A new 65-unit apartment building has come online in downtown Providence with small, furnished units, some of which are being made affordable for renters with limited incomes. Built as an office building in 1894, The Studley at 86 Weybosset Street now consists of 5 one-bedroom units, 20 studios, and 40 efficiency/micro-loft units. The Providence Journal took a tour and interested parties should check out that piece for more details and specific dimensions.
There are 14 income restricted units in the building. They will be restricted to people making between 80% to 100% of the area median income. In most of the state, including Providence, that ranges between $57,350 for a single person at 80% of the area median income to $74,200 for 100% of the area median income. The state subsidy for those units is $1.1 million.
The income-restricted units will be two one-bedrooms and 12 studio apartments.
The micro-lofts in The Arcade were scooped up immediately, creating a long waiting list; there has long been a need for “workforce housing.”
The units are all furnished. Apartments.com has more photos and virtual tours. Prices range from $1,500 for the smallest apartments to $2,000. Some of these views are pretty amazing and I kind of love that Murphy beds are still a thing.