It’s official. The bidding war for Johnston and Mecklenburg Mills is over.
On Monday, the Charlotte City Council authorized the sale of the mills to The Community Builders Inc. for $1.2 million. TCB will close on the properties at 3315, 3323 and 3327 N. Davidson St. in 30 days.
The $1.2 million will be placed in the city’s General Capital Investment Plan.
Four firms submitted bids Feb. 11 for the mills. Then a bidding battle ensued, with round after round of bidding following by upsetting bidding.
As part of the sale, Washington, D.C.-based TCB has agreed to preserve the mills’ historic designation for 10 years. The developer also agreed to keep a minimum of 10 affordable residential units per building for 20 years and to begin the development of the mills within three years of the sale.
City Councilwoman Patsy Kinsey said the North Davidson community should be commended for embracing the idea of more affordable housing in the neighborhood.