News Summary
Bessemer City, NC, is celebrating the grand opening of the Lofts at Osage Mill, transforming an abandoned textile mill into 139 affordable apartments. After an investment of $36 million, this redevelopment promises affordable living options for residents. The historic charm of the original mill remains intact while offering modern amenities, making it an appealing choice for families. Located at 115 E. Alabama Ave., this project is a collaborative effort aimed at enhancing the community and providing quality housing.
Bessemer City Unleashes Exciting New Housing at Lofts at Osage Mill!
Bessemer City, NC, is buzzing with anticipation as the grand opening of the Lofts at Osage Mill marks a major transformation in the heart of downtown. This impressive redevelopment project has finally completed its transition from an abandoned textile mill to a shining example of affordable housing in the area.
From Eyesore to Asset
Imagine seeing a once-thriving factory sit vacant for nearly 30 years right in the middle of your city. The old mill, which has a storied past, was in disrepair and sadly became an eyesore for the community. The Lofts at Osage Mill sit on a site that comprised about half of the total square footage of structures in a four-block downtown area. Now, that space has been revitalized with 139 brand-new apartments, ready for those seeking affordable living options. Residents can enjoy this transformation thanks to an investment of $36 million dedicated to redevelopment efforts.
A New Home Sweet Home
The grand opening event was held on a delightful Wednesday, and the excitement in the air was palpable. Even more heartening is that some residents have already moved into their new homes at the Lofts. With the developer looking to lease about half of the available affordable apartments by the end of April, it’s clear that Bessemer City residents are eager to settle into these fresh living spaces.
The rental pricing is also welcoming—starting at just $1,125 for one-bedroom apartments, $1,352 for two-bedroom units, and $1,165 for three-bedroom options. This pricing is designed for households earning 60% of the area median income, which means these new homes will appeal to many local families and individuals.
Beauty Meets History
One of the standout features of the Lofts at Osage Mill is the preservation efforts made to maintain the historic charm of the building. While it’s rejuvenated, the unique brick exterior and historical features remain intact. The clever design choices include new amenities like a resident lounge, business center, and fitness room. Skylights have been installed in the building, allowing natural light to flood the interior atriums, highlighting the gorgeous historical wooden beams and original flooring for all to see.
The original mill was built way back in 1896 and has deep roots in the community. For nearly a century, it was a critical employer in Gaston County, producing an astounding 275,000 yards of fabric each week at its peak. Sadly, it closed its doors in 1995, succumbing to competitive pressures.
Building a Better Community
The project is a testament to the collaborative effort of various organizations and agencies. The North Carolina Housing Finance Agency played a crucial role by supporting the development with tax-exempt bonds, while Bank of America provided both construction and permanent financing. Additionally, the funding strategy included equity under the federal Low-Income Housing Tax Credit program and North Carolina’s Mill Rehabilitation Tax Credit program.
WinnCompanies has made a name for itself by rehabilitating historic structures since 1981, and the Lofts at Osage Mill marks their first adaptive reuse initiative in North Carolina. They have successfully transformed a historic building into an asset that benefits the community as a whole.
A Flourishing Neighborhood
The property isn’t just about the apartments. It features common area amenities such as outdoor seating, a picnic area, and a playground, making it family-friendly and engaging. In total, there are 244 parking spaces available, with 20 specifically designated for persons with disabilities, ensuring accessibility for all residents.
Located at 115 E. Alabama Ave., the Lofts at Osage Mill sit about 29 miles west of downtown Charlotte. With several parks within walking distance, residents will have ample opportunities to enjoy the great outdoors. It’s a perfect time for Bessemer City to celebrate new beginnings and the promise of a brighter future, courtesy of this exciting development!
Deeper Dive: News & Info About This Topic
- MultiHousing News: Century-Old Mill Turns into Affordable Community
- Wikipedia: Affordable housing
- Business NC: Former Textile Mill Gets New Life in Gaston County
- Google Search: Bessemer City housing development
- Connect CRE: Winn Transforms Charlotte Area Mill into Affordable Apartments
- Encyclopedia Britannica: Winn Companies
- Boston Real Estate Times: WinnCompanies Completes Development to Transform Historic Mill
- Google News: affordable housing developments
