PROVIDENCE, RI—Locally-based Orb Development and joint venture partner Pebb Capital of Boca Raton, FL has acquired a 0.25-acre Qualified Opportunity Zone site here and plans to build a mixed-use project there.
The property is located at 155 Chestnut St. in the Innovation District, previously known as the Jewelry District. The partnership plans to construct a modular 110,000-square-foot, Class A, mixed-use development that will feature 131 multifamily units and approximately 8,600 square feet of retail space at the quarter-acre site.
“The combination of Providence’s strong market fundamentals and the project’s differentiated offering represents a unique opportunity to continue our urban young professional business plan,” says Todd Rosenberg, co-founder and managing principal of Pebb Capital. “This acquisition also furthers Pebb Capital’s investment strategy in Opportunity Zones, from South Florida to the Northeast.”
Following the recent relocation of I-195, the Innovation District is now directly connected to Downtown Providence. The once-isolated submarket market is undergoing a revitalization, which is creating a dynamic, thriving place to live, work, and play.
“Pebb Capital’s vertically-integrated platform coupled with Orb Development’s deep local knowledge and development expertise will be instrumental in bringing this project to fruition,” says Michael Corso, principal of Orb Development. “We look forward to working with the local government to finalize our plans for this transformative project.”
The Rhode Island property purchase continues Pebb Capital’s urban specialty housing strategy and its other $250 million investments in QOZ’s in major U.S. markets.
Pebb Capital’s portfolio in Qualified Opportunity Zones also includes a property in Delray Beach, FL, currently under contract. The company has aggregated over $1 billion of real estate investment value across its four investment verticals since 2013.