The Main Mill will have four floors of residential units ranging from one to three bedrooms.
NORTH ADAMS, Mass. — Greylock Works expects to have a model apartment ready for view in the former textile mill by next summer.
The Planning Board on Monday approved the renovation of the west end of the more than century-old mill on State Road into 51 apartments — a switch from initial plans that had included hotel rooms.
"With at least six new hotels in the pipeline expanding or completed within three miles of Greylock Works, we are dedicating the entire western portion of our site to long-term residential occupancy," said mill owner and developer Salvatore Perry. "And fostering collaborations between local hospitality offerings for our event space."
A year ago, Greylock Works was looking at up to 79 hotel rooms and 23 "high end" condominiums as part of the $15 million makeover of the former Cariddi Mill. But during this time, Tourists opened for business with 47 rooms just to the west and construction began on the new Williams Inn and the 95-room Fairfield Inn & Suites in Williamstown. In North Adams, a boutique hotel on Eagle Street has been approved and another group is proposing a 60-room hotel on the former Notre Dame property.
That sent Greylock Works developers back to the drawing board to re-imagine the possibilities for the four-story Main and North Mills.
"We see a growing demand for new housing as the population in the Northern Berkshires begins to expand after decades of decline," Perry said. "Home at Greylock Works will provide 51 new condo units ranging in size from 890 square feet to over 2,300 square feet."
He said the plan is to restore the industrial elements of the original mill and retain the "expansive qualities" of the loft space and take advantage of the views.
This phase will include the west lobby, North Mill, the Gate House, and the engine house on the first floor; the entire Main Mill, North Mill and engine house on the second floor; the entire North and Main mills on the third and fourth floors.
"We anticipate a model unit ready for summer 2019 and the first 18 units complete by summer 2020," Perry said.
Phase 2 with 23 units up through the third floor would be completed in 2022 and the third phase on the fourth floor by 2024.
The parking lot, being funded through a MassWorks grant, is expected to be completed by late 2019. About 100 parking spaces were completed last year with the balance to be installed on the west side of the building.
There was concern over the amount of parking available but Salvatore estimated said it was about 110 for the residential. Planner Brian Miksic noted that events in mill's renovated Weave Shed draw hundreds of people and the lot overflows. Planner Lisa Blackmer added that the nearby municipal lots at Alcombright Field often used for overflow could conflict with games at times.
"We're proud that we're getting a lot of people at the site ... we're responding to that," Perry said.
The mill has used the municipal lots — and allowed parking in its lot for the city, he said. There are plans to shuttle people heading to the second annual Festive holiday market on Nov. 17 from other parking areas to reduce congestion.
Planner Lynette Bond said she was pleased to see electric car charging stations included in the plans. "I know that's a real need in the city, people are seeking them out," she said. Perry also pointed out there are bicycle racks, too, causing some laughter because Bond had brought up a lack of racks with a previous applicant.
In other business, the board approved:
• An application by Dominic D. Paldino for property located at 1454 South State St. to add a 21,000 square foot addition. The building, for Tog Manufacturing Co. Inc. in the Hardman Industrial Park will be largely used for shipping. The project will also require permitting from the Conservation Commission and Zoning Board of Adjustment. The company is expected to add about 28 new jobs over the next few years.
• An application for McDonald's on Union Street to renovate the building inside and out with a more contemporary look. The mansard roof will be removed and a new patio area with table installed in the front. The parking lot will also be resealed and restriped. During the renovations, the drive-through and the dining area will switch being open as each is worked on.
• An application by Quintavious Walls to operate a retail clothing store at 28 Eagle St. The store will feature athletic and casual clothing.
• An application by BOON Properties LLC to renovate the existing gas station and convenience store at 330 State Road. The company had begun work on safety issues and upgrades regarding the tanks and pumps earlier this year but was told it could not reopen without a permit. Its special permit to construct a new convenience store and reconfigure the pumps had lapsed. The new plan is to spiff up the existing building and make some minor changes with the idea of greater renovations in the future.
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Short-term investments offer liquidity – and more
Submitted by Edward Jones
Generally speaking, investing is a long-term process. You invest in your IRA and 401(k) to reach a long-term goal – retirement. You may invest in a 529 education savings plan for many years to reach another long-term goal – college for your children. But is there also a place in your portfolio for shorter-term investments?
In a word, yes. You have three good reasons for owning short-term investments: liquidity, diversification and protection of longer-term investments. Let's look at all three:
Liquidity – For many people, the COVID-19 pandemic brought home the need to have ready access to cash, and short-term investment vehicles are typically liquid. Still, some are more liquid than others, and you'll want to know the differences right from the start.
Probably the most liquid vehicle you could have isn't an investment at all, but rather a simple savings or checking account. But you likely could earn much more interest from a high-yield online savings account without sacrificing much, if any, liquidity. Money market accounts are also highly liquid, but they may carry minimum balance requirements.
Other short-term investments may be less liquid, but that may not be a major concern if you don't need the money immediately. For example, you could purchase a type of mutual fund known as an ultra short-term bond fund that invests in longer-term bonds due to mature in less than a year, so you could receive the benefit of the higher interest rates typically provided by these bonds. You could choose to partially or entirely liquidate your bond fund at any time, but it may take several days for the sale to go through, since the shares in the fund need to be sold. You could also invest in a three-month certificate of deposit (CD), but if you cash it out early, you'll lose some of the interest payments.
Community Fridge Program organizers Sarah Defusco and Isabel Twanmo met with the trustees Wednesday to see if the library would be interested in hosting a refrigerator from which community members could take food from.
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Mayor Thomas Bernard on Tuesday night acknowledged that the 1955 structure is "at the endpoint of a deferred maintenance challenge that has been decades in the making," despite a number of "expensive Band-Aids over the years."
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