The American Spinning Mill, part of Greenville’s textile heritage, has sold to a Virginia developer who plans to turn the former mill into loft-style apartments.
The American Investor Immigration Funds company, ASGA LP, plans to transform the historic textile mill into 230“market-rate” apartment units totaling 240,000 square feet. The planned development will cost an estimated $49.8 million and is located within the Poinsett District at 300 Hammett St., just two miles from downtown.
The property consists of three separate buildings, which have high ceilings, original oak floors and exposed brick. It is considered “one of the most attractive redevelopment sites in the state,” according to CBRE.
Nick Hollstegge, associate with CBRE, represented the seller, White Horse Properties of Greenville, which was mainly using the property for warehouse and storage needs.
This is ASGA LP’s first foray into two new spaces – South Carolina and mill conversions – according to the company’s website. Of the $49.8 million, $7.5 million will come from EB-5 investors along with additional state and federal tax credits the company is applying for. EB-5 is a program created by Congress in 1990 as part of the United States Immigration Act. The program was created to stimulate the U.S. economy through job creation and capital investment by foreign investors.
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