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Historic Stone Mill in Massachusetts Restored into Affordable Housing
Sentiment: NeutralHigh Priority
What Happened?
A 170-year-old stone mill in Lawrence, Massachusetts, has been restored for $53 million, now housing 86 apartments, 69 of which are affordable. The project aims to provide mixed-income housing.
Key points
- The stone mill was built in 1848 by industrialist Abbott Lawrence.
- The restoration project cost $53 million, with $44 million qualifying for rehabilitation funding.
- Of the 86 apartments, 58 are for low-income residents and 11 for very low-income families.
- The complex includes shared facilities like a community lounge, fitness center, and children's playroom.
- The building's ground floor was raised by 12 inches to mitigate flood risks.
- It is one of the first fully electric multi-family residential developments in Massachusetts.
Key insights
- The project could serve as a model for future historic restorations aimed at affordable housing.
- Raising the ground floor may influence future developments in flood-prone areas.
- The mixed-income model may attract diverse residents and foster community interaction.
Why it matters
The restoration provides affordable housing options in a historic setting, addressing local housing needs.
Tags
Entities
Abbott Lawrence· PersonLawrence· CityMassachusetts· StateStone Mill Lofts· Location
Source
Times of India
