MARTINSBURG, W.Va. — A Richmond, Virginia-based company has reached agreements-in-principle to remediate and revitalize the former home of Interwoven Mill and Perfection Garment Company.
Monument Companies plans an $80 million three-phase project that will turn the old garment mill into commercial space along with nearly 400 residential units.
Martinsburg Economic & Community Development Director Shane Farthing said the city has been working since 2014 to find the right developer to covert the sprawling 12-acre site along King Street to be a springboard for further development.
“The buildings themselves are beautiful. They’re troubled in some ways and they’re going to cost a lot to rehabilitate but keeping them gives you something that is so much more architecturally interesting and attractive that I think that everyone would love to see as much as possible kept,” Farthing said.
Monument, which has done similar transformation projects in the Mid-Atlantic region, will use private investment along state and federal historic tax credits. It still must complete a number of transactions including title work, zoning, easements and environmental remediation. The company has already negotiated a property tax deal with Berkeley County.
Farthing said they had to find the right company for the challenging project.
“It takes a lot of money and it takes a lot of expertise and it takes an interest in doing it in a place that hasn’t seen a lot of development like this before,” he said.
Farthing said Monument was interested in the project because of the growth of the area.
“Berkeley County and Martinsburg are growing at about a 30% annual clip right now and having more high-quality housing to bring in residents and then support local businesses nearby is really the need and that’s what we’re hoping to see,” Farthing said.
Monument plans a several thousand square foot brewery or distillery that would face King Street. The residential areas would be 1 to 2 bedroom luxury-style apartments to form walk Farther calls “a walkable, live-work environment.”
“We’re in such a growing area being able to accommodate these other preferences for the walkable environment really makes it nice,” Farthing said. “This site can help revitalize some of our other small business sites along the entire corridor there. This is one major site that’s going to be a catalyst along our entire King Street corridor.