News

More luxury units coming to fashionable Triad apartment community

One of the Triad's most fashionable apartment communities is expanding with more luxury units at a premium price.

Eight new apartments are under construction at Revolution Mill in the space remaining on the west end of the residential building near The Colonnade, an 8,500-square-foot event space with an outdoor courtyard.

Maggie Cummings, the property manager, told Triad Business Journal that the apartments are scheduled for completion in the fall. C.T. WilsonConstruction Co. of Durham is the general contractor for the project, estimated at $1.8 million in a building permit filed with the City of Greensboro.

C.T. Wilson worked in a joint venture with Weaver Cooke of Greensboro on earlier renovations at Revolution Mill. Developer Self Help Ventures Fund is part of Durham-based non-profit Self Help. Revolution Mill opened its first 140 residential units early in 2017.

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City signs off on incentives for Natty Greene's, Revolution Mill

With the passage of a nearly $390,000 incentives package, it appears Natty Greene’s Brewing Co. will likely consolidate and expand its business at the Revolution Mill campus in Greensboro.

Greensboro City Council unanimously signed off on the deal at its Tuesday meeting, with Natty Greene’s to receive up to $387,500 to help offset an investment of at least $14.5 million and the creation of 27 jobs by the end of 2018.

Natty Greene’s is seeking to create a destination brewery and tasting room on a campus that includes a new restaurant in what co-founder Kayne Fisher has said will be “Natty Greene’s Disney World — this full experience, this interactive experience.”

The new campus would replace its production brewery now located on Gate City Boulevard across from the Greensboro Coliseum Complex, with Natty’s expecting to build a new brewery that can produce more than 100,000 barrels of beer annually — more than triple its current capacity.

A new restaurant would be located in the 10,000-square-foot former carpenters shop that sits adjacent to the main Revolution Mill building and borders a creek.

Fisher told the Triad Business Journal last year that with the opening of a new campus, Natty’s plans to close or at least rebrand its downtown Greensboro brewpub with a new, larger restaurant adjacent to the new brewery.

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Revolution Mill developers hope to capture excitement, success of American Tobacco complex

The American Tobacco Campus in downtown Durham is now touted statewide and nationally as a resounding success.

The expansive historic mill that churned out Lucky Strike cigarettes for generations rebounded from decades of decay to become home to more than 100 companies and spark an ongoing renaissance in Durham's core.

But there was a time when it sat poised like Revolution Mill, the former Cone Mills flagship in Greensboro now undergoing a $100 million renovation by Self-Help Ventures Fund of Durham.

And on Tuesday, Self-Help invited community and business leaders to Revolution to hear how the developers of American Tobacco carved a path to recovery during the past 10 years, with the hope that a similar future lies ahead for the former Cone property.

Michael Goodmon is vice president of real estate for Capitol Broadcasting Co., which has redeveloped American Tobacco, and said local involvement will be crucial to the success of Revolution Mill.

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Broker selected for $100M Revolution Mill redevelopment

CBRE Triad has won the commercial leasing rights to represent Revolution Mill, a $100 million redevelopment of the former Cone Mill.

Revolution Mill, a massive complex of brick buildings and smokestacks off Yanceyville Street in Greensboro, was the first flannel mill in the South and secured Greensboro’s position as a major employer in the industry for decades until it closed in 1982.

Now, owner Self-Help Ventures Fund is working to breathe life back into Revolution Mill, which currently is being converted to provide more than 242,000 square feet of rentable Class A office space, as well as two restaurants and about 26,000 square feet of studio space for creative office users such as artists and entrepreneurs.

“We are pleased to have the CBRE team and its worldwide network of resources representing Revolution Mill,” said Malcolm White, director of marketing and leasing for Self-Help Ventures Fund. “We believe CBRE is well-positioned to attract prospective tenants from the Triad, the Southeast and beyond who are attracted to a beautifully-restored mill — with huge windows, oak columns, hardwood floors and vintage hardware — that is located only minutes from downtown Greensboro."

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Developer behind downtown Greensboro successes joins Revolution Mill team

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A developer with a South Elm Street resume has been brought aboard as business development manager at Revolution Mill District, the former Cone Mills campus being redeveloped by Self-Help Ventures Fund.

Nick Piornack will be charged with forming partnerships and increasing exposure for the 45-acre property that also includes the neighboring Olympic Mills building.

"We're delighted to have Nick's energy, his commitment to Greensboro, and his ability to forge productive partnerships that will catalyze investment and create a new destination that people from across the Triad can enjoy," said Micah Kordsmeier, development manager for Revolution Mill.

Piornack, a managing partner of Raleigh-based Momentum Development Partners, has seen success in downtown within the last several years with the redevelopment of buildings off of South Elm Street into restaurants WORX and Spice Cantina as well as the event space, The Rail Yard.

Piornack serves on the board of Downtown Greensboro Inc. and was named the group's "Man of the Year" last year for his work on South Elm. He is also a founding member of the South End Neighborhood Group which is working on historic preservation in downtown.

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Exclusive: Building purchase adds another piece to Revolution Mill campus development

Self-Help Ventures Fund has purchased a final piece of the Revolution Mill property in eastern Greensboro that expands the mixed-used campus the Durham-based nonprofit is developing.

In a multipart real estate deal that got underway late last year, Self-Help this month completed its purchase of the Revolution Mill House at 2004 Yanceyville St., a nearly 100-year-old portion of the former Cone Mills plant that's operated as a storage unit business.

Jim Overton, Revolution Mill project manager, said last year Self-Help purchased the outstanding note for the building from its previous owners, Frank Aumanand Jim Peeples, who were also the previous owners of the remainder of Revolution Mill.

The idea in that initial step was to help Auman and Peeples to continue to unwind their investment in the former mill, while also paving the way for Self-Help to eventually purchase both the building and the storage business, which Auman and Peeples have operated as "A Self Storage Center."

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In the News: Revolution Mill sold at auction to Self-Help

Self-Help Ventures Fund's bid of $8 million in a foreclosure auction for the historic Revolution Mill Studios property in Greensboro was successful and the Durham nonprofit will take ownership of the building.

In an announcement, Self-Help said it is currently making plans for future development of the former Cone Mills cotton mill on Yanceyville Street. The developers who started the restoration of the mill several years ago, Frank Auman and Jim Peeplesrenovated a large portion of the building but halted construction in 2011 because they lacked financing and defaulted on debt payments.

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