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