(Updated, Oct. 29)
PROVIDENCE – Struever Bros. Eccles & Rouse remains deeply engaged in the American Locomotive Works project in Providence, its CEO told Providence Business News Wednesday.
Despite a published report that the Baltimore-based company had retreated from the mill renovation project, William Struever said the company’s role remained unchanged.
“We’re committed to seeing the whole thing through,” he said. Doubts about Struever Bros.’ involvement had been fueled by various financial setbacks the company suffered over the past year.
Struever said St. Louis-based housing developer McCormack Baron Salazar would handle the coming residential phases of the project under a plan originally sketched out in 2007. Struever said his company’s visibility has declined at the Valley Street site merely because it has wrapped up the major work.
According to land records at Providence City Hall, two holding companies own the properties that host the major commercial buildings and the parking lot for those buildings. Their ownership has not changed since the companies purchased them in 2006 and 2007.
Struever told PBN that his company’s stake in those two companies remains unchanged.
Struever Bros. Eccles & Rouse also continues to fund predevelopment work for the residential component of the project, Struever said. McCormack Baron Salazar continues to piece together financing to buy the necessary property, Struever said.
Karl Schlachter, a senior vice president at McCormack, said the company was arranging financing for the project and expected to know more in two to three months, after it hears back from the city and Rhode Island Housing about potential tax credits and from potential private investors.
In addition, Struever Bros. Eccles & Rouse remains willing to serve as the contractor for tenants looking to outfit space in the old mill buildings.
“We remain committed to getting our projects moving forward and getting our tenants in,” Struever said.
Struever added that the company remained devoted to renovating the Dynamo House, the former South Street Power Station in Providence, a $137 million mixed-use project on Providence’s waterfront that includes the Heritage Harbor Museum. He said the project is on hold while the company works out financing, but that it was not dead.
Struever also said that the company had satisfied all the outstanding liens against the ALCO project, a sticking point since the winter with contractors who had worked with the developer on its various projects in the city.
The R.I. Economic Development Corporation, which worked to attract the renovation and is a tenant at the ALCO facility, declined to comment.
