PROVIDENCE – The long-vacant Paragon Mill complex at 144 Delaine St. in the Olneyville section of Providence was transformed into 101 units of mixed-income housing following a $35.7 million project completed recently by The Alexander Co., a real estate development and management firm headquartered in Madison, Wis.
The Alexander Co. and community officials recently celebrated a grand opening for the newly redeveloped 125,000-square-foot property nestled on the banks of the Woonasquatucket River, with an additional 3,000 square feet of commercial space available for a potential neighborhood restaurant, artist studios or office space.
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The brick mill complex, which produced wool from the late 19th century until the property shut down in the 1960s, is now fully leased. The property was once known as the Earnscliff Woolen Co. and was previously under ownership of the Paragon Worsted Co., which produced a fabric made from heated and spun yarn. The mill complex was previously listed on the Providence Preservation Society’s Most Endangered List.
The 101 multifamily apartments are designated for occupants who earn up to 60% and 120% of the area’s median income level, according to The Alexander Co. Of those 101 apartments, 44 are designated as affordable housing units and 57 are considered workforce housing units, the company said.
According to the city’s online property tax evaluation database, in fiscal year 2022 Providence assessors valued the Paragon Mill Complex buildings and the 3.41 acres of land they stand on as being worth $2.89 million.
In addition to apartments, according to The Alexander Co., the Paragon Mill complex now features community amenities, including a club room overlooking the Woonasquatucket River, a state-of-the-art fitness center and outdoor terraces for dining.
The redevelopment project was supported financially by the Providence Redevelopment Agency and the R.I. Housing and Mortgage Finance Corp., according to the company. The project received $1.11 million in Low-Income Housing Tax Credits, approved in 2020 by the board of commissioners for R.I. Housing, a quasi-public agency created by the General Assembly in 1973 to provide financing and resources for housing.
“Paragon Mill exemplifies our unwavering commitment to preserve the fabric of our communities and create inclusive housing opportunities,” said Joe Alexander, president of The Alexander Co. “We’re thankful for the city of Providence and R.I. Housing’s continued partnership, as this project would not have been possible without their support.”
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
