Developer Wins Funding For Remake of N.C. Industrial Properties into Affordable Housing
- Feb 14, 2012
Irvine, Calif.—The Landmark Group has secured funding for the acquisition and adaptive reuse of two historic former mills in downtown Asheboro, N.C. The company plans to redevelop the 95,300-square-foot property into Asheboro Lofts, a 70-unit affordable housing property.
WNC & Associates Inc., an investor in urban renewal and affordable housing projects, provided $9.5 million in Low Income Housing Tax Credit for the project. In addition to LIHTC, which are administered by the North Carolina Housing Financing Agency, the $12.1 million redevelopment will also use federal historic tax credits and State Mill Rehabilitation tax credits as funding sources.
Asheboro is the county seat of Randolph County in central North Carolina and, like many places in the state, has a heritage of industry, much of which remains only in the form of abandoned or unused mills. According to WNC, there’s considerable demand in Asheboro for affordable kind of housing, since the town has experienced rapid population growth in recent years, coupled with the loss income for many residents due to the recession.
Landmark will use the former Asheboro Hosiery Mill and Cranford Furniture Mill’s existing architectural features to deliver an “industrial-inspired design,” according to the developer. Each unit will feature high ceilings, large windows and historical elements reminiscent of the former mills, which were constructed in 1917 and 1925.
The property will include a proposed 20 one-bedroom units, 32 two-bedroom units and 18 three-bedroom units, each offering energy-efficient designs, high-speed Internet and new appliances. Community amenities will include a technology learning center, exercise room, playground and outdoor sitting and picnic areas.