Also last week, the 195 commission approved spending $300,000 from its 195 Fund to cover commission expenses for legal and design work associated with Wexford’s application, McNally said. Separately, the Wexford project has gotten $19.5 million from the fund.
The commission and the R.I. Commerce Corporation have approved a total of about $40 million in tax credits and other incentives for this project, which is expected to bring the Cambridge Innovation Center, Brown University’s School of Professional Studies and technology companies together and to include an Aloft hotel by Starwood Hotels & Resorts. They’ll build on a portion of Parcels 22 and 25.
Those incentives have included the value of the land, which the commission agreed not to sell to Wexford.
However, the commission voted Monday to subdivide the land where Wexford, of Baltimore, and CV Properties, of Boston and Southport, Conn., expect to build, McNally said.
Wexford will now buy its land, valued at $3 million, for $1 to build its innovation center. However, CV Properties will buy its land for $1.5 million, McNally said.