Council approves 15‑year tax‑stabilization agreement for Pine Street mill conversion

The Pawtucket City Council approved a 15‑year tax stabilization agreement for Pine Street Development LLC to convert the former mill at 327 Pine Street into an 84‑unit market‑rate rental building.

City planning and development staff told the council the developer has a track record of completing similar mill conversions in the city and that the proposal met the city’s tax‑stabilization criteria. Meeting materials presented an assessed value and current taxes on the property of $2,185,000 and $50,320, respectively, with an estimated “as complete” value of $17,185,000. Staff estimated the total tax obligation at the end of the stabilization period would be about $379,000 (roughly $3.65 per square foot, as read in the meeting record).

Planning staff and a developer representative described the units as market‑rate apartments of roughly 768–950 square feet with average construction and good interior finishes. Staff emphasized the developer’s prior projects — including several mill conversions — and recommended approval. The finance committee brought a favorable recommendation to the council and the resolution passed on a roll call vote, 9–0.

Councilors thanked planning and development staff for their review; planning staff said the stabilization program helps secure financing and bridge the period between substantial renovation costs and full taxable value. Construction phasing was described as beginning in late December of the year noted in the presentation; the agreement will let the developer access a predictable tax schedule while the project is completed and leased.