After decades of neglect, vacancy, and deterioration, the Osage Mill—a prominent piece of the Bessemer City, North Carolina, landscape—has found a new purpose, this time as a 139-unit, fully renovated apartment community.
“The Lofts at Osage Mill is setting a new standard for affordable residential development in Gaston County, an area poised for gentrification due to its proximity to Charlotte, one of the country’s fastest-growing metro areas,” says Adam Stein, executive vice president of development at WinnCompanies. “All 139 apartments are affordable to residents at 60% of the area median income or below, creating the long-term workforce housing so critical to this growing community’s economic sustainability.”
PROJECT DETAILS
DEVELOPER: WinnDevelopment
ARCHITECT: Tise-Kiester Architects
GENERAL CONTRACTOR: Rehab Builders
MAJOR FUNDERS: Bank of America; state of North Carolina; Gastonia Housing Authority; North Carolina Housing Finance Agency; National Park Service
Originally built by Bessemer City’s founder in 1896, the Osage Mill operated successfully until 1995. Since then, it has steadily fallen into disrepair, and, despite attempts from multiple developers, revitalization of the property failed repeatedly. That is until WinnDevelopment stepped in.
With the company’s experience in both low-income housing and federal historic tax credits, Winn was able to secure the funding necessary to give Osage Mill new life—both inside and out.
“Osage Mill suffered from caved-in roofs, water and termite damage, and deteriorating masonry. Bessemer City had cited the former owner with numerous code violations, and it was a blight and safety hazard for the town for decades,” Stein says. “The physical transformation of the mill, which was severely damaged when we began the renovations, was truly dramatic.”
Courtesy WinnCompanies
Now, the $50 million Lofts at Osage Mill is fully leased, offering residents a full suite of amenities, including an on-site manager, a business center, a fitness area, a playground, and a dog park.
Despite its new look, though, the mill still retains a bit of its storied past. Its original wood flooring has been restored, and signage and artwork throughout the property offer a callback to the building’s previous life. Even old workers sometimes stop by to see the mill back in action.
“They are thrilled to see the building brought back to life,” Stein says. “Several former Mill employees have even leased apartments.”