Churchill & Banks
C&B, a leading Rhode Island developer, is in the process of transforming the state’s skyline. The company is ready to break ground on the highly anticipated Kettle Point Development in East Providence, Rhode Island. This parcel of land, once the site of large gas tanks, is soon to be transformed into a residential waterfront community.
This $80 million dollar project will result in a 48-acre, 407-unit residential property comprised of both luxury apartments and condominiums, and is expected to generate over $14 million in additional taxes for East Providence over 25 years. The development received just over $9 million in Tax Increment Financing to support public improvements related to the project, such as site remediation, after East Providence City Council expressed unwavering support and enthusiasm for the project, approving the plan with a unanimous, 5-0 vote. All agreed that the highly detailed plan offers East Providence major assets at low, exclusively bondholder and developer-held risk. Based on market research, which indicates demand for such properties among certain targets of the community, as well as the subsequent creation of almost 800 jobs, the plan promises major benefits to the city of East Providence.