BLVD Communities is rehabilitating the Braeburn and Chatham apartments, a 91-unit affordable housing community in Providence, Rhode Island.
The development consist of four locations, all within a 1.5-mile radius—a 21-unit two-story building, 24 townhomes, a six-unit three-story building, and a 40-unit three-story building. The overall unit mix includes one-, two-, and three-bedroom units.
The townhomes are unique as they are two-story masonry buildings that were originally constructed around 1863 and 1864 by the Wanskuck Co., a large mill operator, to house company workers. The buildings are considered historic properties that contribute to the Wanskuck Mill Village Historic District, which is listed in the National Register of Historic Places.
All of the site exteriors will be renovated with a fresh look with the exception of the townhomes, which will maintain the existing historic fabric of the buildings. The building systems will be modernized with a focus on increasing energy efficiency. Each unit will be upgraded with new kitchens, bathrooms, flooring, paint, and LED lighting. The renovation also will include new amenities such as a business center, a dog park, and barbecue and picnic areas.
“It is exciting to kick off our first affordable housing redevelopment in the state of Rhode Island,” said Robert Budman, BLVD’s managing principal. “We are grateful for RIHousing’s assistance in bringing this project to fruition and look forward to more projects within the state in the future.”
The project has a development cost of $25.3 million.
“Preserving the existing housing stock of affordable rental homes is critically important for Rhode Island and its residents,” said Carol Ventura, RIHousing’s executive director. “The acquisition and rehabilitation of two existing affordable developments will provide residents with both interior and exterior improvements and systems upgrades, while also positively contributing to surrounding neighborhoods. And importantly, the affordability of these rental homes has been extended for another 40 years.”
The redevelopment of Braeburn and Chatham apartments will have a positive impact on the community by preserving its affordability for individuals and families who fall in an income range between 30% and 60% of the area median income. All units are covered by a Section 8 Housing Assistance Program contract, and the low-income housing tax credits requirements will keep the property available for income-eligible residents through 2061.
The project team includes:· Developer: BLVD Communities
· Equity Partner: Boston Financial Investment Management
· General Contractor: STAND Corp.
· Construction Lender: Citi Community Capital
· Architect: David Presbrey Architects