TriBridge to add apartments, townhomes to Loray Mill

Plans to spend $46M; seeking $469K in incentives

TriBridge Residential to add Apartments, Townhomes to Loray Mill
TriBridge's Bobby West, Lee Walker and Steve Broome with Loray Mill (TriBridge Residential, Google Maps)

A multimillion-dollar transformation is looming for a Charlotte-area landmark that was one of the largest textile mills in the world.

TriBridge has a $46 million plan to add 196 residences and creative office space to the historic Loray Mill in Gastonia, roughly 30 minutes west of downtown Charlotte, the Charlotte Business Journal reported.

Gastonia’s intergovernmental relations and economic development committee is expected to review the proposal this week.

Spanning nearly 162,000 square feet, the redevelopment would comprise 172 apartments in the existing structure, along with 24 new-build townhomes on South Vance Street. A leasing office and clubhouse are also in the blend.

TriBridge purchased the Loray Mill for nearly $45 million last year. The Atlanta-based developer’s planned project marks the second phase of the property’s redevelopment, having received a $40 million facelift about a decade ago. 

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A development team led by Joe Lenihan, who bought the vacant site for $660,000 in 2013, revamped 450,000 square feet of the 600,000-square-foot complex by adding 189 apartments and 75,000 square feet of commercial space. The apartments rent for about $1,400 to $1,700, according to an online search.

This second phase, which would complete the mill’s redevelopment, is expected to be completed by the end of 2025, pending approval. Proposed incentives, including a 10-year tax investment grant with an estimated value of $469,000, are outlined in a development agreement, the outlet reported. The property’s status as a historic landmark reduces its tax liability.

The oldest part of the Loray Mill dates to 1902. The mill was sold to the Firestone Tire and Rubber Company in 1935, and it produced tire fabric until it closed in 1993.

The revamped property has been the catalyst for Gastonia’s FUSE District, a mixed-use development that’s centered around sports and entertainment.

—Quinn Donoghue

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