Developers plan $17M project with tax stabilization at multiple mill conversions

During the recent Pawtucket City Council meeting, a significant discussion centered around a new development project that promises to enhance the local housing landscape. The project involves the construction of units ranging from 768 to 950 square feet, featuring average construction quality and good interior finishes.

The developers, known for their successful past projects such as the Nelco Lofts and several mill conversions, are set to benefit from a 15-year tax stabilization ordinance. This initiative aims to support the growth of affordable housing in the area while ensuring that the city can still collect a substantial tax revenue. Currently, the property is assessed at $2,185,000, with an estimated completed value of $17,185,000. The total tax obligation at the end of the stabilization agreement is projected to be around $379,000, translating to approximately $3.65 to $3.70 per square foot.

The phased development is expected to commence on December 31 of this year, marking a promising step towards addressing housing needs in Pawtucket. The council expressed strong support for the project, highlighting the developers' track record of delivering on their commitments.

In addition to this key discussion, the meeting included various other topics, but the focus on housing development stood out as a crucial element for the community's growth and sustainability. As Pawtucket continues to evolve, such initiatives are vital in meeting the demands of its residents and enhancing the overall quality of life in the city.