Atlanta developer starts work on 105-year-old mill in west Charlotte
Construction is underway on the massive redevelopment of a 105-year-old textile mill in Charlotte’s West End.
Crews began work this week on the south end of Savona Mill, a mixed-use project by Atlanta-based Portman Holdings at 528 S. Turner Ave. The first phase is expected to open in spring 2023, and will include retail space and an outdoor plaza that leads to an amphitheater for live music and public community events.
The 200,000-square-foot campus will also include office space, greenery and a rooftop deck. The project’s total construction value is about $70 million.
Affiliate Portman Residential is adding a 600-plus multifamily community next to the mill. That project marked Portman Residential’s first in Charlotte; it is also working on a high-rise apartment tower in South End. The firm purchased the mill and surrounding property for $11.5 million in 2020, CBJ previously reported.
Institutional investors advised by J.P. Morgan Global Alternatives have signed on as an equity partner in the Savona Mill reconstruction, joining investment partner Argos and construction lender Synovus Bank.
“With a renewed emphasis on sustainability-focused growth, we are absolutely thrilled that our capital partners understand the vision for this amazing adaptive-reuse project and are in a position to partner with us to see Savona Mill come to fruition,” said Travis Garland, executive vice president of Portman Holdings.
Foundry Commercial will handle office and retail leasing at Savona Mill on behalf of Portman Holdings. The project team for the office and retail components of Savona Mill includes investment partner Argos, Durham-based Alliance Architecture as lead designers, Charlotte-based Edifice as general contractor, the Charlotte office of Kimley-Horn for civil engineering and Durham-based Surface 678 for landscape design.
Foundry Commercial’s John Ball, Cody Sundberg and Claiborne Dandridge will be leasing the office space at Savona Mill. Keely Hines will be handling retail leasing.
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