Commerce approves funding for Pawtucket project, new jobs

Commerce approves funding for Pawtucket project, new jobs

PROVIDENCE – The Rhode Island Commerce Corporation Board last week approved financial assistance for a major Pawtucket development project and a separate initiative to bring hundreds of new jobs to the city.

The board approved Rebuild Rhode Island Tax Credits to support a new ground-up 150,000-square-foot mixed development at 71 Dexter St.

The project will feature 150 residential units and 25,000 square feet of retail space near a new train station. As reported by The Breeze in advance last week, the total project cost is approximately $43.5 million. The project was approved for $2 million in Rebuild Rhode Island tax credits and $1 million in a sales and use tax rebate.

“My team and I are very enthusiastic to develop a ground-up, high quality market-rate apartment building with desirous amenities, and retail options, the first of its kind in recent memory in the city of Pawtucket, that will both complement the residences and energize the transit district,” said Lee Peyser, founder of the Peyser Real Estate Group, which is behind the project. “We thank Gov. Raimondo, Secretary Pryor and Mayor Grebien and look forward to bringing our community revitalization expertise to the city of Pawtucket and serving as an integral participant in Pawtucket’s renaissance.”

The board approved incentives for Change Healthcare Options to expand into Rhode Island by locating nearly 300 new employees in Pawtucket. Twenty-seven of those new jobs have been approved for Qualified Jobs Tax Credits worth approximately $480,000 over 10 years.

“Change Healthcare is investing in Rhode Island and its talent,” said Kelley Blair, senior vice president and general manager for Change Healthcare. “After working with Gov. Raimondo and Secretary Pryor, we are not only committed to keeping our current workforce of 250 but also driving significant growth as we expand our center. With the support of the city of Pawtucket and the states leaders, we are eager to continue our mission to provide our partners the tools and services necessary to offer an improved patient experience that leads to better health outcomes.”

Raimondo last week announced that five new real estate development projects are moving forward and Change Healthcare Operations is bringing hundreds of new jobs to Rhode Island thanks to the Rebuild Rhode Island Tax Credit Program and the Qualified Jobs Incentive Act.

“From creating homes to helping local businesses expand, our economic development programs are a proven success. Our continued investment is making Rhode Island a better place to live, work, and start a business,” said Raimondo in a statement.