Wednesday, May 10, 2023

GoLocalProv Business Team

The City of Providence desperately needs more quality living spaces. There are estimates that Rhode Island needs an additional 5,000 living units to meet demand and stabilize prices. Apartment prices have skyrocketed in Providence in recent years.

With interest rates climbing, many of the biggest proposed apartment projects are shutting down. The 400-unit Fane Tower was scrapped, and the Superman building’s revitalization into apartments continues to be delayed.

One development team quietly continues to press forward, developing new living, retail, and restaurant spaces on Federal Hill and in the West End.

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The newest project on Atwells Avenue on Federal Hill is now under development, and business partners Anthony Rosciti and Mike Lemoi continue to move forward with high-quality projects intermixed into the neighborhoods.

“The current project on Atwells will have a commercial space for a new restaurant along with 22 apartments. The project cost is $7.8 million for the construction,” said Rosciti.

“In total, we have invested $75 million in the West End and Federal Hill over the last four years,” said Rosciti.

The Atwells Avenue project included taking down a former mafia-tied building for the 22 new units.

More Apartments than Superman Building

In total, the two business partners have built nearly as many units as the Superman building will provide, if the project ever moves forward — the Superman building redevelopment as proposed is slated for 285 units.

To date, the Superman building’s owners, High Rock Development, have yet to provide the state a pro forma on the costs of the project or prove that the project has received financing a year after the project was announced by state leaders.

“We have five buildings with a total of 105 units, and an additional 138 units on the West End,” said Rosciti. One of the top projects was the development of an apartment complex at 1290 Westminster Street.

The two said they are proud of the work they have done in elevating the neighborhoods. The projects have provided hundreds of new apartments — high-quality and attractive places to live.

“We have added 243 units of high-end apartments with four commercial spaces. We have revitalized the area by redeveloping vacant buildings, empty land, and buildings that were falling apart.  One parcel which was vacant for years now has a great restaurant Pianta,” said Rosciti.

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