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10/21/2025
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State leaders break ground on 124 housing units at Walker Lofts
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 LINCOLN, R.I. — House Speaker K. Joseph Shekarchi, Sen. Jacob E. Bissaillon and Rep. Mary Ann Shallcross Smith joined other state and local officials, project partners, housing advocates, community members yesterday to break ground on Walker Lofts, an adaptive reuse project transforming the long-vacant Sayles Company Dye House in Lincoln into vital housing for Rhode Islanders.
“The adaptive reuse of existing structures — like the Sayles Company Dye House, a local landmark that stood vacant for years — is a fantastic way to add much-needed housing units to our supply while leveraging infrastructure and utilities already in place,” said Speaker Shekarchi (D-Dist. 23, Warwick). “I appreciate that in creating Walker Lofts, Odin Properties and its partners are preserving a significant part of Rhode Island’s history as the birthplace of the Industrial Revolution.”
Located at 40 Walker Street, Walker Lofts will include 124 units across 107,500 square feet between three mill buildings. The apartment mix includes 98 one-bedroom units, 21 two-bedroom units and five three-bedroom units. Thirty-two units will be reserved for households earning at or below 80% of the Area Media Income (AMI), including a mixture of one, two and three-bedroom units. Apartment square footage will average 867 square feet.
“As Chairman of the Senate Committee on Housing and Municipal Government, and on behalf of President Lawson and my Senate colleagues, I commend the many partners who made this project possible,” said Senator Bissaillon (D-Dist. 1, Providence). “Walker Lofts will create needed new housing opportunities for Rhode Islanders while revitalizing a treasured community landmark, and it provides a model of what is possible through a collaborative, innovative approach to new housing development.”
“Odin Properties is incredibly proud to stand with our state and local partners to break ground on Walker Lofts, bringing Rhode Islanders desperately needed housing and revitalizing a long-vacant landmark into a vibrant community asset,” said Phil Balderston, CEO of Odin Properties. “We are eager to get to work and reinvest in this historic building that is inherently part of Lincoln’s identity. Thank you to all the leaders and partners whose deep commitment to Lincoln and the state has made this project possible.”
“Repurposing existing buildings to provide new housing opportunities for Rhode Islanders is a valuable strategy for our state," said Governor Dan McKee. “Thanks to the foresight of Odin Properties and our state's strong public-private partnership, Walker Lofts adds hundreds of units to help more and more Rhode Islanders get on a pathway to a better future.”
“In order to overcome the housing crisis, we need to build more homes. The Walker Lofts development smartly repurposes a piece of Lincoln’s past to create more than 100 new homes here for the future,” said U.S. Senator Jack Reed. “I am proud to support our state’s efforts to increase availability of affordable homes for Rhode Islanders and will continue working to deliver federal resources and support to advance key projects like this one.”
“We need more housing in the Ocean State, and Walker Lofts is a welcome addition,” said U.S. Senator Sheldon Whitehouse. “I’m glad to have helped secure federal funding to ease Rhode Island’s affordable housing supply crunch.”
“Increasing access to affordable housing is critical to a thriving Rhode Island,” said Congressman Gabe Amo. “And preserving a piece of Rhode Island's industrial heritage in the process is an added bonus. I look forward to seeing these lofts become homes for over one hundred Rhode Island households.”
“We are extremely pleased to see the Walker Lofts project moving forward with Odin Properties,” said Lincoln Town Administrator Philip Gould. “This development will transform a long-blighted mill — once an eyesore in our community — into beautiful and much-needed housing. This adaptive re-use not only helps the Town of Lincoln make meaningful progress toward our affordable housing goals, but it also enhances the overall landscape and quality of life for residents in the Saylesville neighborhood.”
The Sayles Company Dye House, once one of the largest cloth finishers in the country, will be reimagined while also preserving several original design elements, including its brick exteriors, tall arched windows and exposed wooden beams. Apartments will be fitted with modern features including stainless steel appliances, shaker-style cabinets, quartz countertops, historically accurate windows, hardwood style flooring, dishwashers, in-unit washers and dryers and newly constructed elevators.
In addition to apartments, the project will include a landscaped courtyard, resident bike and storage facilities, on-site management, fitness center and community lounge. Walker Lofts is located five minutes from the Pawtucket/Central Falls MBTA Commuter Rail Station.
Walker Lofts is backed by support from a diverse capital stack, including RIHousing and Rhode Island Commerce. In addition to state-supported initiatives, the project received support from federal and state Historic Tax Credits, the Providence Revolving Fund, WSFS Bank, Lincoln Savings Bank, Monarch Private Capital and Tax Incentive Finance.
“Rhode Island Commerce is proud to have supported the Walker Lofts project with critical funding,” said R.I. Secretary of Commerce Stefan Pryor. “This redevelopment is about more than restoring a historic property — it’s about enabling Rhode Islanders of various income levels to attain the quality housing they need and it’s about creating a vibrant community asset that attracts additional investment and economic activity.”
“Adaptive reuse is a key strategy to achieve the goals of Housing 2030, our state’s first housing plan in nearly two decades” said Secretary of Housing Deborah Goddard. “Walker Lofts will transform the long-vacant Sayles Company Dye House into over 100 much-needed homes, bringing new housing into Rhode Island’s stock while preserving a historic site that has long been part of Lincoln’s identity. Projects like this show how we can meet today’s housing needs thoughtfully — creating opportunities for Rhode Islanders, strengthening our communities and honoring the history that makes our state unique.”
“RIHousing is proud to provide funding to adaptive reuse projects like Walker Lofts, a development that will preserve a piece of state history while adding 126 units of housing to a desirable community,” said Carol Ventura, CEO and executive director of RIHousing. “As we continue to face housing challenges in our state, it is critical that we explore all options to increase housing opportunities for Rhode Islanders, including leveraging our existing historical structures.”
“The Providence Revolving Fund is proud to invest $1.5 million in Walker Lofts, transforming the historic Sayles Company Dye House into much-needed housing for Rhode Islanders,” said Carrie Zaslow, executive director of the Providence Revolving Fund. “This project demonstrates how preservation and development can work hand in hand to strengthen communities and bring new life to Rhode Island’s historic industrial sites.”
The design for Walker Lofts was completed by Cardarelli Architects and Douglas Construction is the general contractor. Engineering firms involved in the redevelopment project include DiPrete Engineering, Davey Associates and G.W. Preiss and Son. McClanaghan Associates, Inc. Fire System Solutions, Powers & Company and Redwood Environmental provided additional consultation on the project.
Construction is underway and the project is scheduled for completion in second half of 2027.
IN PHOTO: From left, Rep. Mary Ann Shallcross Smith, U.S. Senator Jack Reed; Gov. Dan McKee, U.S. Senator Sheldon Whitehouse, Odin Properties CEO Phil Balderston, Lincoln Town Administrator Phil Gould, House Speaker K. Joseph Shekarchi, Sen. Jacob E. Bissaillon, U.S. Congressman Gabe Amo, Secretary of Commerce Stefan Pryor, Secretary of Housing Deborah Goddard, RI Housing Deputy Executive Director James Comer and Providence Revolving Fund Board Member Kyle Bennett.
For more information, contact:
Tristan Grau, Publicist
State House Room B20
Providence, RI 02903
401.222.4935
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