April 13, 2025

WinnCos Transforms Historic Textile Mill into Affordable Housing

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News Summary

WinnCompanies has successfully redeveloped the former Osage Mill in Bessemer City, NC, into The Lofts at Osage Mill, featuring 139 affordable apartments. This project, reflecting a $36 million investment, preserves the mill’s historical character while providing modern amenities for families. It aims to meet the community’s growing housing needs and support local development.

WinnCos. Transforms Historic Textile Mill into Affordable Housing, Unveiling The Lofts at Osage Mill

In a significant development for Bessemer City, North Carolina, WinnCompanies has officially completed the redevelopment of a long-vacant textile mill, now rebranded as The Lofts at Osage Mill. This remarkable transformation represents a $36 million investment dedicated to creating 139 affordable apartments within a stunning 250,000 square foot property.

Historic Landmark to Affordable Living

Located at 115 E. Alabama Ave., the site of The Lofts at Osage Mill was once a bustling center of textile production, employing many in the region. The original mill, established in 1896, was a significant player in Gaston County’s economy until its closure in 1995. At its peak, the mill produced an impressive 275,000 yards of fabric per week, serving as a lifeline for the local workforce and community.

After nearly three decades of vacancy, the building has been revitalized, while retaining its original brick exterior, rustic wooden beams, and charming flooring, proudly showcasing its historical roots. This renovation is a milestone for WinnCos. as it marks their first foray into adaptive reuse within North Carolina.

A Home for Working Families

The newly minted lofts aim to provide affordable housing options for families with income levels up to 60 percent of the area median income. The unit configurations cater to various family needs, featuring one-bedroom, two-bedroom, and three-bedroom apartments ranging in size from 650 to 1,335 square feet. Monthly rents are set at $1,125 for one-bedroom units, $1,352 for two-bedroom apartments, and $1,165 for three-bedroom accommodations, making it suitable for working families eager for a stable living situation.

Modern Amenities with a Touch of History

The Lofts at Osage Mill offers an array of modern amenities designed to create a comfortable living environment. Residents can enjoy common-area amenities such as a resident lounge, business center, gym, playground, and inviting outdoor seating areas. These facilities enhance the community aspect of the development and cater to the needs of modern families.

Building Reimagined

Construction for this project kicked off in early 2023, with a grand opening ceremony celebrating the fruition of hard work and vision. As part of its goals, WinnCos. aspires to have half of the affordable apartments leased by the end of April, reflecting a strong demand for rental housing in the region. This initiative will not only contribute to the local economy but also play a crucial role in meeting the growing needs of rental housing for families within the community.

Support from the Community

The redevelopment of The Lofts at Osage Mill relied on various funding sources to bring this vision to life. Tax-exempt bonds from the Gastonia Housing Authority partnered with financing from Bank of America, which also provided equity through critical tax credit programs, including Low-Income Housing Tax Credits (LIHTC) and the federal Historic Tax Credit. These collaborations highlight the community’s commitment to improving affordable housing strategies in the area.

A Legacy of Transformation

Since 1981, WinnCos. has made impressive strides in revitalizing historic structures, having repurposed 47 sites and created over 5,400 new apartments across eight states and Washington, D.C. Each endeavor contributes to the mission of providing safe and affordable housing for families in need. The Lofts at Osage Mill is yet another testament to the company’s dedication to community development and housing solutions.

Conclusion

With several parks located within walking distance of the property, residents of The Lofts at Osage Mill will have access to green spaces, promoting a balanced lifestyle in a richly historical setting. As the first adaptive reuse project in North Carolina for WinnCompanies, it not only marks a new chapter for a historical site but also ignites hope for affordable housing solutions in the growing region of Bessemer City.