Woonsocket lofts taking shape along the waterfront

The first phase of a $10.4 million residential project on the waterfront in downtown Woonsocket is almost complete, with 16 loft-style condominiums expected to be ready by the month’s end in the Canal House, a two-story textile mill built in 1922.
Eight of those units – ranging from 700 to 1,250 square feet, with one or two bedrooms – are already taken, according to developer The Aspen Group, of North Reading, Mass.
But the Canal House units will make up only a quarter of The Lofts on Allen Street. Altogether, the project, which is being partially financed through historic tax credits, will include 64 condos in three buildings on three acres along the Blackstone River.
In May, 36 units ranging from 640 to 1,400 square feet are slated to be completed in The Landing, a two-story mill built in 1910.
Lastly, this summer, construction is scheduled to begin on the Gate House, a new three-story building that will have 12 one- and two-bedroom units ranging from 850 to 1,100 square feet.
All the condos are priced in the $139,900 to $260,000 range, creating a more accessible alternative to the higher-end developments predominant elsewhere in the state.
For Woonsocket, the project is also valuable because it’s revitalizing an “underused” area not far from Main Street, said City Planner Catherine Ady.
“The city is very supportive of the project,” she said. “It’s exciting to see that part of the city getting redeveloped. It’s revitalizing the area, and it’s nice to see those mills being reused, and it’s nice to bring residents to Main Street to support the businesses there.”
Brian Kelleher, who co-owns The Aspen Group with Randal Lilly and Bruce Gordon, said that was part of the site’s appeal.
“Being across the border, in Massachusetts, we viewed Woonsocket as a real opportunity,” said Kelleher. “We’ve been working there for half a dozen years, and it’s been a good place to do business. And there are a lot of good things going on in the city.”
“In the part of the town we’re in,” he added, “there are other projects going on – like a new jazz club, new restaurants, new shops and new pubs – and they’re all kind of feeding on each other. I’d say it’s best described as ‘urban Main Street,’ and it’s vibrant. You can feel the stuff happening, and when you drive through, you can see a city on the upswing.”
Kelleher said he believes the lofts will only help that.
“We’re trying to get people to come out and take a look at it,” he said. “Once you put people living downtown, it has an effect on everything else.”
Along with condos, the 42,000-square-foot Landing will include amenities to serve the entire complex, such as a conference room and storage units.
When all the construction is done, Kelleher noted, nearly 35 percent of the site will remain as open space. This is much more than there was before, considering that part of the project involved knocking down 40 percent of the buildings that had been on the property.
Ady said that demolition had a very positive effect on the area. “You can now see the river better because of the demolition of some of the buildings,” she said.
To take advantage of the new view, the project also will feature a landscaped river walkway along the east side of the property, and eventually, a bike path will pass the property on Allen Street.
Kelleher said he expects the units to sell well.
“We had always thought we’d be in a tough market,” he said. “We started a year or so ago, but we always thought the residential market was a little overheated, so we had some conservative underwriting. But we’re selling our units at our asking prices, and we’ve got half the first building and a third of the second building under agreement.”
“We’re pretty well positioned in the market,” Kelleher concluded. “And I’m glad we’re at the price point that we’re at, because people feel like they’re getting value, which I don’t think people were feeling in the housing market.”