Sale of Atlantic Mills Closes

Originally posted on June 17, 2025 at 2:35 pm. Last updated June 22, 7:33 pm.

After months of organizing, protest, and debate, the sale of the Atlantic Mills complex on Manton Avenue has officially gone through.

“The historic Atlantic Mills complex in the Olneyville neighborhood has officially changed hands. As of June 17th, 2025, Atlantic Mills RI LLC has completed the acquisition of the 350,000-square-foot building, ushering in a new chapter for one of Providence’s most iconic mill buildings,” according to a press release from the new owners of the property. The building sold for $4 million, PBN reported.

The building was put on the commercial market after negotiations with the City fell through this past August. In the months since, tenants of the Mills have mounted an organizing effort, creating the first commercial tenants’ union in the state — and possibly the country.

Many tenants have shared concerns about being priced out of their units or that the building will eventually be converted into residential apartments. The complex’s buyers have denied that they plan to convert the building to residential use.

“We knew that was coming,” Cindy Miranda, board president for the Olneyville Neighborhood Association (ONA) and AMTU vice president, told PPS. “Maybe it still hasn’t fully hit.”

Members of AMTU were still absorbing the news. “A lot of people need time to grieve,” Miranda said. Still, she said she was gratified by the work of AMTU so far, despite the sale’s closing.

“But you know what I am proud of? The progress that the union has made, because it says a lot about the building,” Miranda said. “It shows that this is a place where people care. And a lot of people came to organize around the building to protect it. It’s protecting their livelihoods.”

When asked about the status of negotiations with AMTU, new owner Eric Edelman wrote, “We’ll be working with all tenants and prospects directly on renewals and new leases.”

“We are committed to continuing Atlantic Mills’ legacy as a welcoming hub of creativity, innovation, and community-driven commerce for existing tenants and new tenants alike,” Edelman said in the release.

Edelman told PPS in December that rent increases over time will be necessary to maintain the structure. “We planned to, over time, not immediately, work on gradual increases for folks to get them closer to market [rate],” he said. “We’re not trying to set new market highs with these existing tenants, but we do need to cover the cost of the buildings, expenses and repairs, and things like that. Part of keeping it a space available to people is investing in it and running it well.” 

The new owners are planning many improvements and renovations for the building, including a new parking lot, replacing windows, utility upgrades, and more, according to their website. “The improvements will be funded through a variety of means, with the great majority coming from bank debt and sponsor equity,” Edelman wrote to PPS.

“We’re excited to preserve this anchor of the community and set it up for another 150 years of success. Our goal is to remediate the environmental issues for the property, upgrade the power, replace the roof and windows, and redo the parking lot as quickly as possible,” he continued. “As with all large jobs, it will take time to properly bid the work out and get the necessary approvals.”

The open units in the building are up for rent on the group’s website and Acropolis Management will stay on as the property manager of the building.

“Big Top Flea Market, a longstanding anchor of the building and a key part of the local community, will remain at Atlantic Mills as a valued tenant,” the release reads.

Many spaces in the Mills, such as the Big Top Flea, ONA, and the Iglesia Puerta Esperanza, are home to several Latino-run businesses and organizations. With the recent crackdown on immigration enforcement and deportations from the federal government, many of these communities have been hit hard.

“These local small businesses need the support, especially now,” Miranda said. “We don’t know what the flea market is going to look like going forward, which is going to be a huge impact for these small businesses.”

ONA rents space in Atlantic Mills, offering a wide range of services and classes for Olneyville and other residents, including adult literacy classes, computer skills, and more. Recently, with the surge of deportations ordered by the Trump administration, ONA’s work has focused on informing residents of their rights and advocating for immigrants in Providence.

“ONA, we’re focusing right now on community defense, on organizing volunteers who are doing outreach, sharing information about people’s rights on the streets, sharing the defense line,” said Eloi Rodas, executive director of ONA.

“The church, [ONA] and the Coalition for Multilingual Rhode Island had to suspend some of our programming because of the threat,” Miranda said. “We have people who are walking. We don’t want them to be detained walking towards a church or going to an English class or a computer class.” 

“We’re scrambling to see what options we can offer. One of the things that we were currently talking about is offering virtual programming just like [during] COVID,” she said.

Under previous ownership, ONA’s access to a classroom space in the Mills was uncertain. The previous owner had offered ONA to rent a different suite — number 612 — instead of the classroom in suite 614. ONA declined, saying they wanted to rent all three spaces under a unified lease. On Instagram, the group has said that they require multiple spaces to carry out their mission.

Now that the building has changed hands, ONA’s leadership said they’re not sure where they stand. “We want to offer new services and programs that the community needs. And instead, we’re bogged down by this,” Rodas said.

“We’re excited to begin talking to tenants about renewals and new leases now that we own the building,” Edelman wrote to PPS when asked about the status of ONA’s space. “There’s been no movement with ONA since they declined the last lease option for classroom space at the building at deeply below market rent.” 

Rodas and Miranda emphasized that they hope to remain in their spaces.

Overall, the desire to protect and preserve the businesses and gathering places in the Mills remains strong. “Everyone deserves a safe space, a stable space for programming, for religious reasons, for operating their businesses,” Miranda said.

“We’ll see what happens next,” she added.

This is a developing story. Check back for updates.