53-Unit Community Proposed in Burlington

From the Triad Business Journal:

The Burlington Times-News reports that the City Council will hold a hearing May 7 on the rezoning of 3.16 acres along Kirkwood Drive.

Stewart Wimberley Enterprises LLC wants to build the 53-unit Kirkwood Place Apartments next to Bible Baptist Church. It would be two three-story buildings totaling 28,800 square feet.

Saxapahaw Rivermill – Lessons in Mixed-Use, Historic Tax Credits and HUD Backed Loans

An interesting story in the Triad Business Journal on the redevelopment of Saxapahaw Rivermill in Alamance County into a mixed-use success story. Here’s a highlight:

During the next decade, with historic tax credits, a mortgage from a Raleigh bank, a federal HUD-backed loan and a good bit of their own money, the Jordans created Saxapahaw Rivermill. They then poured $11 million into the lower factory to transform it into 175 stylish, riverfront apartments and lofts. The units rented quickly after opening in 2006. There’s been a waiting list for years.

Read the whole story here (subscription required).