Providence's Skyline Set to Soar with Proposed Tallest Building Amid Housing Crunch

A Cranston, Rhode Island-based real estate developer has set its sights on reshaping Providence's skyline with a bold proposal for one of the city's tallest buildings yet. The plan comes amidst a pressing need for more housing in the area.

According to a report by The Boston Globe, a subsidiary of Procaccianti Cos. has submitted plans to demolish the Hilton hotel it currently owns, paving the way for the construction of a towering 30-story apartment building at 21 Atwells Ave. The proposed development would offer 216 units spanning a mix of studio, one-, two-, and three-bedroom configurations, complemented by an eight-story parking deck boasting 248 spaces.

Standing at a soaring height of 326 feet, the apartment tower promises to redefine Providence's skyline while addressing the city's housing shortage. The proposal is currently under review by the city's Downtown Design Review Committee.

This isn't the first time Procaccianti Cos. has ventured into the realm of residential development in the area. Nearly a decade ago, the company floated a similar residential tower concept as part of a larger $1 billion real estate investment initiative known as The Power Block. However, the project failed to materialize.

Situated across the street from the bustling Amica Mutual Pavilion, which hosts various sporting events, concerts, and gatherings, the proposed development offers an enticing residential option for those looking to relocate from neighboring Massachusetts while maintaining accessibility to Boston's urban core.

Providence's housing crunch has become increasingly pronounced in recent years, with developers lamenting the city's insufficient tax incentives to stimulate new housing construction. Despite the city's popular tax stabilization agreement, which gradually increases tax rates over time, incentives have been sparse until recently, leaving developers grappling with financial hurdles.

The demand for housing in Providence mirrors trends seen in larger metropolitan areas like Boston, where supply struggles to keep pace with demand. With over 96% of rental units occupied and rent prices on a steady incline, Providence faces similar challenges in meeting its residents' housing needs.

In response to these challenges, ambitious redevelopment projects are underway, such as the proposed transformation of the iconic Superman Building into residential, office, and retail spaces. Additionally, plans are in motion to convert the Lauderdale Building into housing units, marking a significant shift in the city's real estate landscape.

As Providence navigates its housing crisis, ambitious developments like the proposed 30-story tower offer a glimmer of hope, promising not only to reshape the city's skyline but also to address the pressing need for more housing options in the heart of Rhode Island's capital.

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