First phase of major Union Wadding Loft complex project back on track

PAWTUCKET - The bustle is back at the Union Wadding Loft complex on Goff Avenue, where developers now say they are optimistic that Phase 1 of the mill conversion project will be completed soon.

"We're moving forward with the project, finishing up Phase 1," said sales manager Jenny Bogan this week. "It's definitely proceeding very well."

Workers from Chece and Sons Inc. are currently working installing electricity service and enclosing the exterior of the six buildings that are part of Phase 1, erecting brick piers and fencing that, when finished, will contain lighting all along the top. According to Bogan, parking lot improvements are being completed at the same time new kitchens and bathrooms are being installed inside.

Completed living areas at the Union Wadding Lofts include restored or replaced windows, refinished or replaced hardwood floors, and exposed brick walls and beams, all coming together as part of a project that has fallen on hard times over the past year or two.

The Breeze reported in August that a planned auction of the Union Wadding complex, located at 125 Goff Ave. in the downtown area, had been called off after a last-minute forbearance agreement was reached between First National Development LLC and its lending bank, Rockland Trust. Terms of that deal have not been disclosed.

A forbearance agreement is typically meant to postpone, suspend, or reduce payment on a loan for a specific length of time as a company or a project seeks sustained profitability, something First National officials are now trying to achieve, according to Bogan.

The extensive Union Wadding complex, with Pawtucket roots dating back to 1847 as a cotton mill, is a 360,000-square-foot complex of old brick buildings, part of which has been in the process of conversion to townhouses since First National Development bought it for $1.3 million out of receivership - a status similar to bankruptcy - in the fall of 2005.

Officials at First National are completing plans for 225 loft-style condo units, plus retail, restaurants, coffee shops and other amenities such as a gym on 6.5 acres of land on Pawtucket's east side.

Years of losses, competition from overseas, and significant debt were all blamed when the former Union Wadding Company entered receivership in the fall of 2004. More than 160 workers, many long-time employees, lost their jobs when the manufacturer of Christmas decorations, including tinsel and tree skirts, shut down.

In August of 2006, a year after First National purchased the complex, the Pawtucket City Council voted unanimously to redraw the city's zoning map, converting Union Wadding from an industrial zone to a downtown commercial designation.

In March of this year, 16 people were kicked out of the Union Wadding complex after it was discovered that they were living there illegally. Fire Chief Timothy McLaughlin was quoted at the time as saying that the owners of the complex were renting out apartments to gain at least some revenue as they sought to avoid foreclosure.

Phase I of First National's mill conversion, which is expected to cost between $20 million and $25 million when completed, includes 30 studio units, 29 one-bedroom units, 27 two-bedroom units, and a trio of three-bedroom units in six mill buildings. It is now back on track, according to Bogan, who did not have a definite date of completion for the development's first phase.

Undeveloped portions of the site offer potential for a wide variety of possible uses, according to a promotion from First National Development, including residential, retail, storage, business, and parking space, among other uses.