Olneyville mill to be converted to 60 affordable apartments

PROVIDENCE – A Boston development team plans to convert the former Imperial Knife Factory in the Olneyville neighborhood to 60 affordable apartments, in part by demolishing non-original portions of the building.

The project on completion is expected to qualify for $3 million in state historic preservation tax credits, the R.I. Division of Taxation announced Tuesday.

Advanced by Trinity Providence LLC, which is based in Boston, the application for historic tax credits was signed by Vice President Rebecca Hemenway, according to documents released by the state.

The construction schedule submitted with the application for tax credits indicates the development team plans to begin construction in June, with completion in October 2017.

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The renovation is expected to cost $22.3 million.

The former factory, located at 60 King St., originally was constructed in 1923 as the Rochambeau Worsted Company. It was a three-story brick manufacturing facility for textiles. It remained in operation until 1955, according to a project summary.

In 1957, it was converted to a factory for the manufacture of knives, as part of the Imperial Knife Company located elsewhere in Providence. That factory closed in the 1980s, and the buildings, including two later additions, were largely vacated.

The rehabilitation plan submitted to the state indicates the new owners will demolish additions of concrete block, which date to 1937, 1950 and 1982. All windows will be replaced in the original brick structure, and bricked over areas reopened with windows.

The exterior of the building will be restored, and a new entrance created on the eastern façade. Two original stair towers will be retained.

Trinity has worked in Rhode Island before, having built Newport Heights in Newport’s North End. Completed nearly a decade ago, the three-phase project replaced 275 units of public housing with 299 units of mixed-income rental housing.

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