PROVIDENCE, RI— 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.
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.