A partnership of firms closed on the purchase of a historic mill last week, as they prepare to repurpose the building into office space, retail and a restaurant.
A corporation associated with real estate investment company FCP purchased the Chadbourn Mill for $4.4 million, according to county property records. FCP, which is based in Maryland, is partnering with Charlotte developer White Point Partners.
Restaurant, retail, office
The development will include 40,000 square feet of office space, a 2,000-square-foot restaurant and opportunities for local retail.
Chadbourn was a hosiery and textile mill that operated from the 1930s to the 1970s, according to a press release from the firms Monday. It mostly produced women’s clothing.
The ‘Mill District’
In the release, the companies dubbed the area around the site, at Jordan Place and North Brevard Street, the “Mill District.” A little over a mile away from the site, White Point Partners recently opened its Optimist Hall redevelopment, which includes a food hall and a Duke Energy innovation center.
The projects are part of a trend known as adaptive reuse, where old industrial sites get new life as restaurants, breweries and other uses.
In NoDa, a 119-year-old former mill house is being transformed into The Goodyear House, a family restaurant/neighborhood hangout. Last month, City Council approved plans for developer Argos Advisors to refurbish the Savona Mill, an early 20th century textile mill in Charlotte’s West End, to make way for uses including office space and residences.
And the area surrounding the Chadbourn Mills redevelopment is changing rapidly.
Apartment developer Bainbridge Companies is building hundreds of apartments on a site south of Jordan Place. Camden Property Trust purchased 4 acres a block away at North Davidson Street and Jordan Place in April, property records show.
The Charlotte Business Journal reported that the firm plans to build 390 apartments and 7,000 square feet of ground-floor retail.
This article originally appeared in The Charlotte Observer.