Council approves tax agreement for $43 million project

Council approves tax agreement for $43 million project

PAWTUCKET – A $43 million mixed-use residential and commercial project took a large leap forward Monday when the City Council approved a 20-year tax stabilization agreement.

The project from the Peyser Real Estate Group, to be located a block from a coming new train station, on a vacant parcel at 71 Dexter St., will include 20,300 square feet of ground floor convenience retail, two restaurants, a coffee shop, a bank, a fresh market, wellness-related retail, a state-of-the-art fitness center, and about 170 parking spaces to support tenants, retail patrons, and retail employees.

Commerce Director Jeanne Boyle said the project will be transformative for the Conant Thread District area, setting the tone for new development here. This is probably the largest project the city has seen in decades, she said, and she’s excited to see it move forward.

Tax Assessor Bob Burns agreed that the project, located near the Central Falls line, will be great for an area that’s been largely devoid of private investment. While much of the city’s economic development goes largely unnoticed within its mills, he said, this project will be very visible as a large building goes up on a private lot.

The developer told the council Monday that the project will hopefully be done by September 2022 when the train station is set to come online, though it could be done a bit earlier.

Councilor John Barry III, head of the council’s finance committee that first approved the agreement to gradually phase in the new value of the property, said this project is a positive for the city and will create a much better situation for Pawtucket as a whole and its taxpayers. Council President David Moran hailed “excellent work” by all involved in planning financing for the project.

“I’m excited about it. I think it’s a great opportunity for the city,” he said.