Providence, Rhode Island
Trinity’s 60 King project will adaptively reuse a 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 will breathe new life into an architecturally significant structure, remediate a contaminated “Brownfields” site and help to reconnect this isolated building to the rest of the Olneyville neighborhood.
The program for 60 King calls for a total of 60 affordable and market-rate apartments, including studio, one-, two- and three-bedroom units. The rents for the project will be targeted to a range of different income levels: 47 units will be underwritten at 60% of area median income, 7 units will have rents set at 30% of area median income, and 6 units will be unrestricted, market-rate apartments. 60 King will be financed with a blend of low-income housing tax credits, federal historic tax credits, state historic tax credits, as well as soft debt from Rhode Island Housing and the City of Providence.
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 NB 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
Completion Date: 2018