News Summary
A historic textile mill in Bessemer City has been redeveloped into 139 affordable apartments as part of a $36 million project. With construction starting in early 2023, the Lofts at Osage Mill provides housing for residents earning no more than 60% of the area’s median income. The development, which preserves the mill’s historic character while enhancing downtown, includes amenities such as a fitness room, a business center, and a playground. Already, several residents have moved in, marking a significant step in the revitalization efforts of Bessemer City.
Bessemer City, North Carolina – A historic textile mill in Bessemer City has been transformed into 139 affordable apartments as part of a $36 million redevelopment project that officially opened on Wednesday. Construction on the Lofts at Osage Mill commenced in early 2023, bringing new life to a site that had been vacant for nearly three decades.
As of now, some residents have already moved into their new homes, and approximately half of the available apartments are anticipated to be leased by the end of April. The development is an integral part of Bessemer City’s revitalization efforts aimed at rejuvenating the downtown area, which houses about 6,000 residents.
The Lofts at Osage Mill stands on a site that historically served as a significant employer in Gaston County. Originally built in 1896 by town founder John Smith, the mill operated for 99 years before closing in 1995. At its peak, the facility produced up to 275,000 yards of fabric each week, making it a vital component of the local economy. However, the mill struggled in the 1990s as its owners faced competition from lower labor costs due to trade agreements like NAFTA.
Mayor Becky Smith emphasized that the revitalization of the former mill is a key aspect of Bessemer City’s efforts to enhance its downtown community, which had been negatively impacted by the mill’s long-standing vacancy. The redevelopment not only addresses housing needs but also transforms what was once considered an eyesore in the heart of the city.
The apartments are designed for households earning no more than 60% of the area’s median income, which for a two-person household, is less than $53,880. The rental prices for the new apartments vary based on the number of bedrooms: one-bedroom units are priced at $1,125, two-bedroom units will rent for $1,352, and three-bedroom units are available for $1,616.
The redevelopment project not only emphasizes affordability but also preserves the historic character of the original mill. The structural integrity of the mill’s brick exterior and unique features have been maintained. New amenities include a residents’ lounge, a business center, a fitness room, and a playground for families. Skylights in the interior atriums flood the space with natural light, highlighting the original wooden beams and flooring.
The financial backing for this significant project came from various sources, including support from the North Carolina Housing Finance Agency through tax-exempt bonds. Construction financing and equity were provided by Bank of America through federal credit programs. The revitalization is being executed by WinnDevelopment, which has a reputation for successfully rehabilitating historical structures and creating more than 5,400 apartments across eight states since its inception in 1981.
Winston-Salem-based Rehab Builders served as the general contractor for the project, while Tise Kiester Architects of Chapel Hill provided the design. The location of the Lofts at Osage Mill, situated at 115 E. Alabama Ave., also offers residents access to nearby parks, enhancing recreational opportunities in the vicinity.
This redevelopment marks a significant turning point for Bessemer City, effectively blending historical preservation with a contemporary approach to affordable housing. As the community looks ahead, the Lofts at Osage Mill are expected to play a vital role in supporting the growing demand for affordable living options in the region.
Deeper Dive: News & Info About This Topic
- Gaston Gazette: Osage Mill Lofts
- Multi-Housing News: Mill Transformation
- WCCB Charlotte: Textile Mill to Apartments
- Business North Carolina: Renovation of Textile Mill
- WCNC: Osage Mill Apartments
- Wikipedia: Bessemer City, North Carolina
- Google Search: Bessemer City textile mill
- Google Scholar: Affordable housing Bessemer City
- Encyclopedia Britannica: Affordable housing North Carolina
- Google News: Osage Mill Lofts Bessemer City
