Rebuild Rhode Island Tax Credit Recipients
The Sponsor is proposing the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The 30 separate historic textile mill buildings on the site will be converted to an approximately 200,000 square foot mixed-use development including 127 rental apartments and 34,000 square feet of commercial space, supporting approximately 125 office workers. The project fills a need in the local market for new rental housing and office space, and has the potential to be transformative for the immediate neighborhood. The total development cost is estimated at $34.6 million. Over $9.3 million in Federal and State Historic Tax Credits have been awarded to the project.
The Sponsor has requested up to a maximum of $3,626,403 in Rebuild Rhode Island Tax Credits, which will be issued over five years.
Union Mill, LLC is a joint venture between Union Box Company, LLC (UBC); CAM Construction, LLC; and Happy Mills, LLC. UBC is a real estate company that specializes in the adaptive reuse of historic buildings. Founded in 1998, the company has extensive experience in urban infill projects and renovations of historic, post-industrial buildings. UBC is headquartered in Baltimore, and its portfolio includes commercial, residential, and mixed-use projects.
CAM Construction was founded in 1962 and is a leading general contractor in the Mid-Atlantic region with an extensive portfolio of completed projects, including adaptive reuse and residential construction. Headquartered in Baltimore, the company has constructed or renovated over 1,200 residential units and nine million square feet. UBC and CAM have previously completed several joint venture projects, including the award-winning, historic renovation of the mixed-use Lancaster Square development in Baltimore in 2000.
Dev-Con Consultants, LLC, a Warwick-based construction consulting firm, will serve as the owner’s representative for the project. Dev-Con has significant experience with historic restoration projects and has worked on many similar projects in Rhode Island and other states.