Loray Mill’s proposed $46 million second phase

Gastonia City documents show that the owner of Loray Mill is proposing a $46 million second phase of the project.

Currently Loray has 189 apartments and 75,000 feet of commercial space. The new proposal includes 196 new residential units, which includes 24 new construction cottages/townhomes along Vance Street. Also included are new office space, a new clubhouse, and a new leasing office.

The development calls for some tax incentives; there is a 10 year, $469,200 tax investment grant  proposed with the project. Loray already has Historic Landmark  tax status, which effectively reduces it’s taxable value.Documents show that an economic development agreement for the project is on the agenda for the city’s intergovernmental relations and economic development committee meeting tonight.