Amherst Gardens - Providence, RIProvidence, RI ONE Neighborhood Builders (ONE | NB) commenced development of 36 new rental apartments and 2 commercial spaces in the Olneyville neighborhood. Known as Amherst Gardens, this project involves the rehabilitation or replacement of 16 properties, many of which were vacant, abandoned and/or highly distressed when ONE | NB acquired them. It includes a mix of apartment sizes, for both individuals and families.
Amherst Gardens is a scattered site housing development, with the new or rehabilitated homes scattered throughout the residential core of Olneyville, primarily along the Amherst St. corridor.
“We are excited to be starting construction,” said Wendy Nicholas, ONE | NB’s interim executive director. “Amherst Gardens has been in the works for several years, and we are delighted that all of the pieces – the properties, the designs, the construction crew, and the funding – are now all in place. In producing 36 new apartments in 14 different buildings, ONE Neighborhood Builders is continuing its campaign to improve the neighborhood, block-by-block, making it a better place for families to live, to raise their children and to find employment.”
The total development cost for Amherst Gardens is $10.4 million. Project funding is coming from Rhode Island Housing, the City of Providence, the State of Rhode Island, the Federal Home Loan Bank, Citizens Bank, and the National Equity Fund. TDBank provided bridge financing for the property acquisition.
A community celebration is being planned for early September.