WinnCompanies, an award-winning domestic developer and manager of affordable, mixed-income, market-priced apartment communities, broke ground today for the first time ever.
Adaptive Reuse Project in North Carolina has begun construction on a $35 million project. The project will build 139 affordable apartments in a long-vacant historic textile mill.
Becky S. Smith, Mayor of the City of Bessemer, North Carolina, welcomed WinnCompanies CEO Gilbert to celebrate the start of work at Osage Mill, located just 30 minutes from Charlotte in the fast-growing area. Joined Wynn and many state, county and local officials. In western Gaston County, where new rental housing is needed for working families to sustain economic growth.
“Osage Mill created hundreds of jobs in Bessemer City 125 years ago. looking forward to it.” Gilbert Wynn. “We value our partnership with North Carolina’s housing and economic leaders in this important endeavor and look forward to completing the project near the end of 2024.”
Led by Aimee McHale, Vice President of WinnDevelopment and Laura Manville, Senior Project Director, the factory’s historic adaptive reuse will create 12 three-bedroom apartments and 77 two-beds while maintaining the building’s iconic exterior. room units, and 50 one-bedroom units for income households. 60{ea2cba5bdf6fe62bbe85e24807814144a71e77d3ae7311fbc27a008558d1372c} of regional central income.
“Bessemer City is poised to further enhance its economic position in the Charlotte area with the completion of the Osage Mill renovation project. Helping to support businesses and provide the housing we need as we continue to grow, Mayor Smith said: “The City of Bessemer is growing aggressively in all directions. In particular, it acts as a catalyst to transform communities and revive historic buildings that speak to the city’s history, culture and identity.The city’s revitalization is just beginning.”
Funding for this project will be backed by tax-exempt bonds from the North Carolina Housing Finance Agency (NCHFA) and issued by the Gastonia Housing Authority.
“The Agency is proud to support the future redevelopment of Osage Mill. NCHFA Executive Director Scott Farmer. “This development is a great example of how adaptive reuse of existing land can create safe and affordable housing for families in North Carolina.”
Bank of America provides construction and permanent housing tax credits under the federal Low-Income Housing Tax Credit (LIHTC) program, the federal historic tax credit program, and the North Carolina Factory Rehabilitation Tax Credit program. We offer flexible financing, as well as equity.
“Bank of America is the primary funder of this innovative development that will repurpose previously vacant space to provide much-needed affordable housing in the city of Charlotte. Proud to be. Mary Thompson, senior vice president of Community Development Banking at Bank of America, said: “We are excited to work with WinnCompanies and other public and private partners to support the communities in which we work and live.”
The 250,000-square-foot building has been mostly empty since 1995. Built in 1896 by John Askew Smith, founder of the city of Bessemer, he soon became one of the city’s largest textile mills.
“Main Street is economic development within the context of historic preservation,” he said. Kenny Flowers, North Carolina Assistant Secretary for Rural Economic Developmentt. “The Osage Mill Project loft is the ultimate re-use of a historic building, preserving a piece of the city of Bessemer’s history while restoring the property for a new purpose that benefits the entire community. We applaud the dedicated work and collaboration of our local government leaders and private sector partners that has led to million-dollar investments, new businesses and new jobs.”
Several Gaston County elected officials played a key role in moving the project forward.
“We are pleased to have created three commission motions to support this historic project, all with unanimous support from the county. John Smith would definitely be proud of this project. Let’s go,” he said. Bob Hovis, Vice Chairman of the Gastonia County Commission.
“We are delighted to have worked with the town of Bessemer City on the planning and redevelopment of Osage Mill. Osage Mill is an iconic landmark that was built as a textile mill in the late 1800s and is a popular destination for entrepreneurs and entrepreneurs. It provides creative opportunities to nurture other local businesses, allowing them to thrive in the retail and residential environment.” State Senator W. Ted Alexander. “Residents have the advantage of being within walking distance of some of their favorite establishments. Its restoration is a great example of how these old historic factories, once viewed as liabilities, can become economic powerhouses and a source of pride for communities like the city of Bessemer.”
“This is flag day for the city of Bessemer and all of Gaston County,” he said. Senator Brad Overcache. “The historic Osage Cotton Mill Redevelopment Project is an important economic development triumph for the people of West Gaston County. We look forward to seeing this project move forward.”
“We are honored to be a part of today’s groundbreaking project and proud to announce our support for the Osage Mill Adaptive Reuse Project.” State Senator Kelly Hastings. “Converting an empty factory into residential apartments for our employees is vital to our community and will bring life to downtown Bessemer. We are confident the work will be completed professionally and in a timely manner.”
This will be WinnDevelopment’s first adaptive reuse project in North Carolina, but the company has been responsible for the reuse and restoration of 41 historic buildings since 1981, with projects in seven states and the District of Columbia. We are building nearly 5,000 new apartments. No other US housing developer has won more awards for converting empty schools, mills and other historic buildings into multi-family homes.
The factory will be renovated to preserve and emphasize the building’s historic structure, but will also feature on-site administrative offices, mailrooms and package lockers, a resident lounge, business center, fitness room, and secure storage for residents. . Outside the property, residents enjoy access to a dog park, seating and picnic areas, and a children’s playground.of
This property has 244 parking spaces, including 20 disabled spaces.
“The Gastonia Housing Authority is proud to support the redevelopment of the historic Osage Mill by acting as the issuer of the multifamily bond. Terry Sanford, Executive Director of the Gastonia Housing Authority. “This project will not only preserve important historical buildings and revitalize the city center of Bessemer, but also provide homes for the elderly, disabled and working families in our area. , the elected officials and staff of the cities of Bessemer and Gastonia, and all those who have worked tirelessly to make this project a reality.”
The building design complies with Energy Star guidelines. WinnDevelopment works with Duke Energy to maximize the energy efficiency of building machinery, appliances, interior and exterior lighting, and building skins.
Rehab Builders of Winston-Salem is the general contractor for the project, Tise Kiester Architects of Chapel Hill is the architect, and MacRostie Historic Advisors LLC is the historical consultant. Brockmann Law of Charlotte is acting as legal advisor.
Osage Mill is located in a mixed-use neighborhood adjacent to the downtown business district of Bessemer, with easy access to Interstate 85 and the strong employment hubs of Charlotte and Spartanburg, South Carolina.
Upon completion, the community will be operated by WinnResidential, the property management division of WinnCompanies. The company currently manages his 504 apartment units at his three facilities in Charlotte, Monroe, and Raleigh, North Carolina. Its sister company, WinnResidential Military Housing Services, operates his 6,183 privatized military housing units for U.S. Marines and their families at Camps Lejeune and Cherry Point in Havelock.
