Reprinted from NEREJ January 17, 1963
NEREJ 1/17/63Pawtucket, RI The Pawtucket Redevelopment Agency is currently engaged in the survey and planning of a 50-acre site contiguous to downtown. Presently the Agency is carrying out this study under a $142,514 planning advance from the Housing and Home Finance Agency. When executed the project is expected to cost some $7,200,000 for acquisition, clearance and preparation with $1,500,000 expected to be realized in resale of the cleared land. This leaves a net project cost of $5,700,000.
The designated area is 50-50, commercial and residential. It is expected that current studies will recommend a mixed reuse of the area with land being placed on the real estate market for possibly such uses as light industry, commercial, a motel or hotel and possibly residential development.
One use being looked at from various aspects is the possibility of an historic development with the Old Slater Mill (America’s first cotton mill) as the focal point. This could lead to a significant tourist attraction.
The Agency has set September 1, 1963 as the target date for completion of its reuse plan and filing of this plan with the Federal Government. Once the latter approval is received some $4,725,000 in Federal money will be available with the City of Pawtucket matching this on a ¾ - ¼ basis.
Conducting a Land Utilization and Marketability Study to help in determining the reuse potential is the William H. Ballard Co. of Boston. The First Reuse Appraisal, which will designate the value of land in accordance with the specified reuse is Real Estate Research Corp. of Chicago. Project Planning is being achieved by the City of Pawtucket Planning Commission.