Governor McKee Joins Congressional Delegation, State and Local Leaders and GoodHomes Communities to Celebrate Ribbon Cutting of 190 New Housing Units in Warwick
Published on Thursday, September 25, 2025
WARWICK, RI — Today, Governor Dan McKee was joined by members of Rhode Island's congressional delegation, House Speaker K. Joseph Shekarchi, Warwick Mayor Frank Piccozi, state and local leaders, funders, community members, 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.
“My administration’s $2.2 million investment in the Presley Apartments is the latest in a series of projects we are supporting to make housing more accessible and affordable for Rhode Islanders,” said Governor Dan McKee. “With more than 6,700 units complete or in the pipeline, a record-housing bond, and a strong public-private partnership, we're turning resources into actions.”
“To combat the housing crisis, we need to build more homes. This development in Warwick smartly converted a former hotel into 190 new homes for people and families to put down roots, build community, and contribute to our state and local economies,” said Senator Jack Reed. “I am glad that the federal funding I helped deliver through the State Fiscal Recovery Fund is being put to work to house Rhode Islanders and build vibrant new communities.”
“Every Rhode Islander deserves access to safe, high-quality housing they can afford. The Presley Apartments are a great example of how we can repurpose existing spaces to meet the urgent demand for more housing,” said Representative Seth Magaziner. “I will keep working in Congress to bring more federal funding and support for affordable housing development to Rhode Island.”
“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. “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. 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,” said Senate Judiciary Committee Chairman Matthew L. LaMountain (D-Dist. 31, Warwick, Cranston).
“Because of the current housing shortage and rising rents, it is very difficult for individuals and working families to find safe, affordable housing, so the conversion of the former Sheraton Hotel into modern, moderately-priced apartments is a very welcome addition to our City, and we look forward to welcoming hundreds of new residents to Warwick,” said Mayor Frank J. Picozzi. “The attractive, new landscaping and exterior façade improvements that have been made are also a great complement to other revitalization and new construction projects that are taking place in and around the City Centre Warwick development district. These projects are not only helping to increase housing options here but are helping to transform the area into a very appealing and truly welcoming gateway into our community and the state as a whole.”
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.
“At GoodHomes, a core part of our mission is transforming underutilized properties into vibrant communities that people are proud to call home,” said a spokesperson for GoodHomes Communities. “The Presley reflects that commitment—bringing 190 much-needed, attainable apartments to Warwick. We’re excited to welcome new residents, support working families, and work alongside RIHousing and local leaders to expand housing opportunities that will make a lasting difference for Rhode Islanders.”
“A stable home is the foundation for opportunity, connection, and community,” said Secretary of Housing Deborah Goddard. “The Presley Apartments provides residents with a place to live while also connecting them to shared spaces for work, wellness, and social engagement. Through initiatives like our Housing 2030 plan and supporting projects like The Presley with state investments, we are ensuring that Rhode Islanders have access to housing that enhances both individual well-being and the strength of our communities.”
“As our state continues to face housing challenges, it is critical that we pursue unique and creative ideas to expand housing opportunities,” said Carol Ventura, CEO & Executive Director of RIHousing. “By converting a former hotel into 190 new units of housing and utilizing funding from RIHousing’s innovative Middle Income Loan Program, The Presley Apartments is introducing modern, convenient homes at prices accessible to the segment of Rhode Island’s workforce who are increasingly caught in the gap between rising housing costs and ineligibility for traditional affordable housing.”