Armada Hoffler, Centra Open Charlotte-Area Property
Built on the site of a historic textile mill, the property has undergone stabilization.
A joint venture of Armada Hoffler and Centra Properties has opened Chronicle Mill, a 140,000-square-foot apartment community in Belmont, N.C.
The 238-unit mixed-use property is located at 96 Catawba St. in Belmont, N.C. The opening follows a stabilization of the property, a historic warehouse which had undergone an adaptive reuse.
RKW Residential is providing leasing and property management services for the development’s multifamily component, with Foundry Commercial overseeing the same for the property’s commercial space.
The history of Chronicle Mill
The original Chronicle Mill was built on a 7-acre site in 1901, where it housed a textile weaving mill. John and Jennifer Church, respectively the owner and broker in charge of Centra Properties, purchased the then-abandoned mill in 2013 for $250,000, according to a report in the Gaston Gazette. The redevelopment into residential and commercial space was proposed in 2019, and gained the Belmont Council’s approval in July of 2020, according to Yardi Matrix information.
Following the completion of the full extent of its renovations, Chronicle Mill has been sectioned into studio-, one- and two-bedroom apartments alongside 9,000 square feet of commercial space. Apartments feature exposed brick walls and ceiling beams, which pay tribute to the original building’s architecture. The more modern features include in-house laundry machines, private patios and balconies, plank flooring, kitchens with stainless steel appliances, granite countertops and tile backsplashes.
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Community amenities include a swimming pool, fitness center, game room, clubhouse, landscaped courtyards and electric vehicle charging stations. Situated adjacent to Belmont’s main street, the community is within walking distance of the city’s main commercial corridor. Speaking to the strength of the development’s location, Carter Ward, director of Multifamily Operations at Armada Hoffler told Multi-Housing News, “Chronicle Mill brings a unique residential and retail experience to complement Belmont’s small-town feel and has spurred development along Catawba Street. The project serves as a catalyst for growth, connecting Belmont’s downtown to the River District and surrounding neighborhoods.” Access to Interstate 74 is within a mile to the north, giving the community access to much of metro Charlotte. The city center is 10 miles away.
Mixed-use in the Queen City
Bolstered by widespread demand for a hybrid of work and living space influenced by both current apartment living and office work trends, Charlotte’s mixed-use development and availability numbers have placed it among the top markets in the nation. According to a June 2022 report from RentCafe, nearly ten percent of the metro’s completions from 2012 to 2021 have been of the mixed-use variety, with the city having 6,000 available units at present. Across the country, the total number of developments has quadrupled, data from the report shows.
Recent mixed-use headlines from around the Queen City include Space Craft and Swinerton’s June 2022 commencement of the second phase of The Joinery, a planned 361-unit community that will also feature 17,384 square feet of retail space. In November, FCP and Crosland Southeast purchased 158-acres outside the city for the development of The Exchange at Indian Land Apartments, a 400-unit property that is set to include 35,000 square feet of retail space.