08/04/2016

Posted By: Trinity Financial

One of Olneyville’s historic mills is getting a major renovation! This May, Rhode Island Housing’s Board of Commissioners approved a preliminary financing package for Trinity Financial’s plans to redevelop the former mill into 60 apartments. Located at 60 King Street in Providence’s Olneyville neighborhood, the mill was built in 1923 and was originally the site of the Rochambeau Worsted Company. In the 1950s the mill was sold to the Imperial Knife Company, which operated in the building until at least 1988. After a series of multiple tenants occupied the building during the 1990s and early 2000s,  it has remained vacant since 2007. What are the new plans for the old mill? Working with ONE Neighborhood Builders, a local community development corporation, Trinity is planning to rehabilitate and redevelop the site to include 54 affordable apartment units and 6 market-rate apartment units. Trinity’s proposal is part of an ongoing revitalization effort, the “Build Olneyville Plan,” which is focused on improving the Olneyville neighborhood and the nearby Manton Heights Public Housing development. Like many of Trinity’s other projects, 60 King Street was designed to provide quality affordable housing while fortifying a neighborhood through thoughtful and impactful development. As Dan Drazen, one of our project managers who is deeply involved in the project, explained, “Not only will this project activate a vacant building into 60 units of mixed-income housing, but it will also remediate a contaminated Brownfields site, save a historic asset, and strengthen the property’s connection to the rest of the Olneyville neighborhood.” 60 King is expected to be completed in the spring of 2018. For more updates from Trinity Financial, connect with us via Twitter and LinkedIn.