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NEW BEDFORD, MA-Renovations will begin tomorrow at the Wamsutta Mill in New Bedford. The $34 million project, named Wamsutta Place, will turn the former mill into 250 apartments and condominiums as well as a retail component.
Quincy developer Stephen Ricciard acquired the historic two-building manufacturing complex on Route 18 for $2.3 million in 2004. He plans to complete construction on the one and two-bedroom units within the next 18 months, according to Jeffrey Rome, a principal for Capital Access. Rome arranged the $34 million construction loan.
The 1875 E. Howard St. complex, whose clock and tower has become an area landmark, will also include lap pools, gyms, underground parking a coffee shop and an 8,000-sf museum dedicated to the mill's workers.
Rome tells GlobeSt.com that the 123 condo units will be built in the south building while 127 apartments will be constructed in the north building of the complex. The two four-story brick buildings were built in 1868 and 1898 and once served as the home to a Wamsutta sheet manufacturing facility. The units, which range from 850 sf to 1,200 sf, will be sold for about $200 per sf and leased for about $1 per sf, Rome says.
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