In October 2020, as a part of a public RFP process, the I-195 District Redevelopment Commission selected Pennrose as the designated developer to revitalize Parcel 9. The site is located in the Fox Point neighborhood, a primarily residential district of Providence with access to transit, the City bike/pedestrian path (“City Walk”), local resources and amenities, and plenty of downtown jobs and educational opportunities.
Tempo and Tandem will be a mixed-use, mixed-income development constructed in two distinct phases. A total of 127 residential studios, one-bedroom, two-bedroom, and three-bedroom rental units are planned. A HeadStart childcare facility and additional commercial and public spaces will support an active community and the broader Fox Point neighborhood.
Pennrose’s proposed blend of market rate, middle-income, and affordable units are typical of many highly successful mixed-income developments. Building diverse, high-quality housing at Parcel 9 will offer a new level of access to economic opportunity for households across the income spectrum. The project will attract innovative young professionals seeking tech jobs, young families or individuals looking to access the range of jobs and schools, empty nesters looking to downsize and relocate to a more accessible, active community, etc. Furthermore, the project will offer an economic boost by injecting vibrancy and “feet on the street” to support businesses in Fox Point and in to-be-developed blocks of the Innovation District alike.
Parcel 9’s location adjacent to the popular City Walk path is a tremendous asset. The development celebrates the City Walk by adding landscaping and urban design investments, and commercial space with an outdoor seating area (ideal for a restaurant or café) oriented towards the path. Dedicated bike storage will further encourage car-free transportation. Pennrose believes that safe and comfortable pedestrian and bike access to jobs and amenities is a key piece of economic opportunity and should be amplified wherever possible.
The two commercial spaces along City Walk and Alves Way will play a role in making adjacent South Main Street – long a high-speed, auto-oriented corridor – into an active and pedestrian-friendly piece of the Innovation District. Coupled with planned residential and commercial development across Main Street (including a recently completed grocery store), the development will bring foot traffic, City Walk users, and its own ground floor storefronts to help make a more dynamic and complete mixed-use environment.
The first phase of development, Tempo, has been funded by both 9% and 4% Low Income Housing Tax Credits, HOME funds, Housing Trust Funds, and additional sources from Rhode Island Housing (RIH), the City of Providence, traditional debt and equity, and operating subsidy through the Providence Housing Authority and RIH. Construction on this initial 66-unit building with a childcare facility and nonprofit commercial space began in Summer 2023 and will be completed Fall 2024. The second phase, Tandem, will be financed with similar Local, State, and Federal resources.