Charlotte, North Carolina - January 2019 - 508 W 5th Street, “The Cotton Mill” building, dates back to the 1880s when it was built and operated as the City of Charlotte’s first cotton mill. R.M. Oates was the principle founder of Charlotte Cotton Mills and helped make Charlotte a leading center of textile manufacturing. The building was renovated and broken up for use as office condominiums in 2007 when the City’s Historic Landmark Commission sold it to a local developer with plans for surrounding apartments and retail.
The Cotton Mill is aimed at small to mid-size tenants looking for a vintage, yet revitalized, feel to their office space. Taylor Capital will be making significant investments throughout the building; including adding more natural light, new floors and higher ceilings. The planned improvements will be done by Q3 2019 and will enhance the building’s rich history and character.
Directly across the street from The Cotton Mill, Charlotte’s Gateway Station is planned to include 2,000 feet of rail track, signals, five new bridges and a rail platform, set to be delivered by 2022. Along with Gateway Station, there will be a mixed use development that will include residential units and retail, making The Cotton Mill a highly desirable building for new tenants.
Chandler Knox with Colliers International, who represented the buyer in the purchase of The Cotton Mill, commented “This purchase is Taylor Capital’s sixth acquisition in the past two years and expands their commitment to the Charlotte market. The Cotton Mill has the cool, trendy vibe of a South End warehouse but the walkability and convenience of Uptown. This combination makes it a very desirable office space for companies in Uptown and is the reason it is 100% occupied.”
Taylor Capital, LLC, founded by Rob Taylor, is a commercial real estate investing firm that was founded in 2016. Colliers International has represented the firm on all six acquisitions.