Cambridge, Mass. — Forest City Enterprises, Inc. today announced the purchase of the historic Ashton Mill in Cumberland, Rhode Island. The Ashton Mill is an Industrial Revolution-era cotton mill located in the Blackstone River Valley National Historic Corridor near Providence.

Forest City's plans for the historic preservation and adaptive re-use of Ashton Mill include the creation of more than 200 one- and two-bedroom apartment units and possibly several retail units. The existing building will be brought to life again using design techniques to ensure that the reconstruction ultimately results in a building as close to the original as possible. In addition to the river and canal, both in proximity to the mill, the Blackstone River Bikeway and related development will help to encourage use of the surrounding resources by residents and neighboring areas. The project cost is estimated at $24 million.

"Adaptive re-use and historic preservation work is a rapidly growing part of Forest City's business and we are excited about the addition of Ashton Mill to our portfolio," said Ronald A. Ratner, president and chief executive officer of Forest City Residential Group, Inc. "The preservation of this historic landmark will serve as a vital factor in the revitalization of the Cumberland waterfront while maintaining the historical qualities of the building and preserving history for generations to come."

Built in 1867, the mill played a major role in 19th century textile technology and was the site of the first large-scale test of the high-speed Sawyer spindle — one of the earliest of its type developed in the United States.

The 200,000-square-foot Ashton Mill boasts a central bell tower with a peaked, hipped roof and bracketed eaves. The bell in the tower remains intact and can be seen through the triple round-head arches on each side of the tower. The original dam used to power the mill is no longer in place; however, the turbines still remain. The collection of adjoining 19th century brick buildings, known as the Village of Ashton, remains virtually intact. Upon redevelopment, the bell tower will continue to be the centerpiece of the property, marking the entrance to the lobby and residences.

Forest City has been involved in numerous other projects nationwide to restore important structures that had slipped from their former glory. These projects include:

Transforming one of Boston's once-busiest bakeries, where the first Fig Newton was made in 1891, into the Kennedy Biscuit Lofts with 142 apartments, townhouses and artist lofts.

Adapting a former World War II officers' barracks and President Eisenhower's summer retreat into loft apartments in Denver.

Restoring two historic theaters on New York City's 42nd Street, including moving the landmark Empire Theater — all 37,000 tons of it — 168 feet down the street to house the spectacular lobby of the AMC Theaters, and make room for additional commercial development.

Converting the former Drake Hotel in Philadelphia into upscale apartment homes and residences.

Transforming the former Tobacco Row warehouses along the James River in Richmond into loft-style apartments.

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