Plans OK’d for 100-unit apartment building on former Route 195 land

PROVIDENCE, R.I. — Revised designs for a new apartment building on former highway land, adjacent to the historic Irons & Russell Building at 95 Chestnut St., won final approval Monday night from the I-195 Redevelopment District Commission.

Co-principal owners Zachary G. Darrow and Joseph Kelly, of the Providence-based firm Waldorf Capital Management, said construction of the $33- to $34-million project could start late this year or early in 2018. It would take 14 to 15 months to build, Kelly said.

The firm signed a purchase and sale agreement with the commission in December for Waldorf to pay about $1.25 million for six-tenths of an acre — known as Parcel 30 — bounded by Friendship, Chestnut, Clifford and Claverick streets. That price is based upon the assumption that Waldorf’s 100-unit apartment building will contain 116,450 square feet of leasable space. The sale price may rise if the building size increases, but it won’t go down, according to the agreement.

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