PBN: Cornish purchases Lapham Building for $2.7M, sees trouble in historic tax credit cuts

lapham-building

Providence Business News reports on Cornish’s purchase of the historic Lapham Building on Westminster Street:

Cornish Associates LP has added to its Westminster Street portfolio again.

The Providence firm responsible for much of the residential redevelopment of downtown has purchased the historic Lapham Building for $2.7 million, director of development Steve Durkee confirmed Monday.

As with its neighboring properties, Cornish intends to convert the vacant nine-story office building at 290 Westminster St. into apartments with shops and eateries at street level.

However, those plans could be delayed if state lawmakers do not provide funding for Rhode Island’s historic tax credit program, which Cornish was hoping to deploy on the Lapham project, Durkee said.

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Providence Business News: Living downtown a draw for next-gen talent, jobs

Providence Foundation executive director Dan Baudouin writes an Op-Ed for Providence Business News about the value of mixed-use residential development in Downtown Providence:

Some have questioned the value of residential and mixed-use developments in downtown and other parts of Providence. Their question: “Don’t we need jobs, not housing?” The answer: Residential and mixed-use projects will produce jobs, as well as other long-term benefits to our city and our state.

Projects such as those planned at The Foundry, the Kinsley Building, and even the Industrial Trust Building at 111 Westminster (aka the Superman Building), are needed to support a strong and comprehensive economic-development strategy.

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