The revitalization will deliver a vibrant mixed-income, mixed-use community in Providence’s Fox Point neighborhood

Pennrose, the I-195 Redevelopment District Commission, the City of Providence, and project partners celebrated the grand opening of Tempo and the groundbreaking of Tandem, the two-phase transformation of a I-195 District parcel into a 127-unit mixed-use, mixed-income community. Once complete, the development will deliver affordable and market-rate housing, 1,100 square feet of ground floor retail, an affordable childcare facility, and a public plaza.

Speakers at the event included Brett Smiley, Mayor, City of Providence; K. Joseph Shekarchi, Speaker, Rhode Island House of Representatives; Louis DiPalma, Senator, Rhode Island Senate; Deborah Goddard, Secretary, Rhode Island Department of Housing; Kim Merolla-Brito, Director, Rhode Island Department of Human Services; John Goncalves, Ward 1 Councilor, Providence City Council; Carol Ventura, CEO & Executive Director, RIHousing; Marc Crisafulli, Chairman, I-195 Redevelopment District Commission; David Caprio, President and CEO, Children’s Friend; Becca Schofield, Developer, Pennrose, LLC; Karmen Cheung, Regional Vice President, Pennrose, LLC.

Tempo (phase I), which broke ground in June 2023, delivers 66 high-quality apartments with studio, one-, and two-bedroom units available to residents at 30% to 120% of the Area Median Income (AMI), as well as market rate units. The brand-new, pet-friendly apartments feature open concept floor plans; modern kitchens with dishwasher and electric range; in-unit washer and dryer; luxury vinyl plank flooring; and individually controlled heating and cooling.

Phase I also delivered the ground-floor storefront and the 6,900 square foot childcare facility for Children’s Friend, a Providence-based nonprofit serving Rhode Island’s most vulnerable children and families. The center meets all Head Start requirements and offers affordable care for infants, toddlers, and pre-school aged children.

Tandem (phase II), which is expected to be completed in 2026, will add an additional 61 affordable, workforce, and market rate rental homes to the site. Residents of both Tempo and Tandem will enjoy access to the community’s robust amenities, including a rooftop deck, inviting resident lounge, fitness center, bike racks, outdoor courtyard and play area, free Wi-Fi, and more.

“We’re proud to work alongside the I-195 Redevelopment District Commission and project partners to bring the vision of high-quality, mixed-income housing, activated public space, and affordable childcare to life within the Innovation District,” said Karmen Cheung, Regional Vice President at Pennrose. “Today’s ribbon cutting is a significant step forward for the Parcel 9 transformation, and we look forward to welcoming residents into their brand-new homes and continuing momentum with phase II.” 

“These two properties are key pieces of the neighborhood we’re building in the 195 District,” said Marc Crisafulli, Chairman of the I-195 Redevelopment District Commission. “We’re so excited to welcome residents, their children, and new businesses to the District and look forward to seeing the growth and positive economic impact that will follow.”

“Tempo and Tandem are about more than providing quality, mixed-income housing, they’re about improving overall quality of life for residents and the neighborhood at large,” said Marsha Blunt, President at Pennrose Management Company (PMC). “Our ultimate goal is to create a vibrant living experience with on-site amenities and tailored supportive services that will benefit the Fox Point community for years to come.”

The community is located directly adjacent to I-195, is well-served by several local bus routes, and borders the popular City Walk bicycle and pedestrian path. RIPTA is also building a new bus shelter adjacent to the site to create better transit access.

The development team worked closely with the local community and stakeholders to ensure the design integrates with and enhances the Fox Point neighborhood, adding vibrancy and “feet on the street” to support local businesses. Landscaping and urban design elements in phase II combined with the Children's Friend childcare facility and storefront, along Alves Way and City Walk, will help play a role in making adjacent South Main Street an active and pedestrian-friendly piece of the Innovation District.

SUPPORT FOR THE PROJECT

"We are proud to support Pennrose to bring these important housing developments to Providence," said Mayor Brett P. Smiley. "Tackling Providence's housing crisis through smart, sustainable, and equitable development at every price point is one of my administration's top priorities. This development brings 127 high-quality, mixed-income homes to our city – along with transit access, retail space, modern amenities, and affordable childcare – all of which respond to our community's most pressing needs."

“RIHousing is proud to partner with Pennrose on Tempo and Tandem, developments that bring mixed-income homes, childcare, and more to a highly desirable Providence neighborhood and increase housing opportunities for Rhode Islanders,” said Carol Ventura, CEO & Executive Director of RIHousing. “We’re dedicated to continuing to support projects like these and look forward to seeing how Tempo and Tandem contribute to the transformation taking place in the 195 District.”

“Parcel 9 is an ideal location for mixed-use development: close to transportation and services, adjacent to biking and walking paths, and near schools, merchants, and services. Rhode Island sorely needs more housing at all price points, and the Tempo and Tandem developments will provide good homes while increasing access and opportunities for the families who will live here,” said House Speaker K. Joseph Shekarchi. “Many partners facilitated the evolution of Parcel 9 to the Tempo and Tandem developments, and I congratulate and thank everyone involved.”

“To effectively address Rhode Island’s housing crisis, we need to act collaboratively and think innovatively,” said Senator Louis DiPalma. “The transformation of Parcel 9 with Tempo and Tandem demonstrates the kind of success we can realize by working together and thinking outside the box. This mixed-use, mixed-income development will bring new life and vibrancy to the neighborhood, and crucially, it has been designed with the needs of the community in mind. On behalf of the Senate, I wanted to express gratitude to all the stakeholders and partners who have brought this exciting project to the Innovation & Design District.” 

“The opening of Tempo and the groundbreaking of Tandem are helping to advance the Governor's RI2030 Plan and Housing 2030—the Statewide Housing Plan,” said Secretary of Housing Deborah Goddard. “Housing is the foundation of many of the goals laid out in the Governor’s 2030 Plan, and these projects are a critical step in addressing Rhode Island’s housing needs. They support both the economic growth and quality of life that the Governor's vision aims to create, ensuring that every resident, regardless of income, has access to safe, affordable housing.”

“I’m so thrilled to celebrate the ribbon cutting for Tempo and the groundbreaking of Tandem - transformative projects in Fox Point that reflect the very best of what thoughtful urban development can achieve,” said Councilman and Senior Deputy Majority Leader John Goncalves. “Tempo’s blend of market-rate, middle-income, and deeply affordable apartments, combined with an on-site childcare center, creates a truly inclusive community where families of all backgrounds can live, work, and thrive. This is the kind of mixed-income, mixed-use development that uplifts the entire city.” 

“Children’s Friend was founded in the India Point neighborhood in Providence over 190 years ago. The opening of this new facility is a step toward meeting the desperate need for affordable high-quality childcare in our community, while bringing our mission and purpose full circle,” said David Caprio, President and Chief Executive Officer of Children’s Friend. “Funding new early education centers takes a village. We are proud to expand our capacity for nurturing early care and education thanks to generous support of the state of Rhode Island, Department of Human Services, Local Initiatives Support Corporation Rhode Island, local foundations, and individual donors.”

Financing for Tempo was provided by both 9% and 4% Low Income Housing Tax Credits from RIHousing that were syndicated by National Equity Fund with Eastern Bank as the investor. Cedar Rapids Bank & Trust provided permanent debt, Eastern Bank provided construction debt, and the project received additional, critical sources from RIHousing (RIH), the City of Providence, the Providence Redevelopment Agency, the Federal Home Loan Bank of Boston, and operating subsidy through RIHousing and the Providence Housing Authority. Children’s Friend was awarded $2.3 million from the Early Childhood Care and Education (ECCE) Capital Fund to support the fit-out of the childcare facility at Tempo.

Financing for Tandem was provided by 9% Low Income Housing Tax Credits from RIHousing. RIH also contributed soft sources for units at deeply affordable rents up to middle-income. The National Equity Fund (NEF) is the project syndicator and Webster Bank is the investor/construction lender. The 195 District provided an acquisition loan. The City of Providence provided HOME funding and the Providence Redevelopment Agency provided key gap financing for the project.

The grand opening of Tempo marks Pennrose’s first completed development in Rhode Island and its continued expansion in the New England market. As the company strives to address the region’s affordable housing crisis, Pennrose also recently celebrated the groundbreaking of Soria, formerly known as Frenchtown Road Apartments, an affordable housing community for low- and moderate-income households in East Greenwich, Rhode Island.