NTCIC Financing

$10.4 Million in Federal HTCs and NMTCs

Total Development Cost

$16.9 Million

Project Partner

AS220

Washington Street
History

Washington Street

The Mercantile Block, located at 125-135 Washington St, dates back to 1901 and is composed of several buildings that were joined over time. It is owned by AS220, Providence’s leading nonprofit artist support organization, who renovated the abutting Dreyfus Hotel in 2006, which is home to artist live/work studios and a popular restaurant and bar. Both buildings are about a block away from the arts organization’s main space at Empire and Washington Streets.

Building the Block
Revitalization Efforts

Building the Block

The $16.9 million renovation project created retail and office space, a restaurant, and 22 artists’ live/work studios in a 50,000 square foot, four-story plus basement building. Tenants include a small-scale workshop offering digital fabrication called the Fab Lab, a silkscreen shop, and nonprofits such as College Visions, a program that helps disadvantaged youths apply to college and the Rhode Island Council on the Humanities (RICH). AS220’s vision is for the building to become a hub for the city’s thriving arts and business district.

Community Impact

Providence Arts and Entertainment District

The Mercantile Block project rehabilitated a nearly vacant building in a distressed, low-income census tract in downtown Providence. The completed building includes 22 live/work studios, 16 of which are affordably priced, and an entire floor of below-market office space and work studios for artists and arts-related business, including several nonprofit organizations. This project represented another step in the creation of the Providence Arts and Entertainment District and had a large impact on the area’s ongoing revitalization.

NTCIC & Progress

Economic Impact

Mercantile Block was made possible, in part, by NTCIC through a $10.4 Million investment generated by both federal Historic Tax Credits and New Markets Tax Credits.

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Historic Tax Credits

$6.5 Million Federal

Total Development Cost

$46.7 Million

Project Partner

Urban Smart Growth

Webbing Company Mill
History

Webbing Company Mill

Webbing Company Mill in Pawtucket, RI was originally constructed as a manufacturing facility for fabric products for the Hope Webbing Company, founded in 1883 by Charles Sisson and Oscar Steere. The facility manufactured fabrics using many different types of fibers including cotton, jute, wool, and silk. Textile was the dominant industry in Pawtucket in the early 1900s, along with machine shops and iron works. The oldest portion of the main mill and the boiler house were built in 1889, and the mill grew by numerous additions through 1914. The preparing building was built in 1902 and enlarged in 1913. The company occupied all or part of the premises until 1994.

The Final Phase
Revitalization Efforts

The Final Phase

Hope Artiste was part of the final phase of a decade-long redevelopment of the five-story mill. After its rehabilitation, the mill now contains 149 loft-style apartments. The unit mix includes all 1-bedroom units ranging in size from 500 square feet to 1,431 square feet and offers open space living with exposed brick, high ceilings and large windows. The prior phases of the redevelopment converted 250,000 square feet of the mill into a successful mixed-use destination that supports over 130 businesses including arts, entertainment, local food, retail shops, light industrial workshops, and professional office suites. It also includes a bakery, coffee shop, restaurant, music venue, theater, fitness and yoga studio, event space, and a wintertime farmer’s market. Hope Artiste is connected to the first phases of the mixed-use project via two enclosed sky bridges and an underground tunnel.

NTCIC & Progress

Economic Impact

Hope Artiste was made possible, in part, by NTCIC through an equity investment in the $6.5 million in federal Historic Tax Credits (HTC) generated by the project.

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Energy Tax Credits

$45 Million

Megawatts

55.2

Project Partner

Revity Energy

Impact

Sustainability

Renewables for Rhode Island
Project Details

Renewables for Rhode Island

In collaboration with new partner Revity Energy and NelNet, Inc., NT Solar facilitated a $45 million solar tax credit investment through its Climate Impact & Revitalization Fund. Completed in December 2023, the installation is currently the largest solar array in Rhode Island, generating nearly 70 gigawatt hours of renewable energy each year.

The Revity Energy project will provide power to corporate, municipal, university, and hospital offtakers, providing users with meaningful discounts as compared to conventional utility bills.

Impacts

Environmental Sustainability

The 55.2-megawatt (MW) portfolio will generate an estimated 70 gigawatt-hours (GWh) over the life of the project, which is the equivalent to:

9,500 homes

Taking 9,500 homes off the grid annually

55 Million Pounds of Coal

Offset burning nearly 55 million pounds of coal

58,000 Acres of Forest

Sequestering same amount of carbon as over 58,000 acres of forest

About Revity Energy

Partnership at Work

Revity Energy develops, constructs, and operates renewable energy generation facilities for the benefit of community partners. Its customer-centric approach gives it an intimate understanding of the needs of the communities where it develops projects, allowing it to offer tailored, effective energy solutions.

Revity is committed to achieving the common goal of a carbon-free environment through its expertise in renewable energy development. Committed to sustainability and corporate social responsibility, their projects make economic sense for communities while leaving a positive impact. To learn more, visit: www.revityenergy.com/

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Energy Tax Credits

$23 Million

Megawatts

19.4

Project Partner

Kearsarge Energy

Impact

Sustainability

Innovative Environmental Impact
Project Details

Innovative Environmental Impact

In partnership with Kearsarge Energy, a Boston-based developer with a focus on Community Solar initiatives, NT Solar financed over $23 million in solar tax credit investments for a portfolio of four installations located across Massachusetts, New Hampshire, and Rhode Island. This is NT Solar’s second investment with Kearsarge Energy and was made possible through NTCIC/NT Solar’s newly established Climate Impact and Revitalization Fund (CIRF).

The installations will include a variety of environmental and innovative aspects, including brownfield remediation, the utilization of land on a capped landfill, and the incorporation of battery storage for energy production. The off-takers include municipalities that will achieve savings on their conventional utility bills that may support a variety of community services. The installations will generate nearly 19.4 Megawatts (MW) of power.

Impacts

Environmental Sustainability

The 19.4 MW installations will generate an estimated 920 gigawatt-hours (GWh) over the life of the project, which:

7,800 homes

Generating electricity to take 7,800 homes off the grid for 25 years

720 Million Pounds of Coal

Equivalent of burning nearly 720 million pounds of coal

798,000 Acres of Forest

Sequesters same amount of carbon as over 798,000 acres of forest

73 Million Gallons of Gas

Offsets emissions from 73 million gallons of gas annually

About Kearsarge Energy

Partnership at Work

Kearsarge Energy is a full-service renewable energy project development, finance and holding company, with a mission to build a more sustainable world and to provide superior returns to all project stakeholders, including the communities in which they work.

Founded in 2009, Kearsarge has developed and financed more than 60 MW and $180 million of solar PV projects and is rapidly growing its business in select markets across the U.S.

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Energy Tax Credits

$2 Million

Megawatts

3.3

Fair Market Value

$6.9 Million

Project Partner



Nautilus Solar

Impact

Sustainability

Residential Solar
Project Details

Residential Solar

The Goat Island installation is 3.3 MW DC solar field located in Burrillville, Rhode Island developed by Nautilus, a nationally recognized solar developer in business for more than 10 years, with 125+ MW of solar installations in operation. The project will produce clean, renewable solar energy for residential customers across the state and is estimated to produce approximately 4,512,000 kWh during the first year of operation based on long term resource data and average precipitation for the region.

Impacts

Environmental Sustainability

The 3.3 Megawatt (MW) portfolio will generate an estimated approximately 4,512,000 kWh over the first year of operation. Projected energy impacts include:

550 homes

Generating electricity to take 550 homes off the grid for 25 years

3.4 Million Pounds of Coal

Equivalent of burning nearly 3.4 million pounds of coal

3,700 Acres of Forest

Sequesters same amount of carbon as over 3,700 acres of forest

360,000 Gallons of Gas

Offsets emissions from 360,000 gallons of gas annually

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