2022 Annual Comprehensive Financial Report

include 33 apartment units, approximately 60,000 square feet of office space, and 10,000 square feet of retail and restaurant space. Phase II is expected to be completed in January 2023. The planning concept is to create a live-work-play community that supports the culture of arts in Greensboro. The extensive historic restoration project will also connect the campus to Downtown Greensboro via the City’s Greenway trails. The project takes advantage of State historic preservation tax credits to aid in financing the investment. Tenants in the Revolution Mill development include LT Apparel Group, a New York based apparel designer and marketer, the first major business tenant, occupying a 12,000 square-foot space with 30 employees. LT Apparel Group plans to make Greensboro its headquarters for the design and artwork for Adidas and Carhartt children’s lines. Eateries can also be found at Revolution Mill including the Kau Restaurant, Bearded Goat, Cugino Forno Pizzeria and Café at Revolution.

Another nearby historic mill was purchased in 2018 with similar plans for conversion to a mixed-use development on 18 acres of land just east of Revolution Mill. The former Proximity Printworks Mill , now on the National Register of Historic Places, served as the first textile printer in the South. A Wisconsin company specializing in urban redevelopment took advantage of federal historic tax credits and invested an estimated $54 million to convert the 470,000 square-foot mill into an “adaptive reuse project” with 217 mixed-income apartments, 9,000 square-feet of retail and restaurant spaces, and 80,000 square-feet of climate-controlled self storage. The mill project was designed with affordable housing in mind and qualifies for historic tax credits, allowing for 143 of the 217 apartments to be available at 60% of area median income levels and the remaining 74 units at market rate. With groundbreaking in 2018, Printworks Mill completed construction in fall 2020 and is fully occupied. Together with Revolution Mill, these developments will connect to the City’s greenway to form an integrated mill community. In 2018, Publix Super Markets announced plans to open a new 1.8 million-square-foot distribution center in eastern Greensboro, being the largest distribution facility in the region and bringing 1,000 new jobs paying an average annual salary of $44,000. In February 2020, construction began on the first phase, a 940,000-square-foot refrigerated and frozen foods warehouse and distribution center. In October 2020, Publix announced a 1.2 million square-foot dry goods expansion, increasing the total facility to 3.0 million-square-feet. Completion, including the expansion, is expected by the end of 2022, three years ahead of schedule. To secure the estimated $400 million investment, the NC State Economic Investment committee approved a $15.9 million incentives package requiring a $300 million investment and 1,000 new jobs created by 2025. In addition, Guilford County has committed to an estimated $17 million in property tax incentives and Greensboro’s City Council has approved up to $20 million

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