January 5th, 2023
Charlotte, NC — January 5, 2023 — The Keith Corporation, along with their partners Springsteen Properties, Inc. and Capitol Broadcasting Company, Inc., are pleased to announce that construction is set to start January 17th on the first phase of ‘The Thread,’ a 400,000 square foot adaptive reuse project in Rock Hill, SC.
Originally built in 1946 as a historic textile mill and warehouse, The Thread is ideally located in the heart of Rock Hill’s thriving Knowledge Park district, which spans from Winthrop University to Old Town Rock Hill. Once complete, the renovated site will deliver a diverse mix of Class A creative office, loft apartments, and ground-floor retail. The Thread’s design will preserve the historic elements of the building, while adding modern, tenant-focused enhancements to create one of the most unique mixed-use redevelopment projects across the Carolinas.
The first phase of The Thread will consist of approximately 170,000 square feet of Class A creative office space and 30,000 square feet of ground floor retail. Construction financing is being provided by First Horizon Bank and is expected to last 12 months, with delivery in January 2024. Tenant upfits can begin as early as Fall 2023.
“We have a once-in-a-lifetime type of project, with irreplaceable history and design characteristics, set in a prime location that will offer our office, retail, and residential tenants alike a true experiential real estate option that is unrivaled within the greater Charlotte market,” said Jay Coleman, Office Partner at The Keith Corporation. “With nearly $500 million of new and complementary mixed-use development within Knowledge Park and walking distance from The Thread, the timing is right to move forward with our phase one plans.”
Derick Close, Owner and CEO of Springs Creative, has long operated his business from the former mill, which has been a fixture within the Rock Hill community for over a century. “As Knowledge Park began to take shape, we realized we had a unique opportunity to one day redevelop the property and help breath life back into this once thriving textile corridor,” said Close. “Given the amount of recent growth within the Charlotte region and the growth still to come, we feel the time is right to get this redevelopment underway and we could not be more excited to work with The Keith Corporation and Capitol Broadcasting Company to bring this project to life.” Springs Creative is set to be an anchor tenant in the project’s first phase.
The second phase of The Thread will include nearly 200,000 square feet of 1-, 2-, and 3-bedroom loft apartments and ground-floor retail along with outdoor spaces designed to activate the connection between Winthrop University, the Rock hill Sports & Event Center, and Old Town Rock Hill. Construction will follow the completion of the first phase in 2024.
Capitol Broadcasting Company Joins Thread Development Team
In addition, The Keith Corporation and Springsteen Properties are excited to welcome Capitol Broadcasting Company to the redevelopment joint venture. The Keith Corporation and Capitol Broadcasting previously partnered together on the transformation of the American Tobacco Campus in Durham, NC.
“Great partners are essential to the success of any development project. Having a long-standing relationship with the Close family and Capitol Broadcasting Company, The Keith Corporation is honored to work with this unparalleled team on such a monumental project,” said Ken Beuley, CFO and Director of Development at The Keith Corporation.
“Capital Broadcasting is honored to join the Keith Corporation and Springsteen Properties in investing in the future of York County and help link the anchors of Rock Hill’s community together,” said Michael Goodmon, Executive Vice President of Capitol Broadcasting Company. “We know firsthand how compelling historic reuse projects are to top talent and companies. As we come out of COVID, The Thread will bring to the market a one-of-a-kind place for people to share in all that the community has to offer.”
Choate Construction Company is the general contractor for the project, while Little Diversified Architectural Consulting serves as the project architect. Retail leasing is handled by Charles Thrift and Cliff Benson with Thrift Commercial Real Estate Services, while office leasing is handled by The Keith Corporation’s Jay Coleman.
About The Keith Corporation
The Keith Corporationis a privately held, full-service commercial real estate firm. Headquartered in Charlotte, North Carolina, the Keith Corporation has projects in 36 states, Mexico, Australia, Canada and the United Kingdom. Developing over $4.5 billion worth of commercial real estate over the course of over 400 projects, totaling in excess of 44 million square feet for a highly diverse clientele, The Keith Corporation has developed a reputation based on our expertise, accountability, and total client satisfaction on our projects. For more information on the Keith Corporation, please visit www.thekeithcorp.com.
About Springs Creative & Springsteen Properties
Once a subsidiary of Springs Industries, Springs Creative Product Group, LLC (“Springs Creative”) was acquired and formally established as a standalone enterprise by Derick Close in 2007. Springs Creative owns and operates five different textile manufacturing plants in York & Chester Counties, with affiliated entities operating in Greenville, South Carolina and Shanghai, China. Springsteen Properties, Inc. manages the real estate portfolio of Springs Creative & its affiliates. Claude Close serves as the President of Springsteen Properties and will manage the buildout of the Springs Creative HQ at the Thread.
About Capitol Broadcasting Company, Inc.
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL Digital, WRAZ-TV, WRAZ Digital, WRAL-FM, WRAL-HD2, WCMC-FM, WCMC-HD1, WDNC-AM, WCMC-HD2, WCMC-HD3, WCLY-AM, WCMC-HD4, Microspace, CBC New Media Group and Wolfpack Sports Properties (a joint venture with Learfield) in Raleigh, NC; WILM-TV, WILT-LD and Sunrise Broadcasting in Wilmington, NC; The Durham Bulls Baseball Club, Bull City Hospitality, and the American Underground startup hub in Durham, NC; Holly Springs Salamanders in Holly Springs, NC; and real estate interests including the American Tobacco Campus in Durham, NC, and Rocky Mount Mills in Rocky Mount, NC
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