Dezube said the building could cater to a wide range of tenants, from “young professionals all the way up to empty nesters who want to come back to Providence,” he told the Globe in an interview.
“The units are going to be large, spacious, with views of the water,” he said. “I do expect them to be some of the best apartments on the market in Providence.”
He described it as a “full amenity” building with a gym, roof deck and other outdoor space. There would also be a public kayak launch built on the property and a walkway down to the river.
Part of the building — potentially the top floors — could be condominiums, while the rest of the building would be rental units. Dezube said the price of the condos would depend on the market when the building opens, estimated to be in 2027.
Rental units could range from $2,100 for a one-bedroom apartment to more than $3,000 for a large two-bed, two-bath unit with a deck, he said.
The firm purchased the property for $2.3 million last year, according to city records.
A view of the proposed development at 27 East River Street from the river.Handout
Dezube and Diamond said most of the two-acre site is currently overgrown and contaminated with lead, arsenic and petroleum, as it once held a gas station years ago. The project will include remediation of the contamination, in conjunction with the R.I. Department of Environmental Management.
The project could “open up the waterfront” in an area where the public cannot currently access it, Diamond said.
A small boutique called Simple Pleasures remains open near the edge of the property, which the developers said could potentially stay there depending on the store owner’s plans and the final construction plans.
The proposal does not include any affordable units, which could result in pushback from the progressive-leaning Providence City Council when the developers eventually seek tax breaks from the city. Some councilors have recently suggested there should be an affordability requirement tied to issuing tax treaties to new developments.
“As an organization, it’s our mission to create housing for all individuals,” Dezube said. He noted that other buildings being developed by the firm contain affordable housing.
“Affordability is something that we care about, that we’re passionate about, but I don’t think we can commit to have affordable units in this particular building,” he said.
He argued tax stabilization agreements, which reduce a property’s taxes temporarily and then ramp up to full taxation over 20 years or less, are not the right tool to incentivize affordable units that would be deed-restricted for at least 30 years.
The project will need multiple approvals, including from the City Plan Commission and the R.I. Coastal Resource Management Council, because of its proximity to the water. The developers said the foundation of the building will be at 24 to 25 feet above the water level, in recognition of impending sea level rise.
The developers are asking city planners for relief on the height of the building, which is one story higher than what is currently allowed, because of the structured parking underneath the residential units.
A view of the proposed development from East River Street.Providence Architecture and Building Company
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Steph Machado can be reached at steph.machado@globe.com. Follow her @StephMachado.