Phase II of Redevelopment Project Launches in North Carolina
The former Chatham Mill will transform into community and office spaces.
WINSTON-SALEM, NC–The Phase II redevelopment of the former Chatham Mill in Winston-Salem is now in construction as it strives to transform dilapidated buildings into community and office spaces that will support housing and jobs.
A three-phase community development project led by Chatham Hill Ventures, this complex will morph an old industrial site into a hub for employment, education and community affairs.
Initially completed in 2016, Phase I redeveloped mill buildings, totaling 250,000 square feet, into 170 workforce housing units. Phase II, focuses on redeveloping two industrial buildings into office and gathering spaces and Phase III, expected to commence shortly, will convert the site’s two remaining historic buildings into 46 apartments.
First Community Bank and American South Real Estate Fund provided the financing for Phase II with FCB providing a $1.2 million loan for acquiring the property and ASREF provided $1 million for redevelopment purposes.
The redevelopment of Chatham Mill is a partnership between Belmont Sayre and Jerry Deakle & Associates, Inc. They purchased the property over the last eight years with a goal of revitalizing the neighborhood.
The American South Real Estate Fund is a joint venture between Strategic Development Solutions and Vintage Realty Company. ASREF provides equity, preferred equity and mezzanine debt for third-party real estate developers and seeks to finance projects in low- and moderate- income communities needing economic and community development.