Bank Rhode Island is proud to be playing an important role in helping a local, nonprofit arts organization redevelop a former downtown Providence hotel.
AS220, a nonprofit arts organization based in Providence, is redeveloping the former Dreyfus Hotel into a mixed-use building that will provide affordable studios for artists, a restaurant and pub, and affordable retail space for a start-up venture. BankRI, 
which is providing favorable financing terms for the project, believes the redevelopment is an example of a public-private partnership at its best. In addition to BankRI, the project is also being funded with state and federal Historic and New Markets tax credits. The City of Providence and R.I. Housing are supporting the effort, as well.
The former Dreyfus Hotel was built in 1890 and enlarged considerably in 1917. The Dreyfus served business travelers, as well as patrons and actors from the surrounding theatre district. The building has been vacant for more than six years.
The adaptive re-use of the Dreyfus by AS220 will transform a vacant, historic structure into a lively, mixed-use development that will create affordable living and working spaces for artists, establish new venues for dining, arts programming and retailing; and generate new jobs. The building will be returned to the tax rolls, 
paying property taxes for the first time in more than 30 years. It will also help jumpstart redevelopment in an area of downtown that has lagged behind the extensive revitalization that has been underway in Providence for the last decade.
Construction began in February 2006 and is expected to be completed by March 1, 2007.