GASTONIA, NC (WBTV) - After years of vacancy, the enormous Loray Mill in Gastonia is about to get new life.
An Atlanta group, Camden Development Partners, just announced it has obtained a firm commitment for financing from HUD for the Loray Mill Project. In a letter to Gastonia officials, Camden President John Gumpert wrote, "We are now able to lock the interest rate for the transaction and complete the necessary legal documents to close the transaction and begin construction."
The project will renovate the entire property and mill, which began in the early 1900s as a textile mill and was later bought by Firestone. The new plans include 190 "class A" loft apartments and 79,000 square feet of commercial space. The first phase of the project is expected to cost nearly $40 million.
Mae Jones is a Gastonia resident who worked at the mill for 35 years and has lived in a nearby mill house for 60 years.
"I've been hoping for this and waiting on it," said Jones on Monday.
Jones remembers when life revolved around the mill. Families in the neighborhood knew one another. Their children would gather at the mill's swimming pool in the summer, and parents could walk to the bank, the post office, or the grocery store, all within a few blocks.
"My children just love to talk about growing up on the mill village," said Jones with a smile.
But when the mill closed, everything changed. The grand old building began to fall apart, and took the sense of community with it. Now, the new project has potential to transform the entire neighborhood.
"I'm just so excited, I can't stand still!" said Lucy Penegar, a local historian who has been instrumental in the restoration plans.
"It's going to be almost like a city within a building," said Penegar.
Gastonia Mayor John Bridgeman has also spent years working to lock down a commitment for the mill project.
"This will be, when finished in a couple of years, the nucleus of West Gastonia," said Bridgeman. "It needs a real shot in the arm."
Construction could begin as early as this August. The first phase of the project is slated to be completed by the end of 2013.
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