Developer Acquires King Mill, Will Convert into Apartments
Cape Augusta, LLC announced its acquisition of the historic former textile mill King Mill from the Augusta Canal on Friday. The purchase was completed on Jan. 24.
The development will be restored as a mixed-use apartment complex along with retail and hospitality, according to Cape Augusta President and CEO James Ainslie.
“In speaking with potential tenants of our neighboring Sibley Mill Commercial Campus, it’s clear that a high-quality product for trendy urban living is vital to unlocking downtown as a destination for major commercial users,” Ainslie said.
Cape Augusta is currently developing the adjacent Sibley Mill as a data center, commercial office space and cyber technology campus called Augusta Cyberworks. The company acquired the rights to King Mill under the terms of the Sibley Mill lease agreement from 2016.
“Our hope for both King and Sibley mills is that they could not only be preserved as a part of our city’s industrial history, but also be put back into productive use and once again become economic drivers for our community,” said Canal Authority Executive Director Dayton Sherrouse.
The Canal Authority acquired the King Mill in 2001 after Spartan Mills shuttered the plant. The Canal Authority then leased the mill to another textile manufacturer, Standard Textile of Cincinnati, Ohio, which operated a small portion of the facility to process institutional textiles until last year. The Canal Authority resumed operation of the mill’s hydroelectric plant and has retained ownership of the power plant.
Both mills are part of the National Register of Historic Places district known as the Augusta Canal and Industrial District.
“We are delighted with the acquisition of this site as it’s ideal for this purpose,” Ainslie said.