Developer Information Summary Former Rock Hill Printing and Finishing Co. (The Bleachery) and former Lowenstein Building City of Rock Hill
October 7, 2011
Overview In advance of initial discussions with potential real estate developers, this summary has been prepared to provide preliminary information on the property, market, City of Rock Hill goals, financial opportunities, and related topics. The City of Rock Hill prefers the attraction of employment uses to the Lowenstein Building. However, all uses are generally available and welcome.
Executive Summary The redevelopment opportunity in the Textile Redevelopment Corridor offers developers numerous advantages including: Tax Credits: Historic (federal and state) Tax Credits, Textile Rehabilitation Tax Credits (state) and New Market Tax Credits (federal) are available to developers. These tax credits can provide significant financing, potentially up to $17 million (redevelopment of 4 buildings; 1 proposed redevelopment scenario). Existing building: The Lowenstein Building offers over 200,000 sq. ft. of space. The building can be renovated for many different uses. Entitlement obstacles and new construction expenses can be avoided. Development Ally: The City of Rock Hill is an ally in the redevelopment of this important property. Among other functions, the City of Rock Hill provides utilities, oversees development approvals, owns the real estate, is developing new infrastructure (the property is located in a TIF district), and provides economic development incentives. Location: The property has an advantageous location immediately adjacent to Winthrop University (6,000 students). The property can also serve as a connection point (and a hub of activity) between downtown and the university. Public and Private Capital Investment: The City of Rock Hill has invested over $6 million into the demolition and remediation of real estate, installation of new utilities (on site and off site), and road improvements. Corporate and educational entities, including Family Trust Federal Credit Union, Start Marketing Group, Williams and Fudge, Inc., and Winthrop University have completed major investments in the Textile Redevelopment Corridor.
Workforce: An available, productive workforce is available within the City of Rock Hill and York County to provide staff for business tenants. Training programs offered through York Technical College, Winthrop University, and readySC can equip the employees with the skills needed by growing businesses.
Site and Building Information 23 acre urban site Property is 2 blocks from downtown and 2 blocks from Winthrop University Environmental liability protection (through a VCC) is available to future property owners Lowenstein Building contains 5 floors with 200,000 sq. ft.; constructed in 1952 Attached to the Lowenstein Building is a two level structure that can provide parking Lowenstein Building includes a truck dock One floor of the Lowenstein Building upfit for office; other floors are in shell condition Winthrop University
Former Pump House & Power Plant
Site Boundary (black)
Typical travel distances and times to key locations from site include: Interstate 77 (exit 79) Interstate 85, (exit 102 Center City Charlotte Columbia, SC Charlotte Douglas International Airport NC-SC state line
4 miles 33 miles 26 miles 69 miles 28 miles 14 miles
9 minutes 56 minutes 34 minutes 82 minutes 40 minutes 25 minutes
Distances: 1 Winthrop University 2 Piedmont Medical Center 3 Downtown Rock Hill 4 York Technical College 5 Interstate 77 Exit 79
History In 1929, M. Lowenstein & Sons opened the Rock Hill Printing and Finishing Company, the Bleachery as it would later be locally known as. The textile industry through the operation of this proudly successful plant, created enormous growth and prosperity for the city as residents enjoyed a level of financial spending power they never had before. Commercial businesses opened and prospered, as did businesses related to the production of textiles. This commercial growth led to the growth of the city’s residential communities, churches and educational institutions. The Bleachery helped to provide the catalyst for the city’s economic development and was a prolific economic force in the city from 1929 to its eventual closure in 1998. In the 1950’s, the construction of textile finishing plants in the country began to rise. M. Lowenstein & Sons began a major expansion of the Bleachery to double the size of the plant to more than thirty (30) buildings comprising 2.5 million square feet on twenty-three (23) acres. The expansion created the largest printing and finishing company under one roof in the world and signaled the Bleachery and M. Lowenstein & Sons as the preeminent fabrics finisher in the country. The expansion created an additional one thousand jobs, increasing the plant’s total workforce to 2,800 employees. Buoyed by the plant’s hiring, Rock Hill experienced the highest population increase of any city in the state during the decade of the 1950’s, growing by nearly ten thousand. Largely due to the success of textiles and the unprecedented achievements of the
0.6 mile 2.1 miles 0.4 mile 2.0 miles 3.3 miles
Bleachery, the city enjoyed the highest per capita income in 1952 and 1960 of any city in the state of South Carolina, outperforming the state’s average by 15% in 1960. Since its closure, the Bleachery buildings have stood largely vacant and have been subjected to vandalism and arson, belittling the grand historic contribution of the complex to the city and the region. In an effort to restore the area to a level of prominence and thriving economic prosperity, the City of Rock Hill developed the Textile Corridor Master Plan and Development Strategy. Completed in 2003, the plan recommended potential uses for the Bleachery Complex, located in Zones 1A, C & D, which included restaurant and entertainment facilities, medium-density housing and parking facilities. The City acquired the 23-acre site in March 2011 and began selective demolition on the buildings that were structurally unsound due to vandalism and extensive fire damage ad conducted environmental remediation on the remaining buildings. Demolition is now complete and steps are in progress to market this redevelopment opportunity.
Prior and Current Economic Development Projects in Close Proximity Cotton Mill Village – an $8.5 million, thirty-nine unit multi-family housing complex located at 615 West Main Street. Eighteen single family homes have been built along with twenty-one apartments. The apartments are located in the former Rock Hill Body Company facility, a maker of truck and bus frames. The City of Rock Hill has invested over $1 million in infrastructure to support the project. Connelly Builders, Inc. developed the project. Rock Hill Cotton Factory – a $12 million private investment has returned the oldest textile mill in Rock Hill to its original splendor. The Old Cotton Factory LLC restored the 100,000 sq. ft. complex in 2007. With three tenants (office and retail) the complex houses 400 employees. The redevelopment project has won numerous awards for adaptive reuse and preservation. TIF investments totaling $935,000 were made by the City of Rock Hill. Various state and federal tax credits attracted over $6.2 million in equity to the project. Family Trust Federal Credit Union – Family Trust is embarking on the development of a new banking and operations center. The new office building will be located diagonally across the White Street-Laurel Street intersection from the Lowenstein Building. The building is expected to offer 40,000 sq. ft. Winthrop University - Winthrop's main campus has seen extensive development during the last decade. Over $100 million in investment has been completed. A new $12 million Dalton Hall opened in 1999. The Courtyard at Winthrop, which features apartment style residences for students, opened in 2003. The Lois Rhame West Health, Physical Education and Wellness Center, which was opened in 2007 and serves as the new home of the University's physical education department and intramural sports. The most recent addition, in 2010, is the DiGiorgio Campus Center, which added a 128,000 sq. ft. multipurpose campus hub featuring a movie theater, food court, campus bookstore, post office, and casual dining.
Catalysts/Unique Opportunities Above-average unemployment – tenants may be able to pay reasonable wages, access an available workforce, enjoy an eager workforce City of Rock Hill as a “one stop shop” – The City owns the property, provides permits, provides utilities, offers incentives, and more (versus other development opportunities were numerous entities must be coordinated) City of Rock Hill can be a public sector development partner, contributing the real estate to a project, coordinating incentives, and providing infrastructure (the property is located in a TIF district) Prime location between two major activity nodes – downtown and Winthrop University (6,000+ students) Up to four tax credit programs (SC Textile Redevelopment Tax Credits, State Historic Tax Credits, Federal Historic tax credits, and New Markets Tax Credits) can be layered together; can provide significant financing, potentially up to $17 million (redevelopment of 4 buildings; 1 proposed redevelopment scenario). Underserved student population (6,000+ students) adjacent to the property – a growing student population with few choices for entertainment, dining, shopping, etc. Lowenstein Building offers an existing, flexible, 200,000+ sq. ft. building at attractive terms (in comparison to new construction) Potential streetcar to act as a catalyst for development Opportunity to offer different housing options – urban living opportunities (apartments, liveworks, condos, etc.) are in short supply in contrast to a large number of traditional single family homes
Published on Dec 16, 2011
In advance of initial discussions with potential real estate developers, this summary has been prepared to provide preliminary information o...