The historic Lippitt Mill is adjacent to the Pawtuxet River and is a newly renovated community comprised of 65 modern apart-
ment homes ranging from cozy to spacious studio, one, and two bedroom apartments. The restoration of this historic mill was
spearheaded by the Prominen Management Group (PMG) and designed to preserve a piece of American industrial history, Lippitt
Mill offers soaring ceilings, original exposed brick and beams, and over-sized windows. With solid middle class demographics
Lippitt Mill offers access to Route 95, shopping, restaurants, top universities and parks.
Lippit Mill is a historic mill that was vacant at the time of acquisition and suffered from deferred maintenance. The
developer converted the property into 65 units with transferrable rights to build an additional 65 units at a later date.
The development consists of a variety of common area tenant amenities and supporting office space. The plan
reflects a unit mix and type of:
Type Average Size # of Units
One Bedroom Unit 700 47
Two Bedroom Unit 861 18
The renovations have taken the character of the property into account. The site is attractively landscaped and will
include a pedestrian walkway along with nature and fitness trails located throughout the property. The unit finishes
are of higher quality and on the high end. Interior finishes are equal to or superior to the competition.
Through the Rhode Island Historic Tax Credit program the Lippitt Mill project qualified and purchased Federal and
State Historic Tax Credits. The project also secured 4% Low Income Housing Tax Credits and Rebuild RI Tax
Credits. Please contact the exclusive agent for a detailed description of the project’s capital stack.
