After three years of planning the Chatham Mill redevelopment in Winston-Salem has started and apartments are part of the mix:
Chatham Mill Ventures acquired the site in 2012 and is now working to construct a mixed-use development there. The project will bring an apartment complex, offices, and commercial space.
“It kind of sits in this interesting area that can reach out and have a ton of impact, reaching out into established neighborhoods, but also reaching out to areas that maybe need a little bit more of a push,” said Kenneth Reiter, the project’s co-developer.
Construction will happen over two phases. The first, which has already started, is building a166-unit apartment complex, set to be completed by year’s end. The second phase is slated to be completed sometime during 2016…
Reiter said preserving the site’s historic value was a key reason he took the project on. He also hopes to have a positive economic impact on the surrounding community. For example, half of the units in the apartment complex will charge rents below market rate so that they can be more affordable.
“Our hope is that it really becomes a neighborhood anchor,” said Reiter.