Developers close on Warren mill

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The old American Tourister mill is officially sold.

Attorneys from Manchester, N.H. developers Brady Sullivan closed on the sprawling, landmark property Friday, March 8, purchasing the mill for $2.6 million, about a third of the assessed value assigned by the Town of Warren. Receiver Richard Land, who had been charged by the state Superior Court with finding a buyer for the mill after its former owners went bankrupt last year, oversaw the closing, he said Monday.

Brady Sullivan edged out Bristol Marine for the property at a receivership hearing last month, topping the marine trades and properties firm by $100,000 in a back-and-forth auction. That firm had planned to continue to run the mill as a business park and expand marine trades businesses into the space.

Though Brady Sullivan officials have not spoken publicly about their plans, the firm specializes in renovating mills into upscale rental units. There is certainly plenty of space for that at the former Tourister mill. The property fronts the Warren River for 1,400 feet, and includes nearly half a million square feet of floor space. Meredith Management, a Boston developer which planned to transform the mill into residences and business spaces, walked away from the project in the wake of the 2008 economic collapse. However, the town had approved of the firm's Master Plan for the property, and that Warren Planning Board approval is still valid.

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john.quattrocchi.75

Looks like commercial assessments on Water Street will be coming down by 2/3rds.

Fair Market Value has been established.

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