News Summary
Bessemer City, North Carolina, has completed a $36 million redevelopment of the long-vacant Osage Mill, converting it into 139 affordable apartments. This project aims to rejuvenate the downtown area and provide quality housing for residents at 60% of the area median income. Featuring preserved historical elements and modern amenities, the redevelopment addresses the urgent need for affordable living spaces while revitalizing the community and stimulating local economic growth.
Bessemer City Revitalizes Historic Textile Mill into Affordable Housing with 139 New Apartments
The city of Bessemer City, North Carolina has unveiled a stunning redevelopment project that has transformed the long-vacant Osage Mill into 139 affordable apartments. This is not just a facelift for an old building; it’s a bold move to inject new life into a community that has seen better days.
A $36 Million Transformation
With a redevelopment budget of $36 million, the transformation of the former textile mill marks a significant investment in the local economy. Construction kicked off in early 2023, and the grand opening was celebrated on Wednesday, showcasing what is being hailed as a pivotal step forward for Bessemer City, which is home to around 6,000 residents.
Addressing Abandonment
Once an eyesore, the mill had stood vacant for nearly 30 years and was in a state of disrepair, with significant structural damage, including gaping holes where windows used to be and rampant overgrowth. It occupied half of the square footage in a four-block area of downtown, and local leadership saw it as crucial to restore the architectural beauty that once defined the town.
Reshaping the Downtown Landscape
The redevelopment is expected to serve as a cornerstone for revitalizing the downtown area, which has suffered from a lack of investment and growth in recent years. Local officials believe it will not only enhance the community but also stimulate economic growth.
Affordable Living with Historical Charm
The Lofts at Osage Mill are specifically designed for households earning 60% of the area median income. For a two-person household, this is under $53,880. The rental prices for the newly renovated apartments are set competitively: $1,125 for one-bedroom units, $1,352 for two-bedroom units, and $1,061 for three-bedroom units.
Preserving the Past
One of the most appealing aspects of the redevelopment is the preservation of the building’s historical features. The original brick exterior and wooden beams have been maintained, offering a nod to the mill’s rich history and its role as a significant employer in the region for nearly a century until its closure in 1995.
Community-Centric Amenities
In addition to affordable living spaces, the newly redeveloped apartments boast a range of amenities designed for modern living. Residents can enjoy a lounge area, business center, and a fitness room. Enhanced natural lighting has been incorporated through new skylights, and outdoor spaces include green areas and a children’s playground.
Impact on Local Families
The significance of this project is evident not just in its physical form but also in how it will benefit local families. Leaders in the community, including Gaston County Commissioners, recognize the long-term benefits of restoring the mill’s legacy for future generations.
Backed by Strong Financial Support
This redevelopment is the first adaptive reuse project for WinnCompanies in North Carolina, known for its successful rehabilitation of over 47 historic structures. The North Carolina Housing Finance Agency provided substantial support, with tax-exempt bonds issued by the Gastonia Housing Authority. Bank of America played a vital role in financing, alongside equity from various federal programs.
A Bright Future Ahead
As residents begin to move into their new homes, developers anticipate that half of the affordable housing units will be leased by the end of April, a promising outlook for both new and future residents. With its close proximity to downtown Charlotte—about 29 miles—and nearby parks within walking distance, the Lofts at Osage Mill hold the potential not just for revitalization but for a blossoming community where history meets modern living.
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Additional Resources
- Business North Carolina: Former Textile Mill Gets New Life in Gaston County
- Wikipedia: Textile Industry
- Multi-Housing News: Century-Old Mill Turns into Affordable Community
- Google Search: Affordable Housing North Carolina
- Boston Real Estate Times: WinnCompanies Completes Development for Affordable Apartments
- Google Scholar: Historic Mill Renovations
- Gaston Gazette: Former Mill to be Turned into Affordable Apartments
- Encyclopedia Britannica: Affordable Housing
