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The Rock Hill Cotton Factory represents the keystone commercial and retail project for the Textile Corridor. As the first completed major redevelopment project, this magnificent structure has already spurred additional investor and developer interest in other potential new projects in both the Textile Corridor and the adjacent historic downtown. |
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The property closed in July 2006 and is currently undergoing total renovation to National Historic Standards. The 100,000 square foot historic building will be restored to its original splendor. The investor group is the Old Cotton Factory LLC, consisting of Charlotte developer Bryan Barwick, local businessmen Gary Williams, CEO of Williams & Fudge, and Robert Perrin, CFO of Williams and Fudge. About 40% of the building space (the second and third floor of the original factory building wing) is occupied by Williams & Fudge, a locally owned and operated student loan collection firm with a growing employee count of 200.
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Cotton Factory Project Summary
Background
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Oldest textile mill in Rock Hill, built in 1881, and is on the National Register of Historic Places
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Mill operations included weaving and dyeing of denim products
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First steam-powered textile mill in South Carolina
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Last used as a Plej’s Factory Outlet by Ostrow Textiles until the late 1990s
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Rock Hill Economic Development Corporation (RHEDC) bought the property in 2001
The Project
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The property closed in July 2006 and is currently undergoing total renovation adhering to the National Historic Standards. The 100,000 square foot historic building will be restored to its original splendor
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The investor group is the Old Cotton Factory LLC, consisting of Charlotte developer Bryan Barwick, local businessmen Gary Williams, CEO of Williams & Fudge, and Robert Perrin, CFO of Williams & Fudge
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About 40% of the building space (the second and third floors of the original factory building wing) is occupied by Williams & Fudge, a locally owned and operated student loan collection firm with a growing employee count of 200
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The remainder of the space is designated for retail or office use
Partnership - City of Rock Hill/Rock Hill Economic Development Corporation Role
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City of Rock Hill earlier developed the Textile Corridor Master Plan for redevelopment of the area between the Winthrop University campus and downtown
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RHEDC marketed the property as the keystone project for the Textile Corridor redevelopment effort
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Conducted property survey, environmental assessment, asbestos survey
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Created a Tax Increment Financing District to provide public infrastructure support (streets, streetscapes, sewer, utilities) for the project
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Construction and Incentives Agreement being used to define and document responsibilities of each party
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The final sale price of the property was $267,500
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City of Rock Hill assisted in asbestos abatement and shared in environmental liability
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A City Project Team, chaired by the City Manager, Carey Smith, was assembled to fast-track regulatory approvals, utility hookups, and public infrastructure design
Financial Aspects
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Historic, New Markets Tax Credits and State Tax and Mill Credits attracted approximately $4 million+ in equity to the project
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Total private investment for the project is approximately $8.5 million
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City investment in public right-of-way infrastructure is approximately $800,000
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