WILLIAMSTOWN, Mass. -- The former Cornish Wire factory on Water Street in Williamstown is well along in its transformation to the $61-million "Cable Mills" apartment complex and principal real-estate agent Kevin White of Harsch Associates says about 72 percent of the 61 one-, two- and three-bedroom units and townhouses are "spoken for" in one way or another -- either leases signed or a non-refundable $500 deposits put down. Some tenants have already moved in, he said on April 17.
White says most of the incoming tenants are moving to the area, although there are some "locals" as well. A ribbon-cutting is planned for either May 24 or May 25, he says. Units in the main factory building and one of two adjacent buildings are ready to occupy; the second adjacent building is still being fitted out on the inside. Ongoing landscaping will gradually create a scenic walkway along the Green River behind the complex, with additional condominium units slated for construction next year sometime.
Originally owner Mitchell Properties LLC of Boston, had planned a condominium development, with a percentage of units sold at below-market prices as a condition of getting support from the town as well as special financing from the state based on "affordable-housing" guidelines. But after the 2008 mini-economic crash tanked the first cut at financing, a new package was arranged that requires the units be held in ownership by Mitchell for five years. So everything right now is rentals.
The below-market "affordable" units are approximately $1,343 a month for a two-bedroom unit, White says, and two people with a combined annual income in the $44,000-to-$52,000-a-year range could qualify. The market-price for similar units would be over $2,000 a month, he says. For more information, call White at 413-884-4935.