Turning old mills into lofts

[Frankie811]

http://www.projo.com/realestate/content/pr...ll.50e08cf.html

[Frankie811]

http://www.projo.com/realestate/content/pr...ll.50e08cf.html

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http://www.pbn.com/contentmgr/showdetails.php/id/114369

[ArtInRuins]

The only mill project that is, I hate to say it, "outside the box" is the Rau Fastner building on Dexter Street, now called the Westfield Lofts. 69 units of varying sizes, and 22 of them are eligible for HUD subsidies, making them *gasp* affordable. Even at the non-subsidized price (900 a month for 800 sq ft of space, or $12 a sq ft per year) they are affordable. So what have they done differently?

Im not entirely sure. The purchase price for the building, after back taxes and site remediation was $2 million. Durkee Brown is the architect. Each unit has its own heating/cooling unit. Everything is up to code with full kitchens, but no marble countertops. The West Elwood Housing association is a CDC, so maybe they got great grants and low interest loans.

Whatever they did different, I hope more people can figure out how to do it.

I'll have photos from my tour this past Thursday added to AIR shortly.

[eltron]

The only mill project that is, I hate to say it, "outside the box" is the Rau Fastner building on Dexter Street, now called the Westfield Lofts. 69 units of varying sizes, and 22 of them are eligible for HUD subsidies, making them *gasp* affordable. Even at the non-subsidized price (900 a month for 800 sq ft of space, or $12 a sq ft per year) they are affordable. So what have they done differently?

Im not entirely sure. The purchase price for the building, after back taxes and site remediation was $2 million. Durkee Brown is the architect. Each unit has its own heating/cooling unit. Everything is up to code with full kitchens, but no marble countertops. The West Elwood Housing association is a CDC, so maybe they got great grants and low interest loans.

Whatever they did different, I hope more people can figure out how to do it.

I'll have photos from my tour this past Thursday added to AIR shortly.

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Grants and subsidy up the wazoo!

EPA remidiation grants...historic tax credits, Affordable Housing Program grants from the Federal Home Loan Bank, Low Income Housing Tax Credits, RI Housing Lead Grants and NOP funds, HOME funds...you name it, they got it.

Its gonna be a great project though and well worth the effort. West Elmwood should surely be commended...