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04-04-2018 PRESS RELEASE: HISTORIC OSAGE MILL REDEVELOPMENT PROJECT
Founding Textile Mill in Heart of Community Transforming to Mixed-Use Development
Once established as the center of Bessemer City’s textile economy, Osage Mill located in the heart of downtown, is now getting the opportunity once again to breathe life back into the community.
Osage Mill Residential L.P. successfully acquired the property in February 2018 and plans to start redevelopment efforts towards the end of the year.
This mixed-use, multi-purpose rehab project will include more than 150 one, two, and three-bedroom loft-style apartment units as well as 30,000 square feet of retail/commercial/ community space creating jobs and revenue growth, in the heart of downtown Bessemer City. One of the city’s first textile mills, the 260,000 square foot mill dates back to the late 1800s and was built by the city’s founder, John A. Smith. Osage Mill serves as an iconic landmark in the heart of the community that embeds the social and cultural fabric of Bessemer City together.
“Bessemer City is thrilled to see Osage Mill redeveloped into a mixed-use project. We know this project will ignite other economic development projects in our community that will improve the quality of life for residents and businesses, alike,” said Mayor Becky S. Smith.
The redevelopment of this massive structure ensures a successful opportunity for additional investment projects. The $32,000,000 investment will revive a historic landmark that helped to define Bessemer City and shape the community’s culture. The project will also incorporate sustainability features including solar panels, geothermal heating and cooling, and other environmentally friendly practices.
At full occupancy, the project will bring more than 400 new residents to Bessemer City (approximately a 10% increase in City population). The mill will drive new foot traffic, while also providing needed retail/commercial space, and making neighboring properties more attractive for investment.
“Bessemer City has ample opportunity for investment,” said Osage Mill Residential L.P. partner Guru Naganat. “The community, along with other regional partners like Centralina Council of Governments, the City of Bessemer City, Gaston County, the Gaston County EDC, and the Gastonia Housing Authority have been extremely helpful in this project. We see vast success with this investment.”
The project team plans to utilize historic tax credits, energy credits, new market tax credits each of which generate substantial private investment along with local incentive investment funding from both Bessemer City and Gaston County, and other sources.
The Historic Osage Mill Redevelopment Project will take place concurrently with other projects, all centered on fostering renewed economic growth for the City. Bessemer City continues to invest in public infrastructure improvements to accommodate future growth in downtown and the community abroad. The city also plans to invest capital, along with other grant resources, towards the future 40-acre Stinger Park. South Ridge Business Park continues to grow, recently announcing Dhollandia MFG, Inc.’s $30,000,000 investment, which will bring 150 new jobs to the area.
Osage Mill’s redevelopment adds an exciting element to Bessemer City. The project will redefine Bessemer City’s future, by creating opportunities for local small businesses to grow and thrive, while creating, , a unique living experience for tenants. Residents will be able to walk to local amenities, services, retail shops and restaurants. Millennials, baby boomers, seniors, and others, will enjoy the benefits of the project.
“Bessemer City is on the move toward success. We invite all to come experience the City with a Heart and the city with ample opportunity for growth and development in the Charlotte Metro Region,” said Mayor Becky S. Smith. “We look forward to seeing additional investment projects and business growth.”
More information about the Historic Osage Mill Redevelopment Project coming soon!