Granite Mill

    Project Highlights:
  • Project Costs: $38.9 Million (approx.)
  • Qualified Rehab. Exp.: $30 Million (approx.)
  • 176 market-rate apartments
  • 15,000 square feet commercial
  • Status: Construction commencement anticipated in 2nd Quarter 2018 and resident move-in scheduled for 3rd Quarter 2019

The Granite Mill in Haw River, North Carolina was one of the largest producers of corduroy during the mid-twentieth century. Approximately fifty years later, Granite Mill was closed for good. The Mill still stands empty.

The Granite Mill project proposes 176 market-rate apartments and 15,000 square feet of commercial space. The project proposes to take advantage of its proximity to the Haw River by offering direct river views to approximately fifty percent of the apartments, the saltwater swimming pool, and the fitness center.

Our intention is to design the project with sustainability principles and to offer a unique environment-friendly living environment.

    Financing
  • Public-private partnership: D3 Development views the Town of Haw River and Alamance County as our partners in this effort to return Granite Mill to its former glory. Discussions with the Town and the County are on-going.
  • HUD-insured 221(d)(4) construction and permanent loan
  • Federal Historic Tax Credits
  • State of North Carolina Mill Credits
  • Tax Credit Bridge Loan