Three buildings at The Foundry that have been vacant for 26 years have been restored and will be luxury apartments catering to Providence’s professionals, students and empty nesters.
The Foundry Associates announced the $50 million project this morning at the site, 255 Promenade Street, along with Mayor David Cicilline and Councilman Terry Hassett.
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By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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The apartments are slated to be open in January or February 2005.
The Promenade will have 220 apartments ranging from 653-square-foot studios for about $1,175 a month to two-bedroom, two-bath apartments from 1,300 to 1,700 square feet and up for $2,900 a month, according to Tony Thomas, partner of The Foundry Associates.
The former Brown & Sharpe complex already has eight offices with 480,000 square feet of space, which is 97 percent leased, Thomas said. The vision, when the group purchased the buildings 40 years ago, was always for a mixed-use complex that might also include a hotel.
The Robinson Green Beretta Corp. of Providence and Cambridge-based Bruner/Cott are the architects and Cranston’s O. Ahlborg & Sons Inc. is the general contractor. The units will have original Canadian maple floors, 13-foot ceilings, arched windows and two heating systems. There will also be an adjacent 400-car garage, fitness and business centers, event room and pool with retractable glass roof.
