WEST WARWICK – Gov. Daniel J. McKee joined state and congressional officials Monday for a groundbreaking ceremony for the $32.7 million redevelopment of the Arctic Mill.
Located along the Pawtuxet River, the 19th-century mill is currently being rehabilitated by Knight Street Capital LLC into 136 apartments, 105 of which will be market rate and 31 for households earning up to 100% of area median income. The development will also feature 10,000 square feet of office and retail space, including a brew pub.
The project is funded by federal historic tax credits, R.I. Housing and Mortgage Finance Corp.’s workforce housing loan, the Rebuild R.I. Tax Credit program and developer equity.
“As Rhode Island continues to lead the region in economic recovery, the Arctic Mills project promises to increase our state’s affordable and market-rate housing supply while creating good paying jobs in the construction and aligned trades, all while reinvigorating one of Rhode Island’s historic mills,” McKee said in a statement. “For Rhode Island to be an attractive place to live, work and raise a family, we must address the availability and quality of housing – that means everything from providing supports to those experiencing homelessness, to increasing affordable housing, to ensuring we build more workforce housing for our middle-class families.”
The Arctic Mill was built in 1865 using the stone walls of an earlier mill structure built in 1852. In 1885, the property was bought by B. B. & R. Knight, who operated 35,824 spindles and 1,039 looms in the mill. The mill continued to be used for textile manufacturing into the 20th century before being used by NATCO Products Corp., which occupied the mill until recently. A second building on the site, a former guardhouse, will be renovated for commercial use.
“This is about preserving our history, investing in the future and revitalizing neighborhoods. I’m pleased that this project will utilize federal investments to breathe new life into this historic property and do so in a way that will ensure more working families can afford a place to live and new businesses can find a place to thrive,” U.S. Sen. Jack Reed, D-R.I., said in a statement.