COG Comprehensive Annual Financial Report

In addition to the cycling loop on the City’s Greenway, the number of bike lanes on Greensboro streets has been increasing as part of the larger street resurfacing program. In 2017, the City of Greensboro became the first of ten cities in the nation to contract with LimeBike, a bike-sharing service that rents roughly 1,000 of their distinctive lime green- colored, eight-gear bicycles to Greensboro citizens using a mobile application for reservations and payment. UNC- Greensboro became the first location to use the service with students receiving a reduced rental rate. Since the program was rolled out, more than 16,000 people have ridden the bikes locally. Other retail construction projects include Midtown Greensboro where a more than $2.5 million project has been ongoing with improvements to Red Cinemas (formerly Carousel) to create luxury theater rooms as an anchor for a

planned $60 million development surrounding the theater. The proposed development will also connect to the City’s Greenway and include a multi-story retail building with restaurants and office space, a nine-story residential tower and multiple parking decks. Two rooftop terraces are planned with a view of downtown. Northeast of downtown Greensboro, a $100 million redevelopment project on the historic 45-acre Revolution Mill campus continues into 2018 with the first phase of construction completed. Notable as the first flannel textile mill in the South and registered on the National Register of Historic Places, the mixed-use site includes 140 apartment units, 100 businesses with 240,000 square feet of office space, three restaurants, 40 artist studios and open outdoor spaces for live music and movies. Two event centers were also completed this year with accommodations for up to 475 guests, and an additional 170,000 square-foot building is yet to be developed. The planning concept is to create a live-work-play community that supports the culture of arts in Greensboro. The massive 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 now include Greensboro’s largest microbrewery, Natty Greene’s. The launched its new Kitchen + Market, with a brewery production facility and restaurant. Other tenants include Cugino Forno Pizzeria and Cafe at Revolution. LT Apparel Group, a New York based apparel designer and marketer, was the first major business tenant, occupying a 12,000 square-foot space with 30 employees. The company plans to make Greensboro its headquarters for the design and artwork for Adidas and Carharrt children’s lines. Another nearby historic mill was purchased in 2017 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 printery in the South. A Wisconsin company specializing in urban redevelopment has plans to take advantage of federal historic tax credits and invest and 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 for climate- controlled self-storage. Groundbreaking began in 2018 and construction is expected to be completed in 2020. Together with Revolution Mill, this development will connect to the City’s greenway to form an integrated mill community. On the eastern edge of downtown near A&T University and Bennett College, plans for a new large scale multi- unit residential and commercial retail development were announced in 2018. Aptly named “Greensboro East”, the proposed development would include up to 200 apartments, town homes, row houses and an anchor grocery store. United House of Prayer (UHOP), a national Washington D.C. based Church, has had the development in VIII