The Paragon Mill complex in Olneyville has been vacant for decades, but will soon serve a new purpose.

The 125,000 square foot former factory is being repurposed into 44 affordable housing units for residents under 60% Area Median Income and 57 workforce housing units for residents under 120% Area Median Income, according to the city.

Mayor Jorge Elorza said the Paragon development will create 300 jobs, provide mixed-income and affordable housing, and return “this iconic staple of our Olneyville neighborhood to its former glory with renewed purpose and equitable housing opportunities.”

“Housing in Providence has gotten to crisis mode,” Elorza said. “This is part of our investment in housing in the city and we are going to continue to invest.”

Lt. Gov. Sabina Matos, when she was appointed by Gov. Dan McKee’s second-in-command, noted the improvement of housing opportunities would be top of her agenda.

“As lieutenant governor, I plan to showcase Paragon Mill as how municipalities, private, and non-profit partners can leverage dollars to create housing stock for all residents,” Matos said.

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This article was published by WPRI 12 News.