RI Infrastructure Bank Closes On $6.2 Million Loan For Providence “Mile of History” Sidewalk Restoration

PRESS RELEASE
For Immediate Release: May 29, 2026

$6.2 million Municipal Road & Bridge Fund loan to finance accessibility and historic preservation improvements along Benefit Street.

PROVIDENCE, R.I. – Rhode Island Infrastructure Bank, the state’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners, has closed on a $6,200,000 Municipal Road & Bridge Fund loan to the City of Providence to complete the Mile of History Sidewalk Restoration Project. The project will restore approximately one mile of sidewalks along historic Benefit Street, known as the “Mile of History,” to improve safety and accessibility while preserving the area’s unique historic character.

The $6.2 million loan will finance the restoration and upgrade of the concrete and brick sidewalks characteristic of Benefit Street. Key project components include the installation of new tree wells designed to mitigate future root damage to sidewalks and ensure long-term ADA accessibility. Benefit Street is home to one of the highest concentrations of colonial architecture in the United States and serves as a cultural and tourism driver for the city and state.

“Benefit Street is one of Rhode Island’s most iconic thoroughfares, and maintaining its public infrastructure is essential to ensuring it remains an accessible destination for residents and visitors alike,” said William Fazioli, Executive Director of the Rhode Island Infrastructure Bank. “This $6.2 million Municipal Road & Bridge loan provides the City of Providence with the low-cost financing needed to make these sidewalks safe and accessible while protecting the historic streetscape that makes the Mile of History so special.”

“Benefit Street is one of Providence’s most beloved historical spaces and this investment allows our city to preserve its character while making improvements to its safety and accessibility,” said Mayor Brett P. Smiley. “The Mile of History is not only a point of pride for Providence, it’s a living part of our city’s story. I am grateful to the Rhode Island Infrastructure Bank and the Mile of History Association for their partnership in this endeavor, and for helping us move this restoration forward.”

“The Mile of History Association preserves and protects historic Benefit Street ‘for the benefit of all’ Rhode Islanders,” said Liz Rollins Mauran, President of the Mile of History Association. “It has been fantastic to work with our City Council and Mayor Smiley, as well as the Rhode Island Infrastructure Bank, to bring this accessible sidewalk project to fruition. What better way to celebrate American Independence than to visit this historic street. Thanks to our leaders, Benefit Street’s historic sidewalks will be restored and its history will be accessible for all visitors.”

“In collaboration with the administration and my Council colleagues, I was proud and honored to lead the legislation to help secure a $6.2 million investment in Providence’s iconic Mile of History,” said Councilman John Goncalves (Ward 1). “For generations, Benefit Street’s sidewalks have told the story of our city but many have fallen into disrepair and become inaccessible. We are grateful to the Rhode Island Infrastructure Bank for helping make this transformative investment possible to restore the historic brick and concrete sidewalks, improve ADA accessibility and protect the character of one of America’s most historic streets for generations to come.”

“Benefit Street is full of cultural and historic significance. Tourism is also critical to the economy of Providence, and that tourism is deeply tied to the architecture and history of the city that is so well-represented on Benefit Street. We want people to keep visiting and coming back, as well as for local visitors from across the city and state,” said Councilor Sue AnderBois (Ward 3). “Investing in safe, accessible sidewalks on this street is an economic and quality of life benefit for the entire city.”

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About the Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. www.riib.org – Facebook: @RIinfrastructure – Twitter: @RI_InfraBank.