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.Full Story