By Kevin Shalvey
PBN Staff Writer
When DSF Group started work on its 224-unit Halstead at Slatersville Mill apartment renovation in North Smithfield during late 2005, two of the four historic buildings set to be renovated were in terrible shape.
The “Spinning Mill,” built in 1843 and one of two granite mills that had been neglected for years, had significant roof damage. Much of the roof – almost 75 percent – had deteriorated and broken through, said Joshua D. Solomon, president of the Waltham, Mass.-based developer.
That posed some significant problems for the total 240,000-square-foot renovation, said Scott Winkler, senior associate with Newport Collaborative Architects.
“Once a building starts to get holes in its roof that aren’t patched, it just goes downhill fast,” Winkler said. “So when [DSF] got involved, the buildings had been in major decline for five to 10 years.”
The other granite-façade building, the larger “Center Mill,” built in 1826, had sections of collapsed roof that were “isolated but severe,” Winkler said.
Now that the renovation is completed – as of January 30 – those two buildings have a combined 74 flat-style apartments. And in December, the Rhode Island chapter of the American Institute of Architects recognized the project with its annual historic design award.
DSF annually invests about $250 million in construction and renovation projects from Massachusetts to Washington, D.C., where it also holds an office.
And this project – topping out at about $50 million, including the cost of the parcel – wouldn’t have happened if there wasn’t a Historic Preservation Investment Tax Credit in the Ocean State, Solomon said. This was DSF’s first project in Rhode Island and if the credit is capped – as Gov. Donald L. Carcieri proposed in his Fiscal Year 2008 Supplemental Budget – it is likely to be the developer’s last, he said.
The two other buildings renovated on the site are the largest – the 1893 brick “Weave Mill” that now houses 150 loft-style apartments – and the smallest, a tiny structure from 1806 that now serves as the leasing office.
Inside the Weave building, the color choices stand out. Rubbing shoulders with industrial machinery that’s posed as art, there’s a mix of brightly colored carpets and furniture in the common rooms.
“We had such a phenomenal envelop with the buildings – the structures were so significant – that we wanted something that would contrast it,” Solomon. “The bright colors – it’s vibrant, it’s lively, cutting edge, eclectic.”
Much of the interest so far has been from Rhode Islanders – including employees of nearby Fidelity Investments. So far, it’s been mostly those looking for loft-style apartments, but who don’t want to live in “heavy-industrial” sections of the capital, Solomon said.
“The difference between this and most mills is that it’s in kind of a bucolic setting. You’ll find most mills like this one are set in industrial areas,” Solomon said.
With square footage ranging from 613 to 1,635, the apartments rent for between $1,100 and $1,730 a month. For residents, there’s a 24-seat theater with suede and leather recliners. There is a full gym, a half basketball court and an outdoor pool.
Solomon said those all-inclusive amenities are the hallmark of “Halstead” developments, which is the branding that DSF gives to many of its properties. But this one is different because that was the original use of the land, he said. When Samuel Slater created the village, it was a mixed-use community meant to draw workers away from Pawtucket, Winkler said.
“This is the first of its kind where not only did they just build a mill, but they built a whole mini-economy,” Solomon said. “So they built residential places for people to live and a store. So it was a village, not only a place where work took place.” •
The DSF Group is a private real estate investment firm – with offices in Waltham, Mass., and Washington, D.C. – focusing on high-value-added commercial and residential projects, mostly in the Northeast Corridor. For more information, visit www.TheDSFGroup.com. To learn more about the redeveloped mill in Smithfield, know known as the Halstead at Slatersville, visit www.HalsteadSlatersville.com.
