2003 Section 108 Project Summary - Rhode Island

Economic Development

East Pointe Commercial Development
BORROWER: EAST PROVIDENCE
STATE: RI
COMMITMENT AMOUNT: $3,000,000

The City of East Providence, Rhode Island has been awarded a $3,000,000 Section 108 Loan Guarantee to partially finance development of the East Point Commercial Development Project. The City intends to redevelop the 27 acre former Ocean State Steel Manufacturing Company site into mixed-use office, retail, and residential space. A public park, 75,000 sq. ft. of retail/office space and 500 units of market rate housing will be developed on the site. Additional financing for the project is in the form of a HUD Brownfields Economic Development Initiative (BEDI) grant in the amount of $2,000,000. Overall project costs are estimated in the rage of $20 million.