Rumford's East Pointe may finally get new investors

May 2016

From The Providence Journal

EAST PROVIDENCE, R.I. — After years of litigation, 9 acres in the Phillipsdale section of Rumford may get new owners who plan to build 144 apartments on the property, near Omega Pond. 

Providence lawyer W. Mark Russo said that on Monday he will seek Superior Court approval to sell a 9-acre section of the East Pointe parcel for $1.8 million cash, or $2.8 million for a financed purchase, to Prominem LLC.

Russo said Prominem is owned by the same investors who are involved in the Lippitt Mill project in West Warwick. Alston Moore, of Floral Park, N.Y., and Kristopher Shaw, of New York City, are listed as managers of the LLC that now owns the historic Lippitt Mill.

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