Providence Mayor Elorza announces sale of Barbara Jordan I
Mayor Elorza Announces Sale of Barbara Jordan I; Developer to Perform $16.3 Million in Renovations
Property contains 193 units in 82 buildings located in South Providence; 347 jobs created
Providence, RI – Mayor Jorge O. Elorza Thursday announced approval of financing by RIHousing to facilitate the sale of the Barbara Jordan I development to OmniNY, a New York-based, minority-owned firm. Omni is proposing to undertake approximately $16.3 million of rehabilitation and will preserve the units as affordable for the next 40 years.
“The sale and rehabilitation of Barbara Jordan I will dramatically improve the quality of life in the South Side," said Mayor Jorge Elorza. "Addressing properties like this, and ensuring they are developed as affordable housing has been a top priority for my team. We will continue to work with partners, like RIHousing, to make sure that these homes are maintained and remain accessible to the community.”
Barbara Jordan I is a large scattered site development consisting of 193 units in 82 buildings in South Providence. The properties are located near I-95 and Thurbers Avenue and are within walking distance of transportation, shopping, churches and local schools.
“Our state is facing a severe housing shortage, so it is imperative that we preserve existing housing. The sale of Barbara Jordan I provides major improvements to nearly 200 apartments in a neighborhood that is feeling tremendous pressure from Providence’s tight housing market,” said Barbara Fields, Executive Director of RIHousing. “RIHousing is proud to work with our partners to ensure that Barbara Jordan I remains a part of the community. This is an opportunity to make a tremendous impact in South Providence – and will create nearly 350 jobs – and we are grateful to Mayor Elorza for his leadership in shepherding this deal to closing.”
OmniNY is a privately-held real estate development, construction and property management firm founded to help revitalize neighborhoods. Since 2004, Omni and its affiliates have acquired 63 properties/12,000 housing apartments valuing approximately $1.5 billion.
RIHousing Thursday approved $26.39 million in tax-exempt financing and Low Income Housing Tax Credits.
(release from City of Providence)