1848 Massachusetts mill gets $53M revival as 86 apartments, 69 affordable
A historic 1848 stone mill in Lawrence, Massachusetts, has been restored into an 86-unit residential complex. The $53 million project provides a mix of market-rate and affordable housing while preserving the building's industrial heritage.
Why it matters
This project demonstrates how historic preservation and tax credit incentives can be leveraged to address urban housing shortages and revitalize aging industrial infrastructure.
A 170-year-old stone mill that once made water turbines and machinery during New England’s industrial boom has completed a $53 million (£41 million) historic restoration. The building has reopened as an 86-unit residential complex offering homes at different price levels in Lawrence, Massachusetts. Built in 1848 by industrialist Abbott Lawrence along the Merrimack River, the 150,000-square-foot building sat empty for decades. According to case study documents published by the US National Park Service, the historic property has now been turned into Stone Mill Lofts. Of its 86 apartments, 69 are set aside as affordable housing for lower-income households. The project was funded through a mix of federal and state historic tax credits, along with Low Income Housing Tax Credits.
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