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Saturday, June 28, 2014

Former textile mill reborn in Milford as workforce housing apartments

MILFORD – A former textile mill on the Souhegan River has been turned into apartments, the latest example of a trend recently seen in Nashua with the opening of Apartments at Cotton Mill.

A ribbon-cutting ceremony was held recently at the former Hillsborough Mill, in the west end of Milford near the Wilton line, to announce its resurrection as Pine Valley Lofts, featuring apartments that have 14-foot ceilings with exposed wood beams. ...

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MILFORD – A former textile mill on the Souhegan River has been turned into apartments, the latest example of a trend recently seen in Nashua with the opening of Apartments at Cotton Mill.

A ribbon-cutting ceremony was held recently at the former Hillsborough Mill, in the west end of Milford near the Wilton line, to announce its resurrection as Pine Valley Lofts, featuring apartments that have 14-foot ceilings with exposed wood beams.

The mill will have 50 apartments – 33 one-
bedroom and 17 two-bedroom units.

They’ll be rented at a rate considered affordable in what is often called workforce housing.

One-bedroom units run from $724-$990 and two-bedroom units go from $847-$1,058.

Commercial space remains on the ground floor, facing Wilton Road. The housing is on the two higher floors, best accessed from the back of the building.

Sixteen families call the Pine Valley Lofts home, and 20 more are scheduled to move in soon, said Roberto Arista, of Dakota Partners, at an open house and ribbon-cutting ceremony on June 10.

Arista’s Massachusetts
company rehabilitated the 19th-century mill building into a modern, 70,000-square-foot, mixed-use residential and commercial building.

The process took two years and a public-private partnership, including a $388,800 grant from the New Hampshire Community Development Finance Authority.

Small businesses remain on the lower floors and adjacent buildings.

The mill has its own hydropower facility that delivers a yearly average energy production of 1.7 million kilowatt-hours.

Pine Valley Lofts recently won a Preservation Achievement Award from the New Hampshire Preservation Alliance, which said it “returns historic character and vibrancy to a highly visible local landmark, while meeting critical local housing needs and protecting the environment through superior energy efficiency.”

Funding for the project came from several sources:

A Community Development Block Grant.

Low-income tax credits from the New Hampshire Housing Finance Authority.

A federal investment tax credit for the rehabilitation of a historic building.

That 20 percent tax credit made this and other historic renovations possible, said Peter Michaud, an architectural historian with the New Hampshire Division of Historical Resources.

There is an on-site rental office. More information is available at www.pinevalley
lofts.com.