Speaker numbers apply only to this recording.
The Special Committee on Ways and Means held a public hearing on October 21, 2026, to consider four proposed tax stabilization agreements (TSAs) for properties in Providence. No votes were taken; the items will be forwarded to the full committee for further consideration.
Applicant Oref Shahade and attorney Dylan Conley presented a proposal for 256 Broadway, a large historic building. The project includes 11 residential units (10 in the main building plus a historic house in the back) and retains two existing commercial tenants (Lemay Hot Pot and Bagel Express). Conley noted the application process spanned nearly three years due to structural challenges discovered after purchase, including the building's brick shell being structurally disconnected from interior framing. Multiple engineering firms declined the project before WSP undertook it. The applicant explained that the TSA is needed to stabilize the building financially and physically, and to enable future development on an adjacent vacant lot. Committee members asked about the timeline, the number of units, and historic designations.
Mr. Shahade also presented 298-300 Broadway, two structures on a small lot, currently housing the Shasti restaurant. The project proposes 18 residential units with a uniform pricing model covering utilities and internet, targeting approximately 95% of area median income. The applicant noted the project required multiple historic commission reviews and that three additional units were added by raising the floor of the rear building. Conley addressed that the property had appeared on a tax delinquency list early in the year but was paid in full, explaining that construction had begun before the TSA was heard due to predictable timelines at the time. One committee member expressed concern about the tax arrears, while the applicant stated it was an isolated incident.
Attorney Conley presented on behalf of applicant Jupyro Bambala for 730 Douglas Avenue. The project has been selected for the Executive Office of Housing’s homeownership grant program, creating a mixed-ownership building with 10 affordable owner-occupied condos (for households at or below 120% AMI) and 8 market-rate rental units. Anticipated sale prices range from under $200,000 for the last units to mid-$300,000 for early units. Bank financing is in place, and groundbreaking is expected in spring 2027 due to winter moratoriums. Committee members inquired about the timeline and the affordable unit square footage.
Attorney Conley presented without the applicant present for 239 Oak Street, an adaptive reuse of a formerly abandoned mill. The project will create 26 studio apartments and has received full city permits, though faced delays with the Narragansett Bay Commission. Conley noted that Councilman Vargas has expressed support in writing. The construction cost for the category one costs is approximately $2.99 million, reflecting the high per‑square‑foot cost of studio units. Conley described the project as "attainable" but not deed-restricted affordable. Committee members asked about the project status and the owner's other developments.
Calling uh this uh special committee on ways and means public hearing to order. Uh if you plan on testifying on any of the items uh before us today, please uh sign up at the table at the front. Um since it is a public hearing, we do not need to do roll call, but I will recognize my uh vice chair for today is uh counselor Peterson, uh Counselor Davidson is with us. Uh Kenny from our city solicitor's office uh decided to join us today. And of course, our uh Madam Clerks, Donna and Clarissa, thank you. Can we please uh get item one read into the record? And can we please uh bring uh the sheet one up to read whoever's gonna testify on this? Item one, an ordinance establishing a tax stabilization agreement for 256 Broadway. Thank you. Um Dylan Conley, on behalf of the applicant, I have uh the applicant with me. Name Oref Shahade. And uh so I think what we want to do is you have this printout. You have this printout in front of you. Uh Ref will walk you through it. I'll be here to answer questions and the details. Uh I think what is interesting and of note here is the timeline between draft of the submission, actual submission, and today uh spans almost three years, uh about two years from submission until today. So at the time of application, this was a very different project than what has come about. And uh I think that travel will be interesting specific to this project, but also in general, sort of the risk that you take on when you do an adaptive reuse of an old building. Thank you. All right. So uh 256 Broadway is uh a large building on on Broadway. You you know, if you're uh familiar with Broadway, you're familiar with this building. Um so we've we've owned it for a few years now. It's um it's it's quite a large site. In fact, it's probably the largest undeveloped lot on the on you know the stretch of Broadway. Uh this property had sort of its challenges from the very beginning. Um right when we purchased it, we had we had different plans on what we were gonna do with the project. But what we learned is that we have to essentially keep the tenant there. And uh we agreed to sign a very long lease with with that restaurant, Lemay Hot Pot. Uh because of that, you know, we on on one hand we did keep uh commercial tenant that's been there for a long time. Uh same with Bagel Express. Uh on the other hand, it presented with uh issues that were on you know, uh we really didn't know what to expect. So one of one of the the main issues about this building and and really buildings like this that are developed really pre-1900 is is the structure. So this building, once we we actually removed a lot of the the framing and and the uh the plaster, we realized that it actually is completely disconnected from the brick of the building. So picture just of a structure of bricks. Um so anything that's gonna be new with with framing and that kind of thing is a is a completely new structure from the basement all the way to the to the roof. In fact, we had uh three or four pretty you know sizable engineering firms that that turned down this project because of its complexity, and the only ones that actually ended up doing it is uh WSP who do very large projects, one of which is you know downtown and uh Brown. So I want to interject for one moment. Uh for the sake of timeline, uh the being required to keep the tenant and the discovery that the engineering was as complex as it was, is post-site acquisition post-original application for TSA. So the entire pro forma of the project and the cost associated with the project shifted very dramatically post-site acquisition and post-original application for the TSA. Yeah,