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Providence's future is 'Around the Corner'

2:38 PM Wed, Feb 27, 2008 |
By Benjamin N. Gedan    Email this author |   Email this entry
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Journal archive photo/Connie Grosch
Developer Arnold B. Chace.


Tax credits for developers who rehab historic buildings played a key role in the rebirth of Downcity, according to a New York Times story about developer Arnold B. Chace
and the city's "renaissance."

Chace's firm, Cornish Associates, has created 196 loft apartments by renovating eight buildings, the Times reported. About 95 percent of the apartments are occupied. The lofts range from 550 to 2,700 square feet and rent for $500 to $3,000 a month.

The tax credit program has come under attack recently by some lawmakers and advocates for the poor, who say the giveaways are too costly at a time of steep budget deficits.

“It took a major effort, changes in zoning and getting legislation passed to make this work,” Thomas Deller, executive director of the Providence Redevelopment Agency, told the Times.

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