NH outfit to redevelop Pawtucket mill building

Via BeloBlog:

PAWTUCKET -- A New Hampshire developer said this morning his company will move forward with a $22-million project to build rental residences in a Pawtucket mill building, despite the slackening economy.

Arthur W. Sullivan, of Brady Sullivan Properties, said the project will succeed despite an economic downturn that has tightened credit markets and all but crushed the demand for condominiums.

"The market is slowing down a bit," Sullivan told The Providence Journal. "[But] we have the capital to make these things work."

Sullivan's plan to convert the Slater Cotton Mill in central Pawtucket to 124 rental units is his company's second project in Rhode Island. In October, the company paid $2.4 million for the Grant Mill building in Providence.