Final Building Under Renovation at "The Foundry" in Providence - ABC6 - Providence, RI and New Bedford, MA News, Weather


Final Building Under Renovation at "The Foundry" in Providence

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 Twitter:  @markcurtisABC6 

Providence's past, is paving way for its future.

Construction continues at the Sharpe Building, at The Foundry, Downtown.

The old mill building is being converted into 196 residences,.

Many will be occupied by young workers.

"Reinvigorating the city. They are bringing new life into an old section of the city and they'll be able to take advantage of all the city has to offer. So, we think it's a boom. It's a win, win, for the city, the state, and for us as a developer," said Tony Thomas, a partner in The Foundry.

This the thirteenth and final building of The Promenade to be turned into offices or housing.

ABC6 Chief Political Reporter Mark Curtis said, "To help finance some of these restorations over the years, the developer has obtained state and federal historic tax credits."

The old mills were purchased by Antonio Guerra's family way back in 1968.

Along the way, key business leaders also believed in financing the historic renovation.

"It's absolutely phenomenal. First, it's what makes Providence unique, because it's such a historic building. It's got a special character to it. Second, look at all the jobs it creates," said Merrill Sherman, Founder and former CEO at Bank RI.

The big question is, can they sell all the units?

Right now downtown is still looking for major business tenants for the I–195 land, and adequate housing could be a factor.

"Thirty years ago, you never could have sold an old mill building for residences, so things are changing and it's important to get young people into city centers. And that's where you are going to see innovation and prosperity. It all comes together," said Gov. Lincoln Chafee, (D) Rhode Island.

The project is scheduled to be complete next summer.
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