Judge approves receiver's petition to sell Rhode Island mill

PROVIDENCE, R.I. (AP) — A judge has approved a receiver's petition to sell a two-century-old Rhode Island textile mill to a representative of a Massachusetts-based developer. Paramount Developer Group Corp. had submitted a nearly $1.3 million bid for the Hope Mill property in Coventry and...

PROVIDENCE, R.I. (AP) — A judge has approved a receiver's petition to sell a two-century-old Rhode Island textile mill to a representative of a Massachusetts-based developer.

Paramount Developer Group Corp. had submitted a nearly $1.3 million bid for the Hope Mill property in Coventry and Scituate (SIH'-choo-it) through BMP LLC, a limited liability corporation.

Receiver Peter Furness tells The Providence Journal (http://bit.ly/1kTc1pc) he's been trying to sell the property since 2008. The bid includes $650,000 in cash and the remainder in payments of back taxes and other liens. A judge approved his petition on Friday.

Paramount expects to develop 207 residences at the site.

Hope Mill, built in 1806, sits on a 38-acre island, with the Pawtuxet River on one side and a man-made channel on the other.

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Information from: The Providence Journal, http://www.providencejournal.com

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