Pebb Capital has formed a joint venture with Orb Development to acquire a 0.25-acre site in central Providence, R.I., where the partners will build a 131-unit multifamily community. The 110,000-square-foot project will take shape at 155 Chestnut St., within a federal Qualified Opportunity Zone.
The development will also include roughly 8,600 square feet of retail and will be built with modular construction techniques. The property is intended to serve a growing population of young professionals within the city’s Jewelry/Innovation District, with proximity to a host of institutions and employers including Brown University, Cambridge Innovation Center, Rhode Island School of Design and Johnson & Johnson’s upcoming health technology center.
A proposal recently shown to the Providence Downtown Design Review Committee calls for a 12-story building to replace the two existing buildings on the site, according to a report by Providence Business News. The residential component would span 11 floors, with a mix of studio, one- and two-bedroom apartments. The ground-floor retail space could potentially host a yoga studio, spinning room, coffee shop and other facilities, according to the proposal.
Pebb Capital has already splashed out $250 million in Opportunity Zone deals across the U.S. The investment firm, which has a portfolio exceeding $1 billion, last year broke ground on a 153-bed student housing community serving Columbia University in New York, via a joint venture with TriArch Real Estate Group.