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Frequently asked Questions About the Plant

What is The Plant?

The Plant, which opened in 2006, is an 86,500 sq ft mill redevelopment project on Valley Street in the Olneyville neighborhood of Providence. Responding to the rapid rate of residential displacement, The Plant offers an alternate type of “true live/work” and commercial space for lease. Our rental live/work units range from 500 sq ft to 3,500 sq ft and offer ultimate flexibility to meet the needs of small business people and artists who want to work at home. Over 26,000 sq ft of first floor commercial space is also available.

Is it Affordable?

The Plant offers affordable Live/Work space. Currently, 6 units are affordable at 60% of AMI – the same affordable housing guidelines used by local CDCs, including projects being developed by Olneyville Housing Corporation and the West Elmwood Housing Corporation.

What about Gentrification?

PUENTE acquired The Plant project in 2003, at a time when it was uninhabitable, and 0 residents were occupying it. Today, with 13 units under lease, 9 of them come from residents in the community (02909 zip code), 2 from the city of Providence, and 2 from tenants attracted to Providence’s arts community.

What about Community Investment?

The Plant has contributed to the community in a number of ways:

• Nickerson House/GTECH Community Computer Lab: The Plant will provide space for a community computer lab and training center, still under development, headed by local social service agency, Nickerson House.
  
• PUENTE spearheaded a public art project on the smokestack at The Plant. A collaboration between PUENTE and local artist Gillian Christy, this project created a dramatic urban signifier that will have tremendous impact on the perception of the neighborhood, community pride, sense of place, and the role of the arts in community building and development.

What about local hiring?

PUENTE is committed to hiring local contractors and Minority and Women owned businesses. To date:

• 20% of contractors are minority and women owned businesses.
• Forty Providence residents are working on the job. 73% are from the 02909 or 02908 zip codes.

How Is The Plant Being Financed?

While The Plant is considered to be a marginal project by the financing community due to its low rents, we have succeeded in securing financing through a combination of traditional financing mechanisms, state and federal historic tax credits and new market tax credits.