Since the first building at Saw Mill Square received its certificate of occupancy in early June, 22 of the 24 available condominiums at the 17-acre, mixed-used development in North Kingstown have been put under signed purchase and sales contracts, said Lynn Moran, co-owner of developer Moran Properties.
Location and especially price are key reasons. The 980-square-foot, one-bedroom condos start at $189,900, she said.
Even with available upgrades – granite countertops, hardwood floors throughout the units and stainless-steel appliances – the price doesn’t crack the $200,000 mark, Moran said, adding that it’s “a great development for someone who might be renting now, because we’ve tried to price it so it is competitive to renting a luxury apartment.”
The condos – The Residences at Saw Mill Square – are in the first of five condo buildings to be completed in the $20 million development. The other four buildings will be The Village at Saw Mill Square – an apartment development – and The Commons at Saw Mill Square, which will include retail and commercial space.
The second building is now being constructed and foundations for the following buildings are being poured, Moran said.
When finished, the development will include 120 condos and 96 apartments.
The complex, off of Namcook Road, is at the western border of Quonset Business Park. There, 158 companies employ about 8,200. But the interest for Saw Mill so far, surprisingly, has not been from employees at those companies.
Only one purchase has been made by someone who works at the park, a New York transplant recently been hired at a Quonset company, Moran said. “Actually, right now it’s been a mix of first-time homebuyers… the rental market or, believe it or not, someone who’s downsizing.”
Many buyers are empty nesters. A few older buyers, all of whom are from Rhode Island, will make the condos their permanent residences and others have winter homes in Florida and plan to use the North Kingstown condo as a summer home, Moran said.
She said her apartments are affordable and are seen as secure when compared to buying a house in a market where foreclosure rates are souring.
“Basically, what we’re trying to do is offer a product that isn’t around at a price that also isn’t [widely available] right now,” Moran said. “We’re trying to find that niche right between renting and a $250,000 to $300,000 condo.”
While much of the advertising has been “through word-of-mouth,” the company has also used direct mailing to attract first-time buyers from local apartment complexes. The condos are being marketed by Real Estate One Ltd. of Warwick.
The next building to be completed will be the first apartment building – likely to be finished in early spring. Although prices haven’t yet been formalized for those apartments, Moran said she expects them to be market-rate at about $1,200 per month. The development does not have an affordable-housing component.
Allan Berry Architect Ltd., based in Providence, designed the Colonial-style buildings that will be built as “mirror images,” Moran said. They’re constructed like two halves, without the long central hallway that many apartment and condo complexes have, she added.
Moran Properties, co-owned by Lynn and Steve Moran, bought the property from Lynn Moran’s father, Paul Lishio, owner of Heritage Homes. The parcel had been a drive-in movie theater. The name, Saw Mill, comes from a pond that’s situated on the far north side of the property.
Build-out for the project is expected to be completed in about six years, Moran said. Construction will alternate between condo buildings and apartment buildings, with the commercial building being built last. •
