“Labor of Love” Historic Mill Building in Central Falls Sells For Near Record Price of $4.2M
Tuesday, February 18, 2020
One of the largest mill complexes in Central Falls -- the historic Hemphill Mill complex on Clay Street -- has been sold. The selling price, $4.2 million, is one of the top prices for a Central Falls mill complex.
“It shows the confidence outside buyers have in the Conant Mill District zone,” said long-time owner Jerauld Adams who purchased the Mill from his brother more than a decade ago and transformed the complex into space for 85 tenants — art studios, offices, maker spaces.
The Conant District is the focal point of the effort to revitalize Central Falls and Pawtucket. The centerpiece is the new train station now being developed.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Conant Thread is a 150-acre Transit-Oriented Development (TOD) District conveniently located between Providence and Boston; connected to both via Interstate 95 and soon a new train station and bus hub. A mixed-use urban village, Conant Thread is attracting trendy restaurants, start-ups, art innovators, makers and creators. It offers residents a complete urban experience with a diverse and exciting mix of cuisine, culture, economic opportunity and public amenities,” according to the district.
For Adams, the redevelopment of the mill was a labor of love. “There were a few times when finding a nickel to pay off the material expenses was hard to come by. I tell you I won’t miss the late-night calls or changing the burned-out light bulbs or replacing the toilet paper in the common area bathrooms,” said Adams.
The mill complex was built by the Hemphill company in 1900 — the company manufactured circular knitting machines — known as “banner” machines.
These machines allowed for the production of machine-made hosieries. The company employed more than “400 men” according to the company’s history, and at one point more than 90,000 of the machines were in operation in leading hosiery mills throughout the world.
Adams Transformed the Space
“It had about twelve tenants when I purchased it; large tenants. As a few left over the years, I worked with the city and fire department to re-imagine the space,"said Adams.
“Many artists were calling looking for smaller units. I created what I called “hobby studios”; 200 to 1,000 sq. Ft. And they rented like hotcakes. I made more [spaces] as larger companies moved out. Most tenants lived in apartments or condos, didn’t have garages, basements or extra rooms to be creative in,” he said.
“The concept worked great. There was always a waiting list. I’d like to repeat the concept at another building if the right one comes along. Selling the building was emotional as all the tenants became friends. Selling it was an opportunity and a means to settle debts while at the same time will allow me the opportunity to repeat the success I had. The City was always cooperative and the Pawtucket Credit Union believed in me and I couldn’t have done it without them,” said Adams.
The purchaser of the complex which is more than 100,000 feet is “Clay Street LLC” — a subsidiary of Cornwell Corp. located in Scottsdale, Arizona — was founded in 1972,
Cornwell “is a privately-held, family-owned and operated business specializing in the commercial real estate investment field. The company has grown and earned a fine reputation by developing a large number of first-class projects which represent more than 1.5 million square feet.”