Asa Peck & Company, Inc.

About this Property

#Redevelopment

In late 2019, Strive Realty embarked on converting this 70,000 sf mill building into 56 apartment units with 1,600 sf of commercial space on the ground floor along with indoor parking.¹ Strive Realty is relatively new with a start only in 2013. In that short time, they have become a larger force in the Smith Hill area, running many student rental properties around Providence College. The total cost of this project is approximately $10 million and was approved for up to $750,000 in Rebuild Rhode Island Tax Credits.²

This is their first foray into a large mill conversion. They speak much about “luxury amenities” on their slick website, but we can’t be sure if “luxury” these days is the minimum required when looking for an apartment. No one wants to live in anything that doesn’t try to convince you it is the height of luxury that you can afford.

And affordability is an issue, of course, given that the median annual income of the Olneyville neighborhood is $56,000.³ A one bedroom here lists starting at $2600 a month, or $31,200 a year which is more than half that annual median income. In short, these apartments are not for the people that currently live in Olneyville.

That said, the average rent for a 850 sf apartment in Olneyville is $1,907 a month⁴. This still represents over $22,000 a year, or almost 40% of the median income. If the general rule is spending one third (33%) of your yearly income on rent, prices are generally too high in the area.

So what are we trying to say? We’re not entirely sure. On the one hand, we recognize how expensive but important historic rehabilitation of these structures into much needed housing can be. In part, the gap in the number of available units is why rents continue to be so high. So while these units are adding much needed stock to the market, they are not affordable for most people. Will they relieve pressure in the area, even slightly, because people who can afford it will leave behind units that someone else can move into? We hope so. But more than ever we realize that a mix of new, affordable construction is needed alongside these “luxury” redevelopments.

#Current Events

Studio, one- and two-bedroom units are available to view and inquire at strivelofts.com.

#History

From the “Industrial Sites and Commercial Buildings Survey (ICBS)” by PPS and the AIA, 2001-2002

Asa Peck & Company, Inc.: The large building stands four stories in height with a slightly-pitched end-gable roof. The building is comprised of a central main block and several one- and two-story additions. A small, one-story addition projects from the rear elevation of the main block, a gable-roof, two-story block with a chamfered comer is offset at the front of the building, and a long, two-story, single-bay addition extends along the side elevation of the main block. According to the assessor’s card for the property, the long two-story, brick addition was constructed in 1969. The main block of the building has star-shaped metal tie rods. Windows are set within arched openings and feature multi-light fixed sash with awning in their central portions. The main entrance on Atwells Avenue is recessed with stone and brick stairs and a wood canopy. A vehicular entrance is located along Harris Avenue.

The building appears to have been constructed between 1903 and 1908. Leander and Walter A. Peck purchased the property from Charles Fletcher in 1896. By 1903, the property was recorded under the ownership of Asa Peck & Company, Incorporated. The building appears on the 1908 map. Both the 1926 and 1937 maps identify the building as Asa Peck & Co, Inc. The building remained the property of Asa Peck & Co. until being transferred in 1949. The 1950 directory lists the property as American Jewelry Chain Co. and Guild Metal Products, Inc. In 1954, the building is identified as a jewelry factory with a lacquer spray booth, plating room, lumber storage, and greenhouse. The 1983 Sanborn map identifies the structure as being used for the manufacture of jewelry. Today International Graphics occupies the building.

Map sources:

• 1889 Sanborn Map, Volume 1 — The building is not present on the southwest corner of Atwells and Harris Avenues.
• 1908 L.J. Richards Map, Plate 14 — private collection — The building is present in a simple outline
• 1920-1921 Sanborn Map, Volume 4, Plate 6 (page 7) — Building is present and details written are “Asa Peck Co. Inc. Storage House.”
• 1937 G.M. Hopkins Map, Plate 8 — Building is in place and still labelled as Asa Peck Company, Inc.
• 1920-1951 Sanborn Map, Volume 4, Plate 6 (page 7) — Building is present and details written are now simply “Jewelry Mfg.”