development

Hecht plans Irons and Russell rehab

Posted 2/24/12

PROVIDENCE – Hecht Development of Concord, Mass., which purchased the Irons and Russell building on Chestnut Street at the end of December, is planning a historic renovation of the six-story former jewelry factory, principal Kenneth Hecht said.

Built in 1903, the building at 95 Chestnut St. is located in the Providence Jewelry Manufacturing Historic District and Hecht said he will seek federal tax credits for the project.

Startup incubator Betaspring moved into the building earlier this year and the building is now around 40 percent occupied.

Hecht, who purchased the building for $2.1 million, said he is approaching the building as a blank slate and is open to a mix of office, lab and residential use. The ground floor has been home to night clubs in the past.

The property abuts the former Interstate 195 land in an area being marketed by the city and state as the Knowledge District.

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