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February 6, 2008
N.H. developer bucks economic trend with mill project
Journal Staff Photo / Mary Murphy
Developer Arthur W. Sullivan discusses plans to convert the Slater Cotton Mill in Pawtucket into residential rental units.
PAWTUCKET -- A New Hampshire developer said this morning his company will move forward with a $22-million project to build rental residences in a Pawtucket mill building, despite the slackening economy.
Arthur W. Sullivan, of Brady Sullivan Properties, said the project will succeed despite an economic downturn that has tightened credit markets and all but crushed the demand for condominiums.
"The market is slowing down a bit," Sullivan told The Providence Journal. "[But] we have the capital to make these things work."
Sullivan's plan to convert the Slater Cotton Mill in central Pawtucket to 124 rental units is his company's second project in Rhode Island. In October, the company paid $2.4 million for the Grant Mill building in Providence.
Like the Grant Mill project, which a previous developer converted to residences, redevelopment of the Slater Cotton Mill will rely on a financing mix that takes advantage of the state's historic tax-credit program. Governor Carcieri has proposed a retroactive cap on the program to help solve the state's budget problems.
Pawtucket Mayor James E. Doyle, speaking this morning after a press conference at the mill on South Union Street, said Carcieri's proposal threatens the credibility of state government. Pawtucket officials yesterday spoke in favor of maintaining the tax-credit program during a hearing at the State House. The Journal reported on that hearing in today's newspaper.
"You're being supported with as much juice as we can give you," Doyle told Sullivan.
For more business-related news, please visit the Biz Blog at projo.com/business.
Posted by Benjamin N. Gedan at 12:48 PM | Permalink
Old stuff | February 8, 2008 1:11 PM link
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