PAWTUCKET – Hope Artiste Village’s developers are gearing up to start the third and final phase of the $30 million project, according to Lance Robbins, principal of Urban Smart Growth LLC.
But Robbins said today that he is still seeking financing for the residential stage of the Hope Webbing Mill redevelopment. Given a summer start, the 134-apartment phase would be finished by late 2009, he said.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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“I wanted to start it this summer, and will be able to do that, but we’re still looking for financing,” he said in a phone interview. “Right now, the challenge is finding banks that have money.”
But marketing the project has so far been a success, Robbins said. The retail space that has been put on the market is about 70-percent occupied. “We are getting close to rented up,” he added, “and 18 months for 400,000 square feet is quite an accomplishment.”
During the last year, tenants that have moved in include Seven Stars Bakery, Motif Magazine and, as of last weekend, the used bookstore Book by Book.
Urban Smart Growth LLC is a redevelopment company, focusing on historic buildings, that aims to transform “neglected urban neighborhood assets” into mixed-use and residential communities. To learn more, visit www.urbansmartgrowth.net.
