Stonington — In 2006, Port Chester, N.Y., developer Ken Olson came to town interested in renovating half of the dilapidated Thread Mill on River Road into condominiums and commercial space.

Although the recession, financing and environmental challenges threatened to permanently derail the project, the president of POKO Partners persevered, determined to see the $26 million project through to completion.

On Wednesday morning, Olson, now battling ALS — more commonly known as Lou Gehrig's Disease — and in a wheelchair, was on hand to see his project come to fruition as a ribbon cutting for the now 58 apartments and commercial space was held to celebrate the project’s completion.

Olson’s brother Rich Olson spoke on the company’s behalf and choked back tears at one point while talking about his brother’s work on the project. Throughout the morning, Ken Olson acknowledged congratulations from those in attendance, which included state Department of Housing Commissioner Evonne Klein, with a nod.

“Ken is an incredible visionary. He’s taken on some great projects and gotten them done,” Klein said.

Rich Olson, who is POKO’s chief operating officer, said his brother logged thousands and thousands of miles driving back and forth from New York to Pawcatuck over the past decade.

“He had a vision that he could save this structure,” he said. “We all know how challenging these types of redevelopment projects can be. And this one was really hard.”

Listing all the challenges the project faced along the way, Rich Olson said his brother “stayed tough, undeterred and moving forward.”

Rich Olson thanked the many organizations, such as CHFA, the state Department of Community and Economic Development, as well as Eversource, the town and firms involved in the project.

“This was truly a team effort driven by Ken,” he said. “Now if you know someone who knows someone, send them our way because we have a few apartments to rent.”

Klein said she has a particular love for mill rehabilitation projects such as this one because they restore the vibrancy to buildings that once had so much life in them.

The Thread Mill project is the only one of three mill rehabilitation projects approved a decade ago to have been completed. The Connecticut Casting Mill on Stillman Avenue in Pawcatuck never could obtain financing and the Mystic Color Lab project ceased after much of the building was torn down and preliminary site work done.

First Selectman Rob Simmons said the completion of the Thread Mill project will attract people to the historic village of Pawcatuck to enjoy its quality of life.

“You’ve created some real magic here,” he told Ken Olson.

The 129,000-square-foot renovation contains 58 apartments, evenly split between one- and two-bedroom units. The one-bedroom units will rent for between $1,400 and $1,600 a month, and the two-bedroom units between $1,800 and $2,000 a month. Each unit has two full bathrooms. 

There is also 9,500 square feet of commercial space along River Road that is yet to be rented.

During Wednesday’s ribbon cutting, those who toured the building saw large units with soaring ceilings, exposed brick walls and pipes, and wooden posts, beams and floors. The wide hallways retain their industrial feel.

j.wojtas@theday.com