Anatole Grintchenko, project manager for the Bridgewater-based construction company, tells GlobeSt.com that the old fiberglass mill will be redeveloped into a 220-unit apartment complex that will total 300,000 sf. The project is fully permitted, he says, and he emphasizes that the five buildings currently located at the mill will be renovated rather than torn down.

The complex will be called the River Lofts at Ashton Mill and will feature one- and two-bedroom lofts, with 20% of the units classified as affordable. Forest City spokespeople stress that the design techniques employed in the redevelopment are intended to ensure that the reconstruction "results in a building as close to the original as possible." The project is located near Route 295 on the banks of the Blackstone River. The project cost is estimated at $24 million.

The mill was built in 1867 and played a major role in 19th century textile technology. Its central bell tower is still intact and upon redevelopment, Forest City says that tower will continue to be the centerpiece, marking the entrance to the lobby and residences.

Forest City Boston is part of Forest City Enterprises, a Cleveland-based development and management company that is one of the largest publicly-traded real estate firms in the United States, with a market cap of more than $5 billion. Forest City has been involved in a number of other restoration projects nationwide such as transforming a Boston bakery into the Kennedy Biscuit Lofts with 142 apartments, townhouses and artist lofts; restoring two historic theaters on New York City's 42nd Street; converting the former Drake Hotel in Philadelphia into upscale apartment homes and residences; and redeveloping the former Tobacco Row warehouses along the James River in Richmond, VA into loft-style apartments.