- Associated Press - Tuesday, June 13, 2017

PROVIDENCE, R.I. (AP) - A derelict former Rhode Island knife factory is being transformed into loft apartments that officials say could help revitalize a Providence neighborhood.

Gov. Gina Raimondo and Mayor Jorge Elorza, both Democrats, attended a Tuesday groundbreaking for the $22.5 million project to convert the former Imperial Knife Company building into housing. Fifty-four of the 60 units will be reserved for lower-income households.

Tax credits and government subsidies are helping to finance the redevelopment.

The large brick building in the city’s Olneyville neighborhood was constructed in 1923 as a wool production facility for the Rochambeau Worsted Company. It was later used to make knives from the 1950s until 1987. It’s been vacant for a decade.

Boston-based developer Trinity Financial has already begun construction. It’s expected to be completed by fall 2018.

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