$25 Million Project Will Rehab Two Historic Mills

CHARLOTTE, NC—Two historic cotton mill buildings in Charlotte’s Uptown district are being preserved and converted at Charlotte Cotton Mills, a $25-million mixed-use venture spearheaded by Peter Pappas, president of Pappas Properties. The developer plans to create loft-style offices, shops and restaurants in the buildings’ combined 60,000 sf. A total of 180 apartment units will be constructed behind the two buildings on North Graham Street. The project, on a 2.5-acre site, is expected to ease tight housing and office space in the center city area.

To get the deal under way, Pappas asked for and received permission from the Charlotte-Mecklenburg Historic Landmarks Commission to demolish a 16,000-sf building and replace it with a 350-space parking deck. Then the developer asked the Mecklenburg County Board of Commissioners to issue $4 million in bonds from a $9-million revolving preservation fund to refurbish one of the cotton mill buildings. Now Pappas is negotiating with Morris Speizman of Speizman Industries to buy the two buildings and the land so that a September groundbreaking may be scheduled.