Adaptive Reuse Project Brings Much-Needed Housing to Charlotte Suburbs

Boston (April 9, 2025) – WinnCompanies, an award-winning national owner, developer and manager of high-impact apartment communities, announced today it has completed its first-ever adaptive reuse project in North Carolina, a $36 million development that created 139 affordable apartments in a long-vacant, historic textile mill.

Local, county and state officials gathered in Bessemer City, N.C., with WinnCompanies executives to celebrate the grand opening of the Lofts at Osage Mill, located only 30 minutes from Charlotte in the fast-growing region of western Gaston County where new rental housing for working families is needed to sustain economic growth.

“This iconic building created hundreds of jobs in Bessemer City at the start of the 20th century and now it will deliver unique apartment homes for the working households driving the area’s modern economy,” said WinnCompanies CEO Gilbert Winn. “We value our partnership with North Carolina’s housing and economic leaders on this important effort and are thrilled to be welcoming residents into their new homes today.”

The redevelopment of the 127-year-old mill preserved the building’s iconic exterior and historic features while creating 12 three-bedroom apartments, 77 two-bedroom units and 50 one-bedroom units for households earning 60 percent of the Area Median Income.

“The revitalization of the historic Osage Mill is a cornerstone of Bessemer City’s efforts to bring new life to our downtown and community,” saidBessemer City Mayor Becky Smith. “This project not only preserves our rich history but also fuels economic growth, attracts new businesses, and creates opportunities for residents, existing and new. It’s a transformational step forward in making our community a vibrant place to live, work, and visit. As Mayor, I am very proud to serve this great community and celebrate the historic Osage Mill Redevelopment Project."

The Lofts at Osage Mill offers a host of modern amenities, including an onsite management office, mail room and package lockers, resident lounge, business center, fitness room, and secured storage for residents. New skylights bring natural light into the building’s stunning interior atriums, illuminating its historic wooden beams and original flooring. Residents can enjoy outdoor seating, a picnic area and playground. The property offers 244 parking spaces, including 20 spaces for persons with disabilities.

The project enjoyed strong support from federal and state policymakers in the region.

“The NC Housing Finance Agency is proud to be a part of the transformation of The Lofts at Osage Mill,” said NCHFA Executive Director Scott Farmer. “This redevelopment, along with many other developments utilizing tax-exempt bonds, will create and maintain essential affordable housing for North Carolinians statewide.”“It’s great to see more affordable housing being developed for hardworking families in Western North Carolina,” said U.S. Rep. Tim Moore. The Lofts at Osage Mill preserve a piece of our history while creating jobs and providing new opportunities for folks to live and thrive right here in Gaston County. This is the kind of thoughtful investment that strengthens our communities and supports long-term growth.”

“This is a banner day for Bessemer City and all of Gaston County. The Historic Osage Cotton Mill Redevelopment Project is a significant economic development victory for the people of Western Gaston County. I wish everyone well, and look forward to watching this project move forward,” said State Sen. Brad Overcash.

"This is a great project for Bessemer City and the 110th House District of North Carolina, and I am glad to lend my support,” said State Rep. Kelly Hastings. “Our state provides incentives for developments like this because we understand that housing and economic development go hand in hand. Smart businesses set up shop where there are workers and consumers to make them successful. I hope this project has a lasting, positive impact on Bessmer City's downtown."

“I have been pleased to work with the town of Bessemer City in the planning and redevelopment of the Osage Mill, an iconic landmark that now will bring new energy to a downtown that is becoming increasingly popular,” said State Sen. W. Ted Alexander. "This structure's rehabilitation is a prime example of how these older historic mills, once considered a liability, can become an economic engine and source of pride for a community. Congratulations to all the public and private partners who brought this long-awaited vision to life.”

"Having been part of the management of this facility as it closed before transitioning to this wonderful adaptive reuse, I know very well the special place it holds for the community and for me personally. It's only fitting that a facility that once sustained so many families in the Bessmer City area has been reborn to deliver a high quality of life for a new generation of households living under its roof,” said Gaston County Commissioner Bob Hovis. “Without the efforts of WinnCompanies and many federal, state, county and city officials, Bessemer City would have lost a very important part of our history. The Gaston County Board of Commissioners is proud to have played a role in moving this project forward to a successful conclusion and to take part in this auspicious day.”

The North Carolina Housing Finance Agency (NCHFA) supported the project with tax-exempt bonds issued by the Gastonia Housing Authority. “The NC Housing Finance Agency is proud to be a part of the transformation of The Lofts at Osage Mill,” said NCHFA Executive Director Scott Farmer. “This redevelopment, along with many other developments utilizing tax-exempt bonds, will create and maintain essential affordable housing for North Carolinians statewide.”

Bank of America provided construction and permanent financing, as well as equity under the federal Low-Income Housing Tax Credit (LIHTC) program, the federal Historic Tax Credit program and North Carolina’s Mill Rehabilitation Tax Credit program. “Bank of America is pleased to help finance the preservation and adaptive reuse of Osage Mill into much-needed affordable housing,” said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. “Working with our partners at Winn, we are helping to restore historic sites and revitalize the communities where we live and work.”

The 250,000-square-foot building was built by Bessemer City founder, John Askew Smith, in 1896 and quickly became one of the region’s largest textile mills. It had been largely vacant for the last 30 years, a visual blight that hampered the growth and vibrancy of downtown Bessemer City, which straddles strong employment hubs in Charlotte, N.C., and Spartanburg, SC.

"Housing is a crucial component of a thriving economy, and rehabilitating our state's historic mills and commercial buildings is essential for enhancing the vibrancy of our downtown districts,” said Reginald Speight, assistant secretary for rural economic development at the N.C. Department of Commerce.

Led by Vice President Aimee McHale and Senior Project Director Laura Manville, the Lofts at Osage Mill is WinnDevelopment’s first adaptive reuse project in North Carolina. The company has been responsible for the reuse and rehabilitation of 47 historic structures since 1981, creating more than 5,400 new apartments in eight states and the District of Columbia. No other residential developer in the United States has won more awards for transforming vacant schools, mills and other historic buildings into multifamily housing.

Lofts at Osage Mill is professionally managed by WinnResidential, the property management arm of WinnCompanies. The company now operates a total of 1,318 apartments at six North Carolina properties located in Charlotte, Bessemer City, Kannapolis, Monroe and Raleigh.

Rehab Builders, of Winston-Salem, served as the general contractor for the project, with Tise Kiester Architects of Chapel Hill serving as architect and MacRostie Historic Advisors LLC as historic consultant. Brockmann Law, located in Charlotte, served as legal counsel.

ABOUT WINNCOMPANIES

WinnCompanies is an award-winning owner, developer and manager of high-impact, quality apartment homes, supported by over 4,500 team members in 27 states, the District of Columbia and Puerto Rico. The company is known as a leading manager of multifamily apartment communities, operating the nation’s largest portfolio of affordable housing with a groundbreaking resident services platform. Its community development work focuses on creating and revitalizing mixed-income properties through environmentally sustainable new construction and pioneering adaptive reuse techniques. The company has also been a top manager of privatized housing for members of the U.S. Armed Forces and their families since 2001. Founded in Boston in 1971, WinnCompanies is a family-owned, private company. Learn more at WinnCompanies.

MEDIA CONTACT

IF NEEDED:

Ed Cafasso	Josh Ross
WinnDevelopment/WinnCompanies	City Manager, Bessemer City
edcafasso@gmail.com	jross@bessemercity.com
Call or Text: (617) 455-9651	Office: (704) 729-6505

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