The Landmark Group opens $13.2 million senior housing project in Rock Hill, S.C.;
Winston-Salem developer says South Carolina mill tax credit ‘made the difference’

The Landmark Group of Winston-Salem has completed a $13.2 million senior-housing development in Rock Hill, S.C., thanks in part to South Carolina’s new Textile Mill Revitalization Tax Credits.

The Highland Park Mill, which dates from the late 19th century, was converted into 116 one- and two-bedroom apartments and new offices for the York County (S.C.) Council on aging, which offers a complete menu of senior services.

CEO Jim Sari said the $1.3 million Textile Mill Revitalization Tax Credit was an important layer of financing. “It made the difference,” Sari said. “The deal wouldn’t have happened without it.”

The one- and two-bedroom apartments will rent for $609 and $670 a month, respectively, and residents must be at least 62. The all-electric units have energy efficient appliances, high ceilings and hardwood floors, and the move-in date is May 26.

The Landmark Group developed the project using $6.5 million in tax-exempt bonds guaranteed by the U.S. Department of Housing and Urban Development, $6.1 million in tax-credit equity and a $650,000 loan from the City of Rock Hill.

The project was awarded $2,588,000 in Low-Income Housing Tax Credits, $2,199,000 in Historic Property Tax Credits and $1,329,000 in South Carolina State Textile Mill Revitalization Tax Credits. Community Affordable Housing Equity Corp. of Raleigh purchased the tax credits to provide financing.

Highland Park Mill is one of 20 developments that The Landmark Group has completed across South Carolina.

The mill, which is on the National Register of Historic Places, was built in an architectural style commonly associated with Carolina Piedmont textile mills. The original section of the mill was completed in 1889 by the Standard Cotton Mill and bought by Highland Park Manufacturing, Inc. of Charlotte in 1898.

The Landmark Group has partnered with local governments, housing authorities and private investors to develop more than $200 million worth of housing and mix-use projects that have awakened downtowns, revived inner city neighborhoods, restored rural communities, built tax bases and spurred economic growth.

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CONTACT: Mike Massoglia, 336.723.5315