Century-Old Mill Turns Into Affordable Housing
This marks WinnCos.’ first adaptive reuse project in North Carolina.
WinnCos. has completed the $36 million adaptive reuse of a 250,000-square-foot textile mill into a 139-unit affordable community in Bessemer City, N.C. Dubbed The Lofts at Osage Mill, the property caters to residents earning up to 60 percent of the area median income.
Rehab Builders served as general contractor, while Tise Kiester Architects provided design services. MacRostie Historic Advisors and Brockmann Law were in charge of historic and legal counseling, respectively.
Funding included tax-exempt bonds issued by the Gastonia Housing Authority, as well as construction and permanent financing originated by Bank of America. The latter also provided equity through programs such as LIHTC, the federal Historic Tax Credit and North Carolina’s Mill Rehabilitation.
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This development, marking WinnCos.’ first repositioning effort in North Carolina, represented the conversion of a 127-year-old mill. The process involved the preservation of the building’s brick exterior, wooden beams and original flooring.
Carrying the address 115 E. Alabama Ave., the community is roughly 29 miles west of downtown Charlotte, N.C. Several parks are within walking distance.
The Lofts at Osage Mill encompasses one- to three-bedroom units ranging between 650 and 1,335 square feet. Common-area amenities include a resident lounge, business center, gym and playground.
WinnCos.’ transformation of historic buildings
Since 1981, WinnCos. has repurposed 47 historic structures through adaptive reuse projects, creating more than 5,400 new apartments in eight states and D.C. Last November, the developer wrapped up the $43.2 million conversion of a mill in Ludlow, Mass., resulting in a 95-unit, age-restricted and partially affordable community.
Two months before that, WinnCos. completed the conversion of a 179-year-old mill in Lawrence, Mass., into an 86-unit community. Development costs totaled $39.2 million.
Multifamily deliveries to go up in metro Charlotte
Greater Charlotte’s inventory expanded by more than 4,050 units during the first three months of this year, including 638 affordable apartments, according to Yardi Matrix data. One of the properties that came online was Residences at Cedar Creek, a 200-unit mixed-income community developed by The NRP Group.
The data provider estimates 19,543 units will debut in 2025, accounting for 8.4 percent of the total stock. Out of them, 2,706 apartments are expected to be affordable.
