Contact: Nick Piornack, Revolution Mill, 919-259-2060 or Nick.Piornack@self-help.org
Greensboro, N.C.–Self-Help Ventures Fund, owner of Revolution Mill and the surrounding 45 acres two miles north of downtown Greensboro, closed recently on a financing package and began an accelerated construction schedule to complete the redevelopment of the mixed-use, destination campus by the third quarter of 2016.
The total cost of the development will exceed $100M, making it the largest current commercial construction project in Greensboro. Development Manager Micah Kordsmeier said construction will ramp up immediately on an accelerated schedule. “We have been steadily working since 2012, investing over $10 million since acquiring the property,” he said. “That investment allowed us to save a deteriorating landmark by replacing 370 eight-foot windows and three acres of leaking roof while planning for a future as a cultural hub for the Triad. We are excited that we can now go full speed ahead.”
When completed in late 2016, Revolution Mill will have 142 one and two-bedroom apartments, 240,000 square feet of light-filled office space, and multiple dining options, but the real draw will be its cultural amenities. Space for 20-30 working artists, galleries, and a variety of indoor and outdoor event spaces will make Revolution a new center of creative activity. A planned greenway will make the campus a 15 minute bike ride to downtown via the Latham Park trail, and the Downtown Greenway.
General contractors on the reconstruction of the 520,000 square foot mill and adjoining 19-acre lot spanning North Buffalo Creek, are C.T. Wilson of Durham and Weaver Cooke of Greensboro. The project will create 1,200 jobs over the next 18 months, supporting a payroll of some $25 million. David Ramsey, Executive Vice President of Greensboro Partnership Economic Development, said “Revolution Mill is a unique project, one that creates an exciting new hub of activity north of downtown. It will benefit Greensboro and its residents for years to come.”
Approximately 125,000 square feet is built out and occupied, said Kordsmeier. “In the next phase, we will link the building closest to Yanceyville St., the former Nussbaum Center, to the completed phase. The top two floors will be premium office suites from 3,000 to 40,000 square feet, and the first floor is a combination of art studios, galleries and creative office layouts.
“The goal is to create a vibrant, active space,” he continued. “We’re looking for tenants who are inspired by the architecture and engaging with people to create a unique live, work, create community.”
Project architect Edwin G. (Eddie) Belk said the mix of one and two bedroom apartments will celebrate the building’s history and take advantage of the light from Revolution’s eight-foot windows and 12-foot ceilings. “Natural light will fill the buildings, both for apartments and offices,” Belk said. “Just like when it was built, monitor windows run the length of the roof, bringing down light throughout the building – almost 900 feet. It’s rare to have a building this big with so much natural light.”
Public tours of the campus are offered; people interested in a 30-minute Hardhat Tour on Monday evenings can reserve a place at RevolutionMill@self-help.org. Self-Help is planning a celebration in the Fall where guests will be able to get a closer look at the plans and construction in process.
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About Revolution Mill
The Revolution Mill District is a historic textile mill campus encompassing Revolution Mill and Olympic Mill sites, with adjacent land connected by North Buffalo Creek. Located just north of downtown Greensboro, Revolution began operations as the South’s first large flannel mill in 1899 and for decades anchored a thriving community of workers and craftspeople. The facility included over 640,000 feet of working space before the textile industry decline led to its closure in 1982. For the next few decades, limited sections of Revolution were renovated into office space, while other parts of the property fell into disuse and disrepair. In 2012, Self-Help assumed ownership of Revolution Mill and is completing the property’s transformation into a mixed-use development. For more information about the property, leasing availability and details surrounding commercial, residential and studio space visit www.revolutionmillgreensboro.com or call (336) 235-2393.
About Self-Help
Self-Help, a community development credit union and lender headquartered in Durham, has provided over $6.9 billion in financing to 112,000 families, individuals and businesses underserved by traditional financial institutions. It helps drive economic development and strengthen communities by financing homebuyers, nonprofits, childcare centers, community health facilities, public charter schools, and residential and commercial real estate projects. Self-Help’s credit unions serve over 120,000 people in North Carolina, California, Chicago and Florida with a full range of financial products and services.