The conversion of abandoned textile mills into loft apartments is slow, methodical and expensive. It can take years and tens of millions of dollars for a developer to transform a former industrial property into a chic residential building with exposed brick and restored hardwood floors.
But for the mill owners who have made that transition and are now leasing units in Rhode Island, it’s boom time.
Several renovated mill projects that are either newly completed or nearing completion this year are finding a captive audience awaiting their apartments.
Rhode Island’s real estate market is on fire, and that’s spread to the mill communities that have waiting lists and full occupancies.
The Pontiac Mills in Warwick, a multiphased, $35 million conversion of a former Fruit of the Loom textile mill near Warwick Mall, has entered the final phases of a project that began in 2015. The buildings that are renovated are nearly full, and the leasing of its 131 completed units has remained strong through the pandemic, according to Cindy Beckman, chief operating officer for building owner Knight Street Capital LLC.
The website indicates only a few units are available. The mill, at 334 Knight St., has studios, one- and two-bedroom apartments. Half of the units have views of the Pawtuxet River.
The Tourister Mill in Warren, a cavernous former factory with views of the Warren River, has been redeveloped over the past several years, with just five or six residential units remaining under construction, according to its property manager.
The project was fully leased with residential tenants within five months of its opening in 2018 and now has a waiting list. There are 192 units in the completed mill, with 25 additional units added this year from a conversion of commercial space.
‘As soon as we find out someone is moving, we contact people on our wait list.’
LESLIE LEVESQUE, Tourister Mill manager
When people move out, manager Leslie Levesque said she turns to a waiting list. She would not disclose the number of people waiting for units in the building, which is located at 91 Main St., a short walk from Warren’s commercial district. “There is such a high demand for apartments that as soon as we find out someone is moving, we contact people on our waitlist,” she said. “And it’s first-come, first-served.”
The Tourister Mill, which at one time produced suitcases for American Tourister, is owned by Manchester, N.H.-based Brady Sullivan Properties LLC, which also owns several other mills in Rhode Island, including the U.S. Rubber Lofts in Providence and the Anthony Mill in Coventry. All are fully leased, according to Levesque.
Many of the new tenants in Warren are former homeowners who have sold into a hot housing market and are now leasing. Other people want to be near the popular East Bay Bike Path or within commuting distance to Providence and Boston.
The buildings have a broad range of apartments, from studios to five-bedroom units. It’s pet-friendly, for animal lovers who have dogs or cats under 60 pounds.
Lease rates start at $1,520 per month and go up to $3,825 per month, according to the website.
Another new conversion, further inland, is nevertheless enjoying rapid leasing.
Wanskuck Mill, a sprawling former textile mill on Route 146 in Providence, was forlorn and mostly empty for decades. It’s now 95% leased and has a new restaurant moving into a ground floor unit. Providence Bicycle Inc., a longtime tenant, has relocated to a large, remodeled space.
Rehabilitation of the 1860s-era mill is about 70% completed, said Brendan Moran, director of facilities for owner Premier Land Development Inc. in Lincoln.
The 239 residential units include a first phase, in the building facing Branch Avenue, that was completed about a year ago. The last section of the building, the former boiler building, should be completed in another year. It contains the last few dozen residential units.
The pandemic appeared to have no impact at all on residential demand, said Moran, who started in the position about three months ago.
“They were able to lease close to 60 units in less than two months’ time. That was last June. It didn’t seem to have much effect on the leasing,” Moran said.
The mill’s units come in configurations ranging from compact studios to two-bedroom, two-bathroom suites.
The available units include a one-bedroom, one-bathroom apartment, covering slightly less than 800 square feet, which rents for $1,600 per month. A larger two-bedroom, two-bathroom unit is available at $2,500 per month. All of the units have modern appliances, including stainless steel refrigerators, and in-unit laundry. The restaurant will provide room service to tenants.
The tenant mix includes young professionals for whom this is a first apartment and people who have sold their houses and are looking for a modern apartment to lease, Moran said.
“It’s a very diverse clientele,” he said. “People are coming from out of state; people are coming from out of town. Some down-sizers. Some are young professionals. It’s a pretty good mix throughout the building.”
Mary MacDonald is a PBN staff writer. Contact her at Macdonald@PBN.com.
