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SouthSide Gateway – Providence, RI

 

Stop Wasting Abandoned Property’s  landmark redevelopment of the long abandoned Tire King site has transformed the approach from downtown to Providence’s South Side neighborhoods.

This mixed-use development provides 10 affordable commercial spaces on the ground floor and 35 affordable rental apartments. Residents will enjoy spacious, natural light filled homes with central air-conditioning, high tech security systems, high speed internet access, on - site laundry, parking and on site management. They can park their bikes in a secure bike garage or walk out the front door to a RIPTA bus stop.  SouthSide Gateways is just a short walk from DownCity, to the medical research area or surrounding neighborhoods.

Sited at a critical location between downtown and South Providence this attractive development joins a constellation of affordable housing and commercial developments in the neighborhood.  The cumulative impact of these investments is forging a healthy and sustainable community along Broad Street.

Developer:

Stop Wasting Abandoned Property

Total Units/Square Feet

35 affordable rental apartments and 10 commercial condominiums

LISC Investment:

$1 million low-interest loan, a $75,000 recoverable grant and $8.2 million in Low-Income Housing Tax Credits

Total Development Cost:

$11.5 million

Other Project Investors:

City of Providence; Bank of America; Rhode Island Housing; Neighborhood Opportunities Program; LISC's National Equity Fund ; Building Better Communities Fund

SC Categories:

Expanding Investment in Housing and Other Real Estate
Increasing Family Wealth and income
Stimulating economic activity, locally and regionally