Providence transfers ownership of Arnold BuildingPosted:
Providence Transfers Ownership of Historic Arnold Building for Redevelopment
Top 5 Priority of Mayor Taveras' Economic Development Action Plan
Mayor applauds action to redevelop key downtown property
PROVIDENCE, RI –The Providence Redevelopment Agency (PRA) has transferred ownership of the historic and vacant George C. Arnold Building at 94-100 Washington Street and the City is providing $220,000 in federal block grant funding to help jumpstart the building's redevelopment.
Mayor Angel Taveras praised the transfer of the building to a public-private entity for redevelopment. Removing barriers to redevelopment is a top goal of Mayor Taveras' 20-point economic development action plan, Putting Providence Back to Work.
"This is a new beginning for downtown Providence's historic Arnold Building building," Mayor Taveras said. "The collaboration of the PRA, Providence Revolving Fund, Providence Historic District Commission and the owners demonstrates what we can accomplish when we work together to revitalize historic buildings and grow our economy."
The project is to be developed by 100 Washington Street LLC. Developers Dave Stem and Lori Quinn and the Providence Revolving Fund are partners in the project. The developers plan to restore the historic structure and construct three residential apartments and two ground-floor commercial spaces, eliminating a long-standing blight in the heart of the city's business district.