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Historic Printworks Mill Redevelopment Breaks Ground

Post Date:09/26/2018 3:00 PM

On Wednesday, September 26, the Wisconsin-based Alexander Company broke ground at the historic Printworks Mill in the next step of rehabilitating the property into a vibrant, mixed-use community in Greensboro’s blossoming Mill District.

The roughly 470,000 square-foot building, located at 1700 Fairview St., will deliver mixed-income residential apartments, interior parking, retail space, and climate-controlled self-storage facilities. The new community will feature a wide array of amenities to match the interests of residents and visitors, including a club room, fitness center, grilling area, swimming pool, tot lots, landscaped courtyards with gazebos, and an extension of the Greensboro Greenway.

Printworks Lofts Groundbreaking 2018

“The preservation of these historic mills is a valuable economic development tool,” says Mayor Nancy Vaughan. “The Printworks Mill redevelopment is breathing new life into the community while keeping our history alive and delivering much-needed affordable
housing.”

Affordable apartments will be reserved for those earning 60 percent or less than the area median income (AMI), which is set annually by HUD. According to the City's loan agreement for this project, rents are subject to approval by the NC Housing Finance Agency. (see chart below)

Under the current construction timeline, the apartments will be ready for occupancy in the second quarter of 2020 with the commercial and self-storage spaces becoming available slightly earlier in the fourth quarter of 2019.

The City of Greensboro has committed $1.2 million in 2016 housing bond funds to the Alexander Group for this project. The project has been called the epitome of City government work at its finest due to the many departments that were part of the planning process. Those included the Neighborhood Development, Planning, Parks and Recreation, Fire, Transportation, Water Resources and Financial and Administrative Services departments, as well as the City Manager’s Office and City Council.

Printworks Lofts - Comparison of 2017-2018 rents (002)

 


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