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9/25/2025
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Shekarchi, LaMountain join officials to celebrate ribbon cutting of new housing units in Warwick
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 STATE HOUSE — Speaker of the House K. Joseph Shekarchi and Sen. Matthew L. LaMountain (D-Dist. 31, Warwick, Cranston) joined Gov. Dan McKee, other officials and GoodHomes Communities to cut the ribbon on The Presley Apartments. A former Sheraton hotel, the Presley has 190 studio and one-bedroom rentable units priced for middle-income individuals and families.
“The Presley is a shining example of what today’s ‘affordable housing’ should be: quality homes that are built to the same standard as and interspersed with market-rate housing,” said Speaker Shekarchi (D-Dist. 23, Warwick). “GoodHomes Communities deeply understands that we need more housing that our workforce can afford, and I am excited that The Presley is the company’s first investment in Rhode Island.”
GoodHomes received over $2.2 million in funding from the RIHousing Middle Income Loan Program, part of the state’s historic investment of over $300 million of State Fiscal Recovery Funds into housing and homeless programs, of which RIHousing was tasked with administering over $200 million. The Middle Income Loan Program addresses the affordable housing needs of households who are increasingly caught in the gap between rising housing costs and ineligibility for other traditional state and federally-financed affordable housing.
“The opening of The Presley Apartments marks an important milestone for the City of Warwick, and for our state’s ongoing work to expand housing opportunities for all Rhode Islanders,” said Senator LaMountain (D-Dist. 31, Warwick, Cranston). “On behalf of President Lawson and my Senate colleagues, I am grateful to see this property revitalized as residential and commercial space through an innovative project that will support our local workforce.”
Conveniently placed along bustling Post Road beside Rhode Island T.F. Green Airport, the Presley is nestled among extensive retail and transportation options, with easy access to I-95. Amenities include a fitness center, co-working space, a resident lounge, and more. The building includes retail space that will be filled by Pat’s Italian Restaurant, slated to open later this year.
GoodHomes Communities, a New York-based developer, specializes in converting underperforming hotels into modern workforce housing. Through adaptive reuse, the company utilizes existing buildings to create vibrant communities at a fraction of the cost of ground-up development, allowing them to set rents at attainable levels for households earning between 60% and 120% of the AMI.
For more information, contact:
Larry Berman, Communications Director for the Office of the Speaker
State House Room 322
Providence, RI 02903
(401) 447-2655
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