11-story apartment building planned for Providence riverfront

The latest proposal for Providence’s riverfront former highway land would bring a curved, 11-story, 149-unit apartment building to the city.

CV Properties of Boston plans to pitch it’s vision for a state-owned site overlooking the Providence River Pedestrian Bridge to the I-195 Redevelopment District Commission, which controls the land, next Wednesday.

CV Properties described the apartment building as the initial phase of what could eventually become a three-building complex combining the 195 District parcels with Brown University land now home to a continuing education building and parking lot.

“This phased project offers immediate housing benefits and long-term potential to significantly advance the economic development, land use, and job creation goals of both the 195 Commission and the City of Providence,” CV Properties founder Richard Galvin said in a news release.

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Rendering of CV Properties' proposed apartment building on the Providence River

Rendering of CV Properties’ proposed apartment building on the Providence River

CV Properties said it was offering the state $600,000 for the 0.3-acre parcel abutting the riverwalk and park built by the 195 Commission leading to the pedestrian bridge.

The site is just to the north of the larger 195-Commission parcel where the 26-story Fane Tower apartment building was slated to go before it was abandoned last month.

Of the 149 apartments in the planned CV Properties building, 10% of them, or about 15 apartments, would be reserved for “workforce housing,” which is typically for people making up to 120% of the Area Median Income.

Initial plans for the building include 37 studios, 75 one-bedrooms, 30 two-bedrooms and seven three-bedrooms, according to documents submitted to the 195 Commission.

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Rendering of proposed apartment building on the former Route 195 land in Providence

Rendering of proposed apartment building on the former Route 195 land in Providence

CV Properties plans to seek a property tax treaty from Providence, Galvin said.

The ground floor of the building would have shops and restaurants.

The top floor of the proposed building will include a “green roof and rooftop amenity deck,” it said.

“The full, phased project will enhance the pedestrian experience of the park and riverfront, and connect to the surrounding neighborhood,” CV Properties said in a news release. “The plaza adjacent to the residential building will offer an important connection between the park and Dyer Street, as well as an opportunity for community programming.”

Renderings of future phases of development show two more buildings with a combined 400,000 square feet of laboratory and commercial space on what is now the Brown property.

The apartment building proposal is the latest in a series of projects CV Properties was involved in within a few blocks, including South Street Landing, the Wexford Building and the Aloft Providence Hotel.

This article originally appeared on The Providence Journal: 11-story apartment building proposed for Providence’s former 195 land