NWBRV has many projects in our pipeline, that respond to the needs and demands of Northern RI communities with creative and innovative solutions.
Millrace District in Woonsocket
NWBRV has purchased three properties in the Island Place Historic District of Woonsocket at the gateway to Downtown/Main Street to be developed as part of a phased strategic five-year redevelopment plan for the District. The Creative Placemaking project would transform a loose collection of industrial-aged mill buildings into a hub of art, culture and technology that will spur economic development throughout the entire downtown business district. One property, 40 South Main was completed in 2016. The remaining properties in our pipeline are listed below.
- 15 Island Place: The former Island Machine, Co., Inc. property will become a mixed-use facility with approximately ten units of rental housing above first floor commercial space. The property is expected to cost about $6 million to develop and State Historic Tax Credits have already been committed to the project.
- 68-72 South Main: The former Le Moulin (“The Mill” in French) property will become a mixed-use facility with approximately thirty units of upper-story rental housing with lower level commercial space. Community Housing Capital has provided NWBRV with a loan to secure the property and make immediate repairs to address safety concerns such as roofing and electrical.
Fernwood in Burrillville
We are offering 8 families the opportunity to own their own 3 bedroom/1.5 bath home in the second of three phases of development in Fernwood, a 30 home development on a cul de sac built by NWBRV. Each home will be built on .3 acres surrounded by preserved open space. Homeowners chose their home design, colors, and finishes as well as get hands-on with the construction of their homes. Families work in teams of about 6, committing to 30-35 hours of work each week building each others homes until they are complete. This ‘sweat equity’ cuts the cost of the home almost in half making them affordable for low and moderate income families. The USDA is also offering a generous financing package for our “Selfie” families through their Mutual Self Help Housing program that includes a low interest rate mortgage.Those interested in purchasing a home through the “Self-Help HomeOwnership” program should contact Daynah Williams at 401-762-0993 ext.215 or via email, as building will begin in 2015.
