Rhode Island Commerce Board Approves New Investments in Housing, Venture Capital, and Broadband Infrastructure
Published on Tuesday, February 25, 2025
PROVIDENCE, R.I. – On Monday, the Rhode Island Commerce Corporation Board of Directors voted to approve tax credits to support new housing in Providence, selected a vendor to administer a new venture capital fund for early-stage startups, and awarded two subgrants for broadband infrastructure improvement projects under the Capital Projects Fund.
“We’re making smart, targeted investments that grow our economy, create good-paying jobs, and strengthen communities across Rhode Island,” said Governor Dan McKee. “By expanding broadband, supporting entrepreneurs, and accelerating housing development, we’re building a more prosperous state for all Rhode Islanders.”
“Investing in early-stage startups, expanding broadband infrastructure, and supporting new development projects are critical to driving economic growth,” said Secretary of Commerce Liz Tanner. “With these projects, we are ensuring Rhode Island stays competitive in the future.”
265 Manton Avenue
The Board voted to approve a $500,000 Rebuild Rhode Island Tax Credit incentive to Manton Development Partners, LLC (MDC) for the adaptive reuse of the former St. Teresa’s Church. The project will include the development of 26 apartments and a surface parking lot covered by an 8,100 SF solar canopy.
In 2023, MDC was awarded $148,373 as part of the Renewable Energy Fund’s Commercial Scale Grant Program to complete the solar array installation. In addition, MDC also received an award of $125,000 under the Site Readiness program for roofing and asbestos and lead abatement.
“We want to thank the Board for their strong ongoing support of this project which will revitalize the endangered St. Teresa of Avila church in Providence. This investment revitalizes a long-time distressed historic property, creates jobs, expands much-needed market-rate and affordable housing in Rhode Island, while featuring renewable energy solutions,” said Paul Marks of Manton Development Partners, LLC.
Venture Capital Fund
The Board voted to retain Rogue Ventures to manage the newly established Rhode Island Venture Capital Fund; a strategic initiative designed to strengthen Rhode Island’s entrepreneurial ecosystem by supporting companies in the pre-seed and seed stages of funding. $2 million will be made available from Rhode Island Commerce and Rogue Ventures must match that amount.
The Rhode Island Venture Capital Fund will launch in early spring.
“We want to thank the Board for their support, together Rogue Venture Partners and the RI Venture Fund will empower early-stage startups in Rhode Island with much needed access to capital to accelerate their growth,” said Tom Sperry, Managing Partner Rogue Venture Partners. “We know that investments like these foster an innovation ecosystem where promising young companies can turn their ideas into fundable businesses.”
Broadband Infrastructure Improvements
The Board voted to approve subgrants to Verizon New England, Inc. for the design and build of broadband infrastructure projects in Portsmouth and Tiverton, totaling $4,635,514.
At meetings in September and January, the Board approved an additional $19,250,584 for two separate CPF broadband infrastructure buildouts in 22 cities and towns.
“We are excited to continue working with the Rhode Island Commerce Corporation as we expand our network in the Ocean State,” said Katharine Saunders, Vice President and Deputy General Counsel for Verizon. “We know that residents need reliable broadband service to enable them to work, learn, and stream from home, and we look forward to further building and enhancing our fast, reliable network as part of this program.”
For more information on these programs and more, visit CommerceRI.com.
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