King Street Commons

Providence, Rhode Island

One Neighborhood Builders (ONE|NB), a non-profit community development corporation, knew that there was a dramatic need for additional early learning space in the Olneyville neighborhood of Providence. Lack of quality child care was a key issue in the neighborhood plan. Vision combined with a vacant and blighted lot provided a unique opportunity to incorporate early learning space into a mixed use development co-locating Head Start and child care classrooms with 30 units of new, affordable housing. ONE|NB developed and will own the space, leasing it at below market rates to the local, high quality Head Start provider.

Year CompletedProposed June 2021
Construction TypeNew construction of mixed use
development
Total
Development Cost
$1,725,204 (tenant fit out only –
total development project cost is
estimated at $17,231,410)
Sources of
Funds/Capital Stack
Predevelopment Grant
Predevelopment Loans
RIHousing Loans
Recoverable Grants
Low Income Housing Tax Credit
Square Footage8,367 SF
# of Children76
# of Classrooms2 infant/toddler classrooms
3 preschool classrooms
Construction Cost/Child$22,700/child
Construction Cost/SF$206/SF
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