City Mills project could be next stage of city renaissance

The old City Mills property on the bank of the Chattahoochee north of downtown Columbus is part of the Columbus Historic River Front Industrial District.

The former flour and grist mill and warehouse complex, which dates back to 1890, is certainly historic (it’s listed on the National Register of Historic Places). But it’s been many a year since it’s been industrial — or commercial, or relevant in any meaningful way except to some local historians and preservationists and other community-minded folks who never gave up on the idea of bringing it back to life as a viable and vibrant area.

Historic Columbus Foundation never gave up on the City Mills, and neither did local attorney Ken Henson, who bought the site two years ago and incorporated as City Mills Property LLC. Between them, the two partner organizations have spent some $1.25 million re-roofing the mill property and keeping it structurally sound. (That’s not counting the $800,000 Henson put up to buy it in the first place.)

“This building,” HCF director of planning and programs Justin Krieg told business writer Tony Adams, “is by far the largest single capital investment that our organization has made in its 51 years of existence.”

The overall capital investment is likely to get much larger, and quite soon: HCF and City Mills Property are getting, in effect, a third partner — an investor prepared to seek and spend major bucks to turn the area into a future residential, entertainment and dining complex.

As Adams reported Thursday, New Orleans-based Green Coast Enterprises has signed a letter of intent to take on the task of seeking federal tax credits and other funding for the City Mills revitalization project. A new funding mechanism, called New Market Tax Credits, is designed as an incentive for private investment in vacant, abandoned or distressed properties like the City Mills area. As reported in Adams’ story, the New Market funding formula record of success is impressive — about $8 in private investment for every dollar of federal tax credit.

HCF, with a half-century of experience in applying for traditional historic grants and tax credits, will be taking care of that part of the funding. Green Coast will be putting together the New Market credit applications.

Time is a factor, Krieg said: If Green Coast can secure the New Market Tax Credits within a “120-day window,” it will buy the property from Historic Columbus and Henson and begin recruiting investors and developers.

“We think that they have a better opportunity to make it a more viable project,” Henson said, “and our goal all along has been to put the buildings back to re-use.”

It’s hard to look at the plans for this project and not see it as the next stage in a long, dramatic renewal of Columbus that has been taking place at least since the late 1980s.

On the other hand, there are no doubt some people who think trying to restore the City Mills is an expensive, time- and effort-wasting pipe dream. After all, the place has been just sitting there, idle and deteriorating, for ages.

Just like the old Columbus Iron Works. Just like the old Eagle & Phenix Mill. Just like the old Springer Opera House. What can you do with antiquated places like those except get them out of the way and use the space for something else?

This story was originally published March 31, 2017 at 5:21 PM with the headline "City Mills project could be next stage of city renaissance."