Developer Plans to Build Apartments in Opportunity Zone

A local developer is planning to build a 116-unit apartment community in an Opportunity Zone in Greensboro. From the Triad Business Journal:

Developer Jerome Myers has submitted a zoning application to the city of Greensboro for Technology Row, a 116-unit apartment community at 402-404 Penry Road, just west of the Interstate 840 urban loop in east Greensboro. Myers said the property is zoned for 72 units...

The property is in one of 12 Guilford County opportunity zones. An investor who holds an opportunity fund investment for 10 years can qualify for permanent exclusion from capital gains taxes…

The plan is for 96 flats – half to be two bedrooms and two baths – measuring 950 square feet, and the other half to be three bedrooms and two baths, measuring 1,150 square feet.

The remaining 20 units will be townhomes –11 with two bedrooms and 2 1/2 baths, measuring 1,050 square feet, and the others with three bedrooms.

Keystone Wins Approval for Horse Pen Creek Apartment Development

With an 8-1 vote the Greensboro City Council approved rezoning for a proposed 380-unit apartment community off of Horse Pen Creek Road. The Greensboro News & Record has the story:

The council voted 8-1 in favor of rezoning 21.4 acres for the apartment project that developer Keystone Homes says will cost about $50 million and include up to 380 units. ..

City staff members and Keystone consultants told the council they believe a widened Horse Pen Creek Road can handle additional traffic from the project and required safeguards should protect the environment adequately…

Wallace said the apartment complex would attract “active adult” residents and young professionals drawn by its amenities, nearby commercial district and ready access to nearby highways and the Piedmont Triad International Airport.

Amenities would include a fully equipped chef’s kitchen, a variety of fitness facilities, a children’s game room, a pet spa and one- and two-car garages, he said.

Printworks Mill Project in Greensboro Ready to Go

The financing is in place and work is ready to begin on the Printworks Mill project in Greensboro. From the Triad Business Journal:

The Alexander Co., developer of the Printworks Mill commercial and residential project across Yanceyville Street from Revolution Mill in Greensboro, will hold an official groundbreaking on the site Wednesday morning with stakeholders, local politicians and government officials on hand…

…Alexander has settled on 217 apartment units in three buildings, leaving the first floor of a four-story building near the corner of Fairview and Ninth for retail and restaurant space. He said the remaining three floors of that building, plus all seven floors of an adjoining building, will become storage space…

…plans call for the approximately 100,000 square feet of retail and storage space to be complete by June. He said the apartments, which make up the remainder of the approximately 470,000-square-foot project, are scheduled to be finished in August 2020.

Two New Mill-to-Apartment Projects in Greensboro

Greensboro will be home to two new mill-to-apartment conversions in the near future. First up is the Printworks complex:

The Alexander Co. will begin work in June on the 470,000-square-foot Printworks complex that once housed a fabric printing operation for Cone Mills called Proximity Print Works, which closed in 1977.

Alexander Co. plans to turn the buildings into:

  • 217 apartments using the historic character of the buildings with exposed brick, high ceilings and expansive windows. The company said 143 of those apartments will be set aside for renters earning less than 60 percent of the city’s median income.
  • 9,000-square-feet of retail space for restaurants and bars.
  • 80,000-square-feet of self-storage.
  • Outdoor and indoor parking, play areas for children and for pets, access ultimately to a proposed greenway that will link Printworks to the Revolution Mill complex to downtown a little over 2 miles away.

Next up is the Mock Judson Voehringer Co. Hosiery Mill:

At the same Feb. 20 meeting when the Greensboro City Council designated Proximity Print Works Mill as a historic site, the council also passed an ordinance designating the Mock Judson Voehringer Co. Hosiery Mill as a Guilford County landmark.

The former textile mill sits on 6.42 acres at 2610 Oakland Ave. west of UNC-Greensboro. It will be developed into about 170 apartments, including several townhouse units, with a fitness center, community room and pool.

 The building’s original masonry structure will be kept. Original windows, covered decades ago by brick, will be uncovered and restored.
Click here to read full story.

Another Mill-to-Apartment Project in the Triad

A Florida-based LLC is planning to convert a Greensboro mill into apartments. From the Triad Business Journal:

According to a site plan filed with the Guilford County Planning Department by Octagon Partners of Charlottesville, Va., owner Mock Judson Mill LLC plans to develop 173 apartments in the former Mock Judson Voehringer Co. Hosiery Mill at 2610 Oakland Ave. near the UNC Greensboro campus.

Based in St. Petersburg, Fla., the LLC purchased the former mill on 8.7 acres at 2610 Oakland Ave. for $3.74 million on Dec. 28 from 2610 Oakland Greensboro Owner LLC, which also included Octagon.

The 153,653-square-foot facility, which ceased operations in 1972, was listed on the National Register of Historic Places in 2011. Rolane Factory Outlet Store was open in a portion of the former mill until 1999.

Five-Story Office Building in Greensboro to be Converted to Apartments

The Triad Business Journal is reporting that former PTAA board member, Seth Coker, and his partner Nathan Isner, will be redeveloping a downtown Greensboro office building into 24 efficiency apartments. From the article:

Developers Seth Coker and Nathan Isner will make $2 million in renovations to a five-story, downtown Greensboro building, utilizing the first floor as its office, and transforming the remaining floors into 24 “efficiency apartments.”

Coker said demolition of much of the interior of the 22,000 square foot building at 127 N. Greene St. — now occupied by Investors Title Insurance Co. — will begin on Oct. 30, and should be completed by January. Coker said the target for completion of the project is October 2018…

One of the “cool” features planned for the apartments, which Coker said would be “500 to 600” square-foot units with one bedroom, is heated floor title in the bathrooms. He said existing elevator, steps and standing support columns would be preserved.

Coker said he expected the apartments to rent in the $700s per month, and attract tenants from nearby Elon University School of Law and Lincoln Financial Group.

Apartments Proposed for Existing Condo Development

A local developer is seeking a rezoning in Greensboro that would allow him to add apartments to an existing condo development. From the Triad Business Journal:

Graham developer and builder Dennis Euliss wants to add 72 apartments to a 24-unit condominium building along Old Battleground Road in north Greensboro, to form one community with shared amenities.

Euliss’ request on the agenda for Monday’s Greensboro Zoning Commission would change zoning at Landon Creek condominiums from Conditional District Residential Multifamily-18 and Single Family Residential-3 to Planned Unit Development. The change would allow the developer to build 72 apartments — in addition to condos — on the undeveloped 7.83-acre property at 4493 Old Battleground…

The original three-story, 24-condo building was built in 2008.

Isaacson said Euliss believes apartments would be the best option. He said shared amenities would include an office, swimming pool and fitness center, and would require an agreement with condo owners.

“It’s more efficient to develop the property with one owner than with 72 owners,” said Isaacson.

Downtown Greensboro Wants You!

According to the head of Downtown Greensboro Inc., if you’re an apartment developer you really need to look at the Gate City’s downtown for your next project.

Downtown Greensboro could support more than 300 new apartments, a local economic development group says. There’s just one problem: Developers aren’t lining up to build in the central business district…

So Downtown Greensboro Inc.’s Chief Executive Officer Zack Matheny is going on a campaign to attract residential developers to what his group says is prime real estate.

Matheny has identified 17 sites where apartments might be built — most of them aren’t for sale — and is hoping to meet with real estate developers, property owners and builders to capture their interest.

Matheny has based his sales pitch on a 99-page survey his agency commissioned earlier this year that shows, despite 289 apartments now under construction, there is demand for 329 more. He said he would like to see a mix of upscale and affordable housing to make downtown a place where people of diverse income and professions could live.

And Greensboro hasn’t kept up with other cities of similar size:

Matheny looks at cities similar to Greensboro and wonders why it can’t attract more downtown residents. For example, Greenville, S.C., has 5,000 downtown residents and 2,293 apartments in development. Charlotte has 26,000 downtown residents and nearly 9,000 apartments in development. Even Winston-Salem, which is smaller than Greensboro, has nearly 3,000 downtown residents and nearly 1,300 apartments under development.

So, if you’re looking to build, the folks in Downtown Greensboro would love to talk to you.


Greensboro Mixed-Use Project on Schedule for Late September

A mixed-use development being built on Greensboro’s Battleground Avenue is due to be complete by the third week of September, 2017. From an article in the Triad Business Journal:

Work on Kirkwood Place, a four-story, mixed-use building in Greensboro’s Midtown area with 57 apartment units and more than 17,000 square feet of retail space, is on schedule for completion in the third week of September, according to developer John Stratton.

Kirkwood Place is located at 2828 Lawndale Drive across the street from the Target at Lawndale Crossing, just off Battleground Avenue. Construction on the $9 million projection on about two acres began in November…

Retail and residential must both be ready for an opening because the development is in a single building. Stratton said about five apartment leases had been signed.

Stafford said no commercial tenants had signed contacts, but Katz was in negotiations with several prospects. The listed price for retail space is $24 per square foot.

Carroll at Bellemeade (Baby) Booming

The Triad Business Journal has a story about Greensboro’s newest downtown apartment community, Carroll at Bellemeade, and how it is attracting more Baby Boomers than you’d expect. From the article:

Carroll at Bellemeade tenants all won’t be millennials, a.k.a. young professionals. In fact, millennials might be in the minority, according to Carroll, who told Triad Business Journal that baby boomers have shown more interest as the project approaches an anticipated early 2018 opening.

The apartments at Carroll at Bellemeade will range from 679 square feet to 1,403 square feet with monthly rent ranging from about $1,000 to about $1,800.

“Seventy percent of the people who have inquired about Carroll at Bellemeade are older than me,” the 54-year-old Carroll told Triad Business Journal. “They like the idea that it’s going to be gated parking and convenient to things downtown. It’s a rental. When they get to the end of the lease term, they can do whatever.”

That supports a trend that’s been developing in the apartment world over the past couple of years: empty nesters opting for the convenience (or necessity) of apartment rental living, and living shoulder to shoulder with folks their kids’ age or younger.

Mr. Carroll ends with this observation: “We love the empty-nesters,” he said. “They’ll stay there as long as they enjoy it and as long as we treat them right — they won’t leave for a $10-a-month rent increase.”