PARAGON MILL, Providence
Developed by The Alexander Company, Paragon Mills is an adaptive reuse and environmental clean-up of the historic Earnscliffe & Paragon Worsted Mills located adjacent to the Woonasquatucket River in the Olneyville neighborhood of Providence. Housing a total of 101 new residential units, 44 are restricted for households at or below 60% of the area median income (AMI) and the remainder of units are affordable households with incomes below 120% of AMI. The public has access to a new ‘pocket’ park, bike path extension and commercial space. Residents benefit from the development’s amenities, which include an outdoor recreational area overlooking the river, as well as fitness and community spaces. This development is a shining example of rehabilitating already existing historical buildings and reimagining them to breathe new life into the community. The development received PRA Housing Trust Fund (HTF), Federal and State Historic Tax Credits, Opportunity Zone Investment, and 9% Low-Income Housing Tax Credits (LIHTC) proceeds.
Photo Credit: Gretchen Ertl / Third Spoon