Category: Rhode Island

The city council recently gave approval to three development projects that will enhance our efforts to revitalize areas throughout Warwick, support economic development and create jobs. 

Opportunity zones are a new economic development tool designed to stimulate investment in distressed and underutilized areas. Investment in an opportunity zone provides a federal tax incentive for private investors to direct capital gains as equity investments into qualifying projects. Opportunity zones in Rhode Island are designated in 25 census tracts across 15 municipalities.  As redevelopment accelerates in these neighborhoods, including Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (RI C-PACE) financing in the capital stack can unlock additional value for investors, while building greener, more efficient buildings in the state.

Woonsocket, RI Cornerstone Realty Capital arranged $2.6 million in financing for an apartment complex, known as Peters River Residences, that includes 36 two-bedroom, one-bathroom apartments spread amongst three buildings.

Pawtucket, RI CBRE completed the sale of 670-710 Narragansett Park Dr., a 64,000 s/f modern multi-unit flex building, for an undisclosed price. CBRE’s Alden Anderson and Dan Cregan exclusively represented the seller, Marshall Properties, Inc., and procured the buyer, Legacy Gansett LLC